Banks and changing coins

jimogr

I've a big jar of coins which I want to change into folding money.

Don't like the idea of the 12.5% commission charged by a sorting machine in the local centra.

Do any of the banks have machines for sorting the coins?

As few years ago in Australia I was in a similar situation. I went into the bank to get money bags, they looked at me strangly but gave me the bags.

I spent a couple of hours counting and sorting the coins. Went back to the bank where they opened all the bags and poured them into a machine to count them :eek:

Gordon

Do you have any supermarkets that have self serve checkouts? I usually load them up with change to pay for stuff.

alex73

jimogr wrote: »

I've a big jar of coins which I want to change into folding money.

Don't like the idea of the 12.5% commission charged by a sorting machine in the local centra.

Do any of the banks have machines for sorting the coins?

As few years ago in Australia I was in a similar situation. I went into the bank to get money bags, they looked at me strangly but gave me the bags.

I spent a couple of hours counting and sorting the coins. Went back to the bank where they opened all the bags and poured them into a machine to count them :eek:

Go to your local Church,(or any charity) Ask them to change to paper money and give them 10%.

admiralofthefleet

i saw a coin counting machine in tesco in jervis last week. i didnt see any signs that stated that it charged commission

cson

Gordon wrote: »

Do you have any supermarkets that have self serve checkouts? I usually load them up with change to pay for stuff.

Aaarrrrgggghhh. You're one of those annoying backstards that hold me up in Tesco putting in 1c coins

@ OP: Nope, you'll have to count it and bag it yourself before the bank take it. If it was that easy these commission people would... well wouldn't be making any commission, would they?

Turtyturd

admiralofthefleet wrote: »

i saw a coin counting machine in tesco in jervis last week. i didnt see any signs that stated that it charged commission

I think there is a commision charge on the Tesco ones. I dont think it is as high as 12.5% though.

rubadub

What supermarkets should do is have coin bins like the toll bridges do, you just dump fistfulls into the bin at checkout and it counts it up there on the spot. Or give vouchers out to the full value only useable in that store. In the 80's I remember mc donalds giving free burgers, and superquinn giving free donuts out, you brought in £5 in small change and got a £5 note and free food.

MORE importantly the central bank should be offering this service for free. Most coins cost more to produce than they are worth, e.g. a 50cent coin might cost €1 to make. The central bank pays a fortune minting new coins because of hoarders. These machines would cost a few grand and save the taxpayer millions if people had a convenient free way to count hoarded coins. No doubt it is the taxpayer that has to foot the bill for new minted coins.

These supermarket machines must only cost a few grand yet people are paying probably €10-50 just for a 1 minute go on them, crazy when you think about it. Many arcade machines probably cost more, and you get a 5minute go for a euro.

admiralofthefleet wrote: »

i saw a coin counting machine in tesco in jervis last week. i didnt see any signs that stated that it charged commission

Yeah, it is well hidden I expect they get loads of complaints. There was a thread about it ages ago. You can get cash or a voucher for tesco, many people presume this voucher would be the full value, and only commission for cash.

--LOS--

jimogr wrote: »

As few years ago in Australia I was in a similar situation. I went into the bank to get money bags, they looked at me strangly but gave me the bags.

I spent a couple of hours counting and sorting the coins. Went back to the bank where they opened all the bags and poured them into a machine to count them :eek:

Ye that happened me too, doesn't make sense, banks love to make you run in circles.

I usually try not to let change get to that level now, just regularly off-load it on bus drivers.

IvySlayer

The coin thingy in my tescos is only 9% commission.

whadabouchasir

You could use all the change to pay off a part of an installment of a loan.they won't take comission and they can't refuse to accept it.

cson

rubadub wrote: »

These supermarket machines must only cost a few grand yet people are paying probably €10-50 just for a 1 minute go on them, crazy when you think about it. Many arcade machines probably cost more, and you get a 5minute go for a euro.

You make it sound like such fun! I want a go now...

--LOS--

You all need to stop being ashamed of paying with coppers!! And ffs bend down and pick them up off the street if you drop them.

admiralofthefleet

you could maybe even bring it into your local pub, they always appreciate change

Degag

I just throw all my change into a jar. Every six months or so, i'll count it and i may be able to pay my car insurance or tax from it. Seems like extra money!

Degag

admiralofthefleet wrote: »

you could maybe even bring it into your local pub, they always appreciate change

Not really. All our prices are in 10c increments so it's really annoying when we get people bringing in bags of coppers. Shops are the business' that appreciate change. Always seem to run out.

m5ex9oqjawdg2i

alex73 wrote: »

Go to your local Church and burn it to the ground...

Fixed that for ya.


OP, just count it you lazy git :P I hate doing it myself, but being the meiser I am I rather have the 10% that they charge to count coins.

Some banks will do it, but the busier banks will not. They can weigh the coin if you put it into seperate bags. Although, they won't waste 20 minutes counting your coppers. You know?

I save all my coppers and other change when I see fit, and count it every so often. It's not always a lot, but better than nothing

Mike 1972

whadabouchasir wrote: »

You could use all the change to pay off a part of an installment of a loan.they won't take comission and they can't refuse to accept it.

Urban myth

Small change is not legal tender to unlimited amounts

Nevyn

Credit unions will usually do it for you if you have an account with them.

Dunjohn

I used to work as the coin cashier in a bank up until a couple of months ago. The pressure was to take the customer, handle their business for them, try to sell them something, then send them out the door as fast as possible. "Keep the queue moving" was something I was told enough times to drive me mad. So, for that reason, I could only accept full, sorted bags of coin that I could throw onto the electric scales and process as quickly as possible. Management forbade me from helping a customer sort their coin or the queue would back up; if the coin wasn't sorted, I'd give them some bags and ask them to go over to the side or somewhere and do it themselves.

I was nice, though, I'd accept partly-full bags too, against the rules. And I'd waive the charge until they installed new software to make it unavoidable.

Banks hate coin, though. Hate the sight of it. It takes up way more space to store, it's a pain to manage and the value is almost nothing compared to notes. Most of the space in the safe was mine and after a month it wouldn't even approach the value some other cashiers would have overnight.

Hmm. Not sure what I'm contributing to this thread. This was just sort of a ramble. "Can't refuse to accept it" is about as accurate as accurate as "I know my rights, I don't need to receipt," though. We will accept it. If it's reasonably presentable (in this case, bagged).

bonzodog2

The post office will exchange bagged coins too.

borderlinemeath

I work in retail and love getting change as we're up in a retail park and a 10min drive to the bank in town.
The trick is to find a shop that has goods priced at 2.49 and 6.79, ie the ones that need the coppers. No point in going into the €1 shop where everything is rounded up.

starbelgrade

rubadub wrote: »

What supermarkets should do is have coin bins like the toll bridges do, you just dump fistfulls into the bin at checkout and it counts it up there on the spot. Or give vouchers out to the full value only useable in that store.

Asda have coin counting machines in a lot of their stores in the entrance lobbies. They count up the change & give you a reciept which you can use against the value of purchases in their stores, commission free.

Not good if you have a bagful of euros, but still a great idea.

(Plus everything up north costs just 2p. Even cars.)

Jaxxy

bonzodog2 wrote: »

The post office will exchange bagged coins too.

Some will take it off you if everything is bagged correctly. I used to take bags of coin off people all the time when I worked on the counters. If they refuse you can use it to pay a bill, off your TV licence, etc.

--LOS--

JaxxYChicK wrote: »

Some will take it off you if everything is bagged correctly. I used to take bags of coin off people all the time when I worked on the counters. If they refuse you can use it to pay a bill, off your TV licence, etc.

Oh god I would actually take great enjoyment in that

....and 1 and 2 and.....

jimogr

Dunjohn wrote: »

I was nice, though, I'd accept partly-full bags too, against the rules. And I'd waive the charge until they installed new software to make it unavoidable.

Cool. Thanks guys. Dunjohn, what should the fee have been?

amen

bag it your self. I keep all my coins from day to day spending and count at christmas and normally get a few hundred euro. I never count the coppers myself though as these are normally worth around 40e which is a lot of coins so I bring them to the local supermarket and use the coin exchanger. I loose about 5euro but as it would take me about 1 hour to count the cooper is is cheaper to pay the commission

a 50cent coin might cost €1 to make

reference for this? It may be trues for US 1cent where the cost of the raw material has increased and you would now make money by melting the us 1cent coins and selling but not true for large coins.

Lone Stone

Do those coin machine's accept old irish currency i got a crap load in a jar just sitting there and two big containers full of loose coins ive just piled up over the years my friend keeps sayin man you must have a few hundred quid in those.

But i cant be arsed sorting it into money bag's. Do those coin machine's have a lot of cash in them id hate to drop it all in and not get my money back

sbsquarepants

I usually throw all my coins into a big coffee tin till it's full. You'd be surprised how much you get at the end, i've come out with the best part of a grand on occasion. In that case the supermarket machines would cost nearly a hundred euro to count it for me, no thanks!
Count out the bigger coins yourself and take them to the bank (credit union and EBS both declined to take them off me in the past). I throw the coppers through the machine alright, i dont mind paying 7 or 8 quid to save counting all those.

Dunjohn

jimogr wrote: »

Cool. Thanks guys. Dunjohn, what should the fee have been?

2%. It was a pain to calculate, especially when customers come in with round figures to make it easier. Somebody comes in with exactly €70 worth, I'd feel like an ass giving them back €68.60

sbsquarepants

Lone Stone wrote: »

. Do those coin machine's have a lot of cash in them id hate to drop it all in and not get my money back

Any one i used just printed out a receipt that you take to the till, i actually always just spent it in the shop, i assume you can get cash for it, but i'd make sure first if i was you.

m5ex9oqjawdg2i

Mike 1972 wrote: »

Urban myth

Small change is not legal tender to unlimited amounts

Huh? I don't understand what you mean. Can you explain it please?

I pay off my loan when I wish without penalty. Always have on a few different loans with different financial establishments.

bnt

admiralofthefleet wrote: »

i saw a coin counting machine in tesco in jervis last week. i didnt see any signs that stated that it charged commission

I read the fine print on one of those, in a different Tesco (Merrion): the small print is a little convoluted, which might confuse people. It was an 8% charge, in effect - 8c on the Euro.

A couple of years ago I got some bags from the bank, filled them with the appropriate amounts (marked on the bags), and took them back to deposit. I'd made a few mistakes, which earned me some dirty looks from the teller (pity - she was cute), but it was otherwise OK.

Donny5

whadabouchasir wrote: »

You could use all the change to pay off a part of an installment of a loan.they won't take comission and they can't refuse to accept it.

Michael Flaky Spittoon wrote: »

Huh? I don't understand what you mean. Can you explain it please?

I pay off my loan when I wish without penalty. Always have on a few different loans with different financial establishments.

From Section 10, Paragraph 1 of the Economic and Monetary Union Act, 1998, which was the legislation that brought in the Euro, I believe:

No person, other than the Central Bank of Ireland and such persons as may be designated by the Minister by order, shall be obliged to accept more than 50 coins denominated in euro or in cent in any single transaction.

So, people have no obligation to take bags of copper coins as payment; they have the option to decline.

Sofiztikated

Donny5 wrote: »

From Section 10, Paragraph 1 of the Economic and Monetary Union Act, 1998, which was the legislation that brought in the Euro, I believe:



So, people have no obligation to take bags of copper coins as payment; they have the option to decline.

You. I love you. I you <

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Something else I can add to my wealth (see what I did there) of use(less)ful information.

star.chaser

all banks have machines for sorting change. not for use by the public or for drop in customers though

Dunjohn

star.chaser wrote: »

all banks have machines for sorting change. not for use by the public or for drop in customers though

In my case, it was me.

artielange

Aren't there people on the street that take coins or is just notes they want these days.

Bartleby

Handy tip for sorting piles of coins:

The coppers are magnetic, so use a strong magnet to quickly seperate the coppers from the rest.

I use plastic 2 litre milk containers to hold the coppers and lesser gold. Easier for loading into counting machines.

dxhound2005

Why do people hoard coins and then lose money by putting them in changing machines? Or come on the internet asking how they can get rid of them? I don't understand it.

I make a point when shopping of giving odd amounts along with notes to get less coins back in change. Anyone with a hoard just take a dozen or so with you every time you go shopping and just use them up that way.

snubbleste

I do the same dxhound.
Every 2 weeks or so, grab a little coin bag of assembled coins when heading to the supermarket. They are grateful for the change.

uncle-mofo

The tesco self service in my area has a nice big bucket like thing that you can throw all your change into. I keep a big bag of change in the car so I can use that whenever I need something in tesco, you'd be surprised how much it all adds up to!