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 convenient and easy to use, but when you choose the “get Cash option you have to agree to pay a fee of 11.9%.
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 an inevitable byproduct of using cash for your everyday payments. While everyone has wallets or purses that they can keep cash in, holding onto coins has always been a nuisance. So what do most people do?
Throw them in a jar, the cup holder in your car, or in a piggy bank, then what? There is going to be a time when you are going to need to cash these coins in. Whether it be a rainy day, you need to clean out your car, or you simply want a little extra cash.
While you could take the coins with you, it can be quite a burden. The only reasonable solution is to have the coins exchanged for cash. There are a few ways to do this ranging from a few minutes of your time to more time-consuming methods.
The first is going to be Coinstar. You may have seen a Coinstar machine at your local 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. While this may be understood as they have to make money as well, it can be a little annoying.
There are ways to get around the fees and alternatives to Coinstar for cashing in your change. 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. You pour your coins into the Coinstar machine and the machine counts your coins. Once the machine finishes counting.
You are able to print a voucher from the machine that indicates the amount you are to receive in cash. You take the voucher to a cashier in the store who will issue your cash.
As an alternative to obtaining cash, you can choose to receive an eGift Card, which you can print at the machine. 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)
If you are choosing to cash out your coins for cash, that will come with a fee. This is advertised as a processing fee which is the way Coinstar makes its money. Choosing this route will take 11.9% of your total as the processing fee.
While many people are not bothered by this amount, those with larger amounts of coins can really feel the pinch. For example, if you are cashing in $100, you are going to be charged $11.90 for the transaction.
Coinstar does say that fees can vary by location. To ensure you understand your specific store’s fee, it is best to check with your store or Coinstar to verify.
Can I Avoid the Coinstar Fees?
While cashing in coins will require a fee, there are ways to avoid the fees. If you are looking to cash in a large amount of coins, that fee is going to hit hard. Even if it is a smaller amount, it is still your money that you are not getting.
So why not get the full amount? When using a Coinstar machine, there is no way to get cash without a fee. There is no way around this, sadly. However, you can choose the gift card option to avoid having to pay fees.
How this works is when you go to the cashout process, you can simply choose a gift card instead of cash.
Coinstar currently partners up with more than 20 popular stores and restaurants to choose from. This allows you to apply your full amount to a gift card instead of cashing out.
While you may be wondering why this would be any different, it’s all business. The fee that they would normally charge you for cash gets passed on to the business that you will be shopping with.
This fee is a small price a company will pay to get you in their door or on their site to turn you into a customer. More than likely, they will recoup that fee eventually, so it’s a win-win.
This is going to be your best bet if you are wanting to get all of your money without being charged a fee.
How to Trade In Coins for No-Fee With Coinstar
If you chose eGift Card as your payout selection, then you’ll receive a printed voucher from the Coinstar kiosk. This voucher contains your unique eGift Card code. Use it online or in-store just like a plastic 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.
One of the biggest pros of using Coinstar is its convenience. With many banks now needing coins rolled up to be exchanged, Coinstar prevails.
You can simply dump your load of coins into the machine and get your cash or gift cards. While you will still have to cash in the cash voucher you receive, this is done quickly at a customer service center.
This makes using Coinstar one of the quickest ways to cash in your coins. However, for those who save their coins by rolling them as they collect them, it may not be the most convenient.
Coinstar is known for being fast. Considering that there is no line at the machine, the process is much quicker than using a bank. Whether you have a jar full of coins or several water jugs full, using Coinstar is the fastest way to get cash now.
When using a bank, you will have to find a bank that exchanges them, ensure that you don’t have to be a member, and make sure they do not charge too much. This can eat up your time and make it much more time-consuming to get your cash.
3. Easy To Get Gift Cards
If you are going to use your coins to purchase a gift card, Coinstar is an easy way to do it.
While there are many ways to get free gift cards, exchanging your coins for a gift card through Coinstar is fee-free. This is one way you can get the full amount of your coins and avoid the Coinstar cash fees.
Since Coinstar works with many different retailers, you can easily find a gift card that you can use or give as a gift.
Instead of exchanging your coins for cash, then going to buy a gift card, you can simply choose the “get gift card” option through Coinstar.
1. Takes A Percentage For Cash
With the premise of this whole article being how to avoid the Coinstar fees, this is going to be the biggest drawback.
When choosing the cash option, you are going to have to pay a fee. This means that the total you may have had in mind is going to be cut by your location’s processing fee.
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
Another drawback to using Coinstar is the fact that they are found inside other stores. Large stores such as Sams, Walmart, and other grocery stores around the nation house the Coinstar machines.
This means that you will have to lug your coins into the store to access the machines.
This isn’t too bad as you can utilize the store’s services to cash out your voucher. However, you are at the mercy of the store’s hours to get it done.
Have Limited Free Options
Much like the cash fee, another big downfall is going to be the limited free options available. The only free options are going to be getting a gift card and donating it to charity.
If you are wanting cash in your hand and not a gift card, you are out of luck if you are unwilling to pay the fee.
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. So should Coinstar not want to pay whatever rent Walmart is negotiating for, they may not put in one of their machines.
Conversely, if the available space for rent is taken up by vendors willing to pay a higher rent, Coinstar may find itself unable to acquire space.
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.
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