You may be wondering, where am I going to change my coins for free cash? You are wrong! Probably you getting ready for vacations, holidays or want to splurge without breaking your budget, the best go-to is to cash in coins that you have saved.
Coins are fantastic when you are a kid. They are new, have that oddly appealing metallic scent and, you know, money is tangible.
But for a variety of reasons, as we age, our fondness for change diminishes, including the fact that it is heavy to bring around.
So instead of making your change sit in a giant jar in the corner of your living room, why not get it back into circulation where it can do some good and, in the meantime, put some money that is a little easier to spend in your bank account.
Best Places to Change My Coins For Cash For Free
Check Your Local Bank
Many major banks no longer use computers for coin counting.
However, you’d certainly come across a bank or credit union that takes coins and has machines for counting. If you’re not their client, they might charge a small fee for turning coins into currency cash.
In addition, have the money credited to your account if you bank with them. Doing so will help to prevent the charge for service.
In addition, several banks are competing with Coinstar now. If you do not ask for cash, they now give you Amazon, Walmart, Starbucks, Target and other shopping vouchers. And they too are not charging the tax.
In most cases, you’d have to sort and roll these coins. Some banks offer coin wrappers free. If not, you can buy some from your neighbourhood stationery shop or supermarket.
Roll Them Yourself
You could have your Sunday project cut out for you if your bank says they only accept rolled coins. The positive is, you will probably be able to turn a few pounds of loose change into a stack of cash you can slip straight into your pocket by the end of this assignment.
It may be a little tedious to roll your own coins, but this is usually the cheapest way to turn your coins into cash.
Here’s how to do it:
Pick up some coin wrappers in the denominations that you need (quarters, dimes, nickels, pennies)
Some banks will give them to you for free if you ask politely
Or, you can buy them online or even at your local discount store
Separate your coins according to the amount listed on the wrapper
Change to cash or deposit the amount into your bank account
Churches & Charities
By handing them over to a church or organization, you cannot get cash for the coins. That would be a present. Nevertheless, emptying out your coin jar for a church or charity helps save money.
For your donation, you can get a tax deduction which saves some money.
The World Wildlife Fund, Greenpeace International, UNICEF, the Salvation Army, the American Red Cross and Feeding America, among others, are larger organizations that accept coins as donations.
Local churches, orphanages, and animal shelters will welcome donations of coins as well. It also makes sense, for some worthy cause, to give away these coins. Use this option only when cash is not needed.
If you have been to the grocery store, coin-counting machines are probably familiar to you. They are also situated close or just past the checkout register at the lottery kiosk.
The method is simple: pour into the machine your loose coins and obtain a voucher to exchange with a cashier in store.
The capture, right? Fees that convert into fewer bills for the dollar. Coinstar, these machines’ most common and available brand, charges a service fee of 11.9 percent.
The fee often varies according to place. If you were one of those QuikTrip customers who find $3,000 in coins in your building, $357 of them would be eaten by Coinstar’s green machine.
Coinstar offers a few alternatives:
Make sure to keep change with you and use it at self-checkout kiosks. There are still a lot of places where you can use quarters to make a purchase, like air machines for tires, candy machines, vending machines, and the like.
There are always many opportunities where you can drop some change for charity. Think Salvation Army at Christmas or the change jars at checkout counters.
Coinstar also has an option to donate your change to charities when you cash it in.
Coinstar waives their fee when you choose to trade coins for an e-gift card instead of cash. Depending on the individual machine, you can choose from a wide range of retail stores, restaurants and e-commerce outlets.
You will receive a code loaded with the full value of your coins, redeemable instantly.
If you’re wondering where to cash in change, just use the tips listed above to easily turn your heavy metal coins into cash, gift cards, or an added balance to your bank account.
Before you choose a method, though, you may want to consider the pros and cons listed above so that you don’t lose out on money because of transaction fees, or waste a bunch of time when there’s a method that’s more convenient for you.