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Coins

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  • 19-09-2011 10:26am
    #1
    CheltenhamJ
    Registered Users Posts: 393 ✭✭


    May be the incorrect forum , however looking for a bit of advice. I have a huge amount of coins (unsorted) that essentially relates to change tipped in to a drawer over 4/5 yrs , i expect there could be E700-800 , maybe more. What is the best way to cash these in ? Will Bank accept it ? Do they have money bags like they had years ago ? I came across coin sorting machine in service station that charges 9% !!! Any ideas ?


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    #2
    homer911
    Registered Users Posts: 5,115 ✭✭✭homer911


    Banks wont take it unless its bagged. They will happily provide free bags.

    Its either that or pay the 9%.

    Have you no young fellow you could pay 5% to? There again, would you trust him?


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    #3
    Random
    Closed Accounts Posts: 19,082 ✭✭✭✭Random


    I think the machines in the likes of Tesco will charge about 10% but all you'll have to do is pour the coins in ..


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    #4
    2moreMinutes
    Registered Users Posts: 1,003 ✭✭✭2moreMinutes


    If you have no kids, ask a nephew/niece to sort it out for you for a small fee. My dad used to always save coins in a large biscuit tin and got us to sort them out when it was full. Me and my brother all save coins (and get them sorted) in the same way now.

    Not only will you get them sorted for less than the 9% fee but you will also plant the idea in a kids head that saving "worthless" coins adds up.


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    #5
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    Also, if your taking it to a bank, gonin the morning. Tellers do not like seeing large amounts of coin last thing in the day and there for would be less likely to charge you :-)

    If possible go to your own bank and lodge it rather than swap it for notes, again this should avoid any charges.


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    #6
    Rebel1977
    Registered Users Posts: 802 ✭✭✭Rebel1977


    I brought in €250 in coin last week and got €250 in cash no bother, why would they charge me for swapping coin for cash ?


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    #7
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    Because they can. Simple.


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    #8
    Otis Driftwood
    Closed Accounts Posts: 9,925 ✭✭✭Otis Driftwood


    unclebill98 wrote: »
    Also, if your taking it to a bank, gonin the morning. Tellers do not like seeing large amounts of coin last thing in the day and there for would be less likely to charge you :-)

    If possible go to your own bank and lodge it rather than swap it for notes, again this should avoid any charges.

    Ive been doing this for years and not once have I ever been charged.


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    #9
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    Depends on bank and cashier.

    If its your bank and your lodging it then you normally do not get charged. If its not your bank you can get charged.

    It's nowhere near what the coin machine charges but the fees do exist. Normally implentment as a way to stop repeat offenders and for business customers.


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    #10
    rubadub
    Registered Users Posts: 32,379 ✭✭✭✭rubadub


    I thought I heard the central bank were taking it in free, a nonbag dumping system like you see in supermarkets but with out the ridiculous % fee.

    It quite a crazy situation if the central bank/governmnet do not encourage you to give coins back to them, since I think it can cost more to produce a new coin than its actual worth. So they should be the ones trying to entice you to stop hoarding.

    This used happen in the 80s, mcdonalds gave you notes and free food for the same money in change, superquinn gave out free donuts.


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    #11
    prettygurrly
    Registered Users Posts: 727 ✭✭✭prettygurrly


    Never heard of being charged for lodging coins. They have weighing machines to check your bag is properly counted so it's not like there's much labour with lodging coins.

    If you are worried about being charged then take the full bags in in stages. Maybe 100 at a time and lodge them into your account.

    I think for 700 euro worth of coins it'll only take you an afternoon to count it. I absolutely love counting coins, like a previous poster I grew up saving my coins and putting them in the bank. Happy days after getting home from the pub at 3am and counting my tips...

    Some coin changes charge 12% which is really extortionate....not worth imo


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    #12
    coylemj
    Registered Users Posts: 25,387 ✭✭✭✭coylemj


    rubadub wrote: »
    I thought I heard the central bank were taking it in free, a nonbag dumping system like you see in supermarkets but with out the ridiculous % fee.

    I think they will take Irish notes and coins i.e. pre-decimal (£,s,d) and pre-Euro (punts) notes and coins, there is nothing on their website about taking back euro coins.
    rubadub wrote: »
    It quite a crazy situation if the central bank/governmnet do not encourage you to give coins back to them, since I think it can cost more to produce a new coin than its actual worth. So they should be the ones trying to entice you to stop hoarding.

    They don't have to (take back Euro coins) precisely because of this practice which is far more effective as it's countrywide...
    rubadub wrote: »
    This used happen in the 80s, mcdonalds gave you notes and free food for the same money in change, superquinn gave out free donuts.


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