Learn how much does Coinstar charge and other related common queries below!
Coinstar generally refers to a company that works in the collection of coins and returns them with hard cash. Since 1992, it has been in business and processing over 43 billion coins worldwide. Like an ATM, you can find The Coinstar machine that allows you to exchange your coin for cash or a gift card. Coinstar gives the convenience of easy handling of money in terms of hard cash or gift cards instead of carrying heavy coins. Coinstar kiosks can be easily found in malls, grocery stores like Walmart, restaurants, and gas stations. When you shop for anything from these stores, the change will be automatically credited to Coinstar with no need to carry it in your wallet.
- 1 How much does Coinstar charge for the user?
- 2 About Coinstar franchise
- 3 Advantages and disadvantages of Coinstar
- 4 FAQs
- 5 Conclusion: Coinstar Fees, Locations, Hours, etc.
How much does Coinstar charge for the user?
Coinstar imposes some processing fees, such as if you choose to cash out, charges will be less or 11.9% from the total amount depending on the location. The processing fees bother people when it comes to a larger amount. For example, the cashing out amount is $100 then the processing fee will be $11.9. To know the exact processing fee, check in the Coinstar stores of that location. NO Fee for e-gift cards and for donating to charity.
Containstar also gives you the facility to avoid paying fees by choosing gift cards. You will have the flexibility of using gift card vouchers in many stores such as all the restaurants, grocery stores, online shopping like Amazon, and many others. They also update the retailer’s details and the gift card limits. With this gift, the card company will pay the fee to get customers in their door or the site by turning you into a customer. A minimum amount is required to go for the gift card option( at least $5 in the United States). A gift card is one of the good ways to convert coins by not paying a fee.
Step-by-step instructions about how to get a gift card from the Coinstar Machine
- In the first step, in the tray add the coins and guide the coins to flow through the slot by lifting the handle.
- The machine will separate the coins into different slots.
- Wait for a while to get the alert of completion.
- Once it’s done with counting, you will get the voucher gift card printed with a unique code.
- This unique code of gift card is ready to use in any store or online shopping.
Process of donating coins to charity by using Coinstar:
Donating coins to charity is another free way to avoid paying fees in Coinstar. After completing the counting process, you will find the donating to charity options on the touchscreen. Once you opt for this option, you will get the receipt with the amount you have donated. By doing so you will get the advantage of tax deduction, by just saving the receipts for records. This was less utilized by the people at Coinstar due to time and energy-taking tasks.
What types of coins are accepted in Coinstar kiosks?
The item which is not currency is not acceptable in Coinstar. There are huge lists such as 1943 steel pennies, foreign coinage, pure silver coin, Eisenhower silver dollars, and others. Don’t go to test these coins in the Coinstar machine so that you will not get them back from the machine. Coinstar will not accept Dirty and sticky coins that may get jammed and slow down the machine.
About Coinstar franchise
Coinstar is a machine that provides digital services to the customer in exchanging coins. It also serves 5 important countries of the world and has more than 20k Coinstar machines across the US covering all the locations of the country. Also one of the best coin exchange services to large-scale retailers, grocery, financial institutions, and even drug stores. Coinstar offers services like exchanging coins for cash, coin to gift cards, and coin to charity.
Working Mechanism of Coinstar
Coinstar is quite simple to use. Usually, people carry coins in a jar or cart to the Coinstar machine. It is a very quick process and for a larger stash, it will take a little more time. The machine mainly consists of
- a metal-hinged tray to put coins in it and just slide it inside the machine.
- Just move the coins in the tray to ensure the smooth flow of coins inside the machine to avoid being stuck.
- The touchscreen of the machine will display the amount of cash counted from the collected coins.
- You need to wait a while to ensure the machine has done the counting of coins completely.
- Sorting of the coins will be done by the machine
- You will get an alert after counting is finished.
- Before moving to the cash-out process, you need to check the coin slot, to make sure all the coins have made it through.
- Once all the coins are deposited, you can start the checkout process.
- Various options will display on the screen such as cash out, gift cards, and donating options.
- Select the option as per your need.
- For cashing out, you will receive a paper slip with the amount details.
- Redeem at the stores to get paid.
- If you go for the gift card option then also you will receive a voucher with a unique code on it and can use this voucher in restaurants, online shopping, or any retail stores.
- For the donate option, you will get the receipt of the amount donated to the charity.
Where can we find Coinstar nearby?
All over the world, people are using Coinstar. It can be easily found near Grocery stores, malls, gas stations, and many retail stores. In any store, you can find Coinstar near the customer service area. You can also easily find them by using their Coinstar website. Go to the main page of their site and there will be the option to put the address or pin code to trace. Pretty simple map to trace and update by Coinstar. Some of the well-known store chains that provide Coinstar facilities and fee charges vary from store to store.
Exchanging coins in the Bank
If you are looking to convert all your coins to cash then Coinstar is not a suitable choice. You can go for the old method of exchanging coins in the banks. The bank is not the convenient way to cash out always but will not charge any processing fees. Not all banks will exchange coins. This facility is provided in some banks to those who are currently banking with them which means holding an account in the bank. Call and confirm before you visit any bank.
Many banks have the condition of losing or rolling the coins before getting to the banks. The coin counting machine in the Bank wants loose coins to minimize the time taking to count and process. And also helps in the easy weighing of the coins. If you don’t have any time constraints, then it’s an easy way of cashing out.
Other features of Coinstar
There are many ways to use Coinstar are
In small business: Small business needs cashing from the beginning of registration.
They have to go cashing the change that they have received from the registers. Time-consuming if you Go to the bank. In such cases, Coinstar is very convenient and also easy cashing when you are out buying business supplies. It is mentioned on the website of Coinstar, about the uses of Coinstar in small businesses. It is a great help for those who are looking for instant exchange of cash and are not bothered by charges.
Easy buy of Bitcoins using Coinstar:
Coinstar is also updating its service as per customer demands. Due to advances in technology, recently Coinstar has come up with a new service called Coinme. Coinme is a cryptocurrency exchange site for buying and selling cryptocurrency. Under this cryptocurrency, bitcoin is the popular one world widely accepted by many industries. To purchase any bitcoin-only cash is accepted, not coins. So you need to follow some of the easy steps of using Coinme to buy Bitcoins are:
- First, locate the Coinstar kiosk which is partnered with Coinme.
- On the touchscreen, simply choose the buy bitcoin option and transaction terms need to be accepted.
- Enter your phone number in the given block
- Place your cash in the given cash acceptor
- You will get a voucher with a redemption code from the Bitcoin
- To claim Bitcoin, you need to create an account in coinme.com and log in.
Amazon Cash at Coinstar
As everyone knows, Amazon is one of the leading companies in the world. They also updated with new technology and services to provide all the possible facilities to the customers. One of the services is called Amazon Cash. To provide more flexibility to the Amazon Cash users, they tied up the partnership with Coinstar Kiosk and use AmazonCash in any Coinstar machine. In Coinstar, you can add money to your Amazon balance through the Amazon Cash service. In this way, Coinstar becomes valuable to the users.
- On the homepage of Coinstar machines select the cash service option.
- Enter the same phone number which is given in your Amazon account.
- Insert the number of bills in the cash acceptor (minimum amount $5 to $ 500) amazon balance will immediately be added with the cash value.
- Ready to shop on the Amazon website.
Advantages and disadvantages of Coinstar
Now we are clear with the Coinstar kiosk, its functionality, and its use to the customer. Let’s see some advantages and disadvantages of Coinstar
- No more carrying out the heavy coins in the pockets
- Coinstar is very convenient to use other than visiting a bank, which is time-consuming.
- The very simple process of exchanging cash or gift cards is just by dumping the coins in the machine and rolling out cash.
- The process is so fast that you will never see the queue in front of the machine.
- Large quantities of coins also take less time to exchange. In banks, it takes longer to exchange and charges also more.
- If you are looking to purchase gift cards by coins Coinstar is the best and quick process.
- Processing gift cards are free of charge in Coinstar.
- Easy to use gift cards Coinstar is tied up with many different retailers.
- Your full amount is exchanged with gift cards.
- Pretty simple to find Coinstar kiosk near you by visiting their website and just tracing by using address or zip code.
- Processing fees are the main disadvantage when you are rolling out for cash.
- For bigger amounts, the charges are much more bothersome than smaller amounts. There are ways to avoid but not for cash exchange.
- Coinstar is mainly found inside the stores like Walmart, Sam’s, and other grocery stores near the customer service desk.
- That means you can access Coinstar machines only according to the store timings.
- To avoid charges, only limited free options are available like donating to charity and gift cards.
- You need to pay a processing fee for cashing cannot avoid.
- How long can we keep Coinstar Vouchers?
Once you get the voucher, get registered right now. It is like cash, once you lose it cannot be replaced.
- What is the timing of the Coinstar kiosk?
The timing depends on the store’s timings.
- Where is the Coinstar machine located in stores?
You can find it near the customer service desk or check-out area.
Conclusion: Coinstar Fees, Locations, Hours, etc.
Coinstar is the only machine that gives cash in exchange for cash. The concept of Coinstar is pretty helpful to the people but applies processing fees. The alternative to avoiding paying fees is gift cards and donating to the charity. You can go for only these two choices. You can find the list of retailer partners to accept the gift cards. Easy to trace the Location of the Coinstar kiosk by visiting their website and tracing with the address or by zip code. Coinstar is the best and convenient way to get your cash if you are not worried about charges.