Looking for an easy way to turn your coins to cash? Whether you’re a bank customer, investor, or just someone with a lot of change, there are several ways to convert coins for cash.
From taking coins to your local bank or credit union to using Coinstar, to making donations with your spare change, we’re sharing top tips and all the information you need on how to change coins for cash.
We’ll also look at where you can change coins to cash for low or no fees and discuss the benefits of rolling your coins for cash. So, if you’re wondering: where can I change my coins, read on!
1. Take Coins to Your Local Bank or Credit Union
Do banks take coins? Most banks and credit unions will accept rolled coins from customers, although some may charge a fee for the service. You can roll your own coins using coin wrappers (available at most banks or for purchase from various retailers). Already a Credit Union member? Ask about Coinstar machines that you might be able to use for free – some credit unions, like Island Federal, offer this benefit to their members!
2. Use Coinstar Wisely
Coinstar machines are located in many grocery stores and other retail locations throughout the United States and Canada. These machines allow you to insert loose change and receive an eGift card or cash voucher in return (minus a processing fee). Be sure to read the terms carefully before using Coinstar machines, as they often come with fees.
3. Use Exact Change When Paying with Cash
If you’re paying with cash, use exact change when possible so you don’t receive lots of small denomination coins back as change.
4. Ask Local Retailers
Many local businesses, such as restaurants, convenience stores, and gas stations, will accept loose change. Some may even offer discounts on purchases in exchange for your change!
5. Make a Donation
If you have spare change, donating it is a great way to get rid of it quickly and put it to good use. Many charities would be grateful for donations in any form, including loose pocket change. And if you use Coinstar, check out the list of charities that they’ll donate 100% of your coin value to. You could donate to:
- United Way
- World Wildlife Fund
- Make-A-Wish
- Feeding America
- UNICEF
- Children’s Miracle Network Hospitals
- The Humane Society
- American Red Cross
- NAACP
Take Note of Fees
Remember that some options will cost you, eating into your total earnings from your coins.
Where to exchange coins for cash for low or no fees
There are several ways you can turn your coins in and get cash. If you go to your own bank or credit union, you can even deposit the value directly into your checking or savings account.
- Credit Union – If you’re looking for a convenient way to change coins to cash, your credit union is the perfect place to start. Most banks and credit unions offer coin-counting machines that can quickly count your coins and provide you with an accurate total in cash. These machines are usually free of charge but checking with your financial institution before using one is important, as some may charge a fee. Check out the many perks Island Federal’s members enjoy.
- QuikTrip – QuikTrip convenience stores offer free coin exchanges for cash or gift cards.
- Coinstar kiosks – This option can potentially cost you (substantially). Coinstar fees are nearly 12% to get straight cash. But you can avoid that cost by opting for a NO FEE e-gift card in exchange for your coins, or by donating the amount to charity.
Rolling Your Coins for Cash
Rolling coins is a great way to exchange them for cash without paying fees. It can be tedious, but it might be worthwhile if you have enough coins (and the time).
To get started, you’ll need coin wrappers that match the denominations of your coins (pennies, nickels, dimes, and quarters). You can find these at most banks or credit unions, like Island Federal Credit Union.
Once your wrappers are ready, begin sorting your coins into piles according to their denomination. After your coins are sorted, start rolling each up in its wrapper.
You can also use a coin-sorting machine to quickly sort large amounts of change and calculate the total value. But this method comes with the added cost of buying a machine.
Rolling coins means you can use them to pay for small purchases or easily deposit them into your checking or savings account for free.
Final Thoughts
Knowing how to exchange coins for cash is a great way to get the most out of your money. Whether you take coins to your local bank or credit union, use Coinstar, pay with exact change at retailers, donate, or roll coins yourself, there are plenty of options available. Always check for fees and other costs associated with exchanging coins for cash.
Are you looking for a convenient and secure way to convert your coins into cash? Look no further than Island Federal Credit Union. Our coin-to-cash service is fast, easy, and secure. With our coin-to-cash service, you can quickly turn your coins to cash without worrying about the hassle of counting first. Visit us today and start turning your coins into cash.