What is Coinstar?
Coinstar is a self-service kiosk found in grocery stores, retail locations, and financial institutions that enables users to exchange loose coins for cash, gift cards, or donate to charity. This service allows customers to effortlessly convert their spare change into usable funds.
Coinstar provides the following services:
- Coin counting and sorting
- Cash redemption or gift card selection
- Convenient locations in grocery stores, retail outlets, and financial institutions
How Coinstar Works
Customers simply pour their loose change into the Coinstar kiosk, which automatically counts and sorts the coins. After the coins are processed, users can receive cash or choose from various gift card options, including popular retailers like Amazon, Starbucks, and iTunes. You can also transfer the money directly into your checking account or buy crypto.
Where to Find Coinstar Kiosks
Coinstar kiosks are widely available across the United States, with thousands of locations in grocery stores, retailers, and financial institutions. Customers can easily locate Coinstar kiosks using the Coinstar website or mobile app.
Fees
Coinstar charges a processing fee for converting coins into cash or gift cards. The fee typically ranges from 10.9% to 11.9% of the total amount processed. However, some Coinstar partners offer fee-free transactions for certain gift card options.
Getting Your Money
Coinstar Transfer to Account is a convenient way to transfer cash and coins into your checking account. Simply insert your money into any Coinstar kiosk, then choose your transfer method: a debit card with a Visa, Mastercard, or Discover logo. Once complete, your funds will be available to use in your account.
Pros & Cons
Pros
- Convenience: Coinstar provides a convenient solution for converting loose change into cash or gift cards, eliminating the need to roll coins or visit a bank.
- Wide Availability: With thousands of kiosks located in grocery stores, retailers, and financial institutions nationwide, Coinstar offers customers accessibility and convenience.
- Gift Card Options: In addition to cash, Coinstar offers a variety of gift card options, allowing users to choose rewards that best suit their preferences.
Cons
- Processing Fees: Coinstar charges a processing fee for its services, which may deter some users, especially for larger amounts of loose change.
- Limited Payment Options: While Coinstar offers cash redemption and gift card options, users cannot receive payment via check or direct deposit.
- Accuracy Concerns: While Coinstar kiosks are generally reliable, there may be occasional issues with coin counting accuracy or machine malfunctions.
Who is Coinstar Best For
Coinstar is best suited for:
- Individuals with loose change seeking a convenient way to convert it into cash or gift cards
- People who value convenience and accessibility
Coinstar Alternatives
- Banks: Many banks offer coin-counting services for account holders, often free of charge or with minimal fees.
- Credit Unions: Like banks, credit unions may provide coin-counting services to members, offering an alternative option for converting loose change into cash. Find a credit union near you.
Your other option is to buy a coin-counting machine on Amazon (but they can be pricey) or buy coin wrappers on Amazon or at the dollar store. You can count your coins, wrap them, and then deposit them in your bank account.
by Jason Vitug
After my local credit union stopped accepting loose coins, I started using Coinstar at the local Walmart. It’s easy to use and a quick way to count lots of coins. There was a fee that reduced the total amount. However, when I chose the gift card option, there were no transaction fees.