Need a quick change? (Coinstar)

Member Name: lemontiger

Product:	Coinstar
Date:	20/04/09 (308 review reads)
Rating:

Advantages: Exchange change for notes

Disadvantages: They do take a commission

***Where does our change come from?***
While I am a stickler for using change, even when it sometimes means a bulging and heavy purse, my husband couldn't be more different. He very rarely pays for anything with something smaller than a £1 coin. This is partially because his pockets are always full of junk- receipts, train tickets, cards, tissues and the change is always at the bottom. Mainly it's because he just doesn't and hasn't since he was young- old habits die hard! As a result various surfaces in our house have bits of change on them and he has a big tub by the side of the bed to empty change into every night. He throws any change in here- typically £1 too if he has a few as his wallet only holds a couple.

You can imagine after a while the volume of change builds up and up and when the tub gets almost so hard to carry that your arms are breaking, my husband decides it's time to Coinstar it!


***What is a Coinstar machine?***
You can find Coinstar machines (which is basically a fast change sorter,)mostly in supermarkets although I have occasionally seen them in markets etc. It is convenient for the supermarket though especially if you are driving there anyway as the coins can be heavy.

Coinstar machines are often in the foyer of the supermarket and I have regularly seen them in use but never seen a queue. You first decide whether you want cash back for the change coins or a charity donation. To get the cash back, you do have 7.9% commission taken although this is done automatically (9.4 cents per Euro if you are in Ireland). If you decide to donate to charity they have a large number of partners- these vary locally but some big name partners are The British Heart Foundation, WWF, Cancer Research and UNICEF. You choose where the money goes.


***How to use***
Just start tipping your money in and lift up the handle to feed them in. The machine counts the coins using patented technology very very quickly. The machine takes all UK coins (or Euro coins if in Ireland) but does not take mixed currencies. Don't worry if you accidentally put foreign coins in though, they will be spat out and rejected as will any disfigured or fake UK coins! You'll see an on-screen tally of how many of each coin you have inserted and I personally would avoid putting £2, £1, 50p in as they are easy to spend although this is obviously personal choice.


***How to you get your money/ donation***
Once finished, a ticket is printed. Certainly at our local supermarket (Sainsburys) if you're claiming it back as cash, take it to the customer service desk/ cigarette kiosk, hand over the ticket and they will give you notes. OR you can hand it over at the checkout to put it against your shopping. They will give you change if you don't use the full amount. If you choose the charity option, a ticket will be printed so that if you are a UK taxpayer, you can send the ticket to the charity so they can claim 25% more money at no cost to you, that you already paid in tax. Good stuff! They give your original money directly to the charity, so you need do no more.


***Better than the bank?***
Now you might be asking why this is better than going to the bank- well, mainly for the convenience. If you're going to the supermarket anyway, you don't need to go to your bank at its no doubt limited opening hours, wait in a queue etc. I can never get to my bank at a time when I'm not working, so this would be most convenient for me. Also, you don't have to bag up the money or have the exact number, you can any amount of coin mix.


***More on my experience***
In my experience it a useful service and although commission is taken I take this to be the price of having access so such a quick and useful service. When we took my husband's change box at the weekend it was worth £80.40 after about 4 months (and I'd forced him to take out the £2 and £1 coins!) and we only spent about 3 minutes at the Coinstar machine. Also, I'm a little sad but I find it quite fun too- especially if you decide on something nice you're going to get with part of the money afterwards.

Summary: For you or charity, it's a great service!