How much does Coinstar Charge is a question most coin lovers and savers will most likely ask, so if you are reading this article, chances are that you are a coin lover, or you just want to know about Coinstar and how its charges work. Read on to learn more.
Coinstar is practical and simple to use, but you have to consent to pay an 11.9% charge if you select the “receive Cash” option.
That’s almost $12 for every $100 you change. If you have $500 in coins, the fee can amount to almost $60; that is one big chunk of change! Here is how you can avoid paying that fee.
What is Coinstar?
Coins are a natural result of making daily purchases with cash.
Holding onto coinage has always been a hassle, even though everyone has wallets or purses they can keep cash in. What then do the majority of people do?
What happens when you throw them in a jar, your car’s cup holder, or a piggy bank? There will come a day when you’ll have to turn these coins in.
It doesn’t matter if it’s a wet day, you need to clean out your car, or you just need some additional money.
Even if you could bring the coins with you, doing so might be difficult. The coins must be converted into currency as the only logical answer.
There are a number of strategies you can use to do this, ranging from quicker ones to more time-consuming ones.
The first is going to be Coinstar. You would have seen a Coinstar machine at your grocery store.
These machines accept coins and allow you to exchange them for cash. They have been in business since 1992, processing over 43 billion coins.
However, when using Coinstar, you will have to pay a fee when cashing out. Even while it seems sensible that they need to generate money as well, it may still be inconvenient.
When cashing in your change, there are methods to avoid the costs and alternatives to Coinstar. Today, we are going to look at what Coinstar is exactly and how you can avoid its fees.
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How Does Coinstar Work?
Using Coinstar is a simple process. The Coinstar machine counts your coins as you pour your coins into it. Once the machine finishes counting.
The amount you will be given in cash is shown on a voucher that you can print from the machine. You take the voucher to a cashier in the store who will issue your cash.
You have the option of receiving an eGift Card, which you may print at the machine, as opposed to cash.
The available eGift cards can vary by location, but the current possible gift cards listed on the Coinstar website are:
- Chuck E. Cheese
- Karma Koin
- Krispy Kreme
- Outback Steakhouse
- Razer Gold
- Red Robin
- Old Navy
- Red Robin
- Regal Entertainment Group
- Ruby Tuesday
- The Home Depot
How Much Does Coinstar Charge? (Fees & More)
There will be a cost if you decide to exchange your coins for cash. This is described in the advertisement as a processing charge, which is how Coinstar generates revenue.
If you choose this option, the processing charge will be 11.9% of your final bill.
While many individuals are unconcerned by this quantity, others who have bigger coin collections can feel the sting more keenly.
For instance, you will be charged $11.90 for the transaction if you cash in $100.
According to Coinstar, fees may vary by region. It is important to check with your retailer or Coinstar to confirm the charge for your particular store.
Can I Avoid the Coinstar Fees?
There are methods to avoid the costs that are associated with cashing in coins. The cost will be particularly painful if you want to sell a lot of coins.
Even if it is little, the money that is being withheld from you is still yours.
So why not get the full amount? There is no method to obtain cash without paying a charge while using a Coinstar machine.
There is no way around this, sadly.
You can pick a gift card as an alternative to cash when you go through the cashout procedure.
There are presently over 20 well-known retailers and restaurants that cooperate with Coinstar.
It’s all business, even if you might be wondering why this would be any different.
The company you will shop with receives the fee that they would typically charge you for paying with cash.
This charge is a little sum a business will spend to get you inside or onto its website in order to convert you into a client.
It’s a win-win situation because they will probably ultimately recover that amount.
How to Trade In Coins
If you choose an eGift Card as your payout option, the Coinstar kiosk will print you a coupon.
The exclusive eGift Card code is located on this voucher. It may be used in-person or online exactly like a traditional gift card.
There is no need to activate the code. The printed voucher is ready to use as is.
Here are just a few eGift Card options that you might be surprised to find via Coinstar:
- Panera Bread
Coinstar Pros & Cons
So now that you know just about everything you need to know about Coinstar, let’s look at the pros and cons.
Coinstar succeeds because many banks now require that coins be wrapped up before being traded.
Just place your coin load into the machine to obtain cash or gift cards. The cash voucher you get must still be redeemed, however, this can be done swiftly at a customer service desk.
As a result, using Coinstar is among the quickest methods for exchanging your currencies.
That might not be the most practical, though, for people who roll their money as they gather them to conserve them.
Coinstar is known for being fast. The process is significantly quicker than using a bank because there isn’t a wait at the machine.
The quickest way to receive cash right now is through Coinstar, regardless of whether you have a jar full of coins or many water jugs full.
3. Easy To Get Gift Cards
Coinstar is a convenient option if you want to use your coins to buy a gift card.
While there are numerous methods to obtain free gift cards, there are no costs associated with using Coinstar to exchange your coins for a gift card.
Here is one way to receive your coins in their whole while avoiding Coinstar cash costs.
You can quickly select a gift card that you can use or give as a present because Coinstar works with so many different businesses.
You can just select the “get gift card” option through Coinstar rather than exchanging your coins for cash and then going to buy a gift card.
1. Takes A Percentage For Cash
This is going to be the largest disadvantage because the entire point of the essay is to explain how to avoid the Coinstar fees.
You will have to pay a charge if you select the cash option.
Of course, we have looked at various ways that you can avoid this in this article, so hopefully, you have found a way to do so.
2. Available at Most Stores
The fact that Coinstar is located within other establishments is another disadvantage of using them.
The Coinstar machines are located in large retailers like Sam’s Club, Walmart, and other grocery stores around the country.
This implies that in order to use the machines, you will have to carry your coins inside the business.
This isn’t too bad as you can utilize the store’s services to cash out your voucher.
Have Limited Free Options
The minimal number of free alternatives is likely to be a significant drawback, similar to the cash price.
If you are unwilling to pay the charge, you are out of luck if you prefer to have cash in your palm rather than a gift card.
Is Coinstar Used in Walmart
As for whether ALL Walmarts have them, I suspect the majority do, but not necessarily all of them.
Every Walmart rents space to 3rd party vendors, such as coin-operated soda machines, gumball/small toy machines, claw machines, kiosks for getting cash for old cell phones, Redbox, etc.
Each of those vendors pays a fee to Walmart for space and is responsible for maintaining the machines and handling customers’ issues.
Hence, Coinstar might not install one of their machines if they don’t want to pay the rent that Walmart is willing to negotiate.
Conclusively, I believe you have got every detail you need to know about the coinstar, how it works, its exchange fees, how to exchange for getting to pay, and finally if coinstar is used in Walmart.