Jake Miller
Metro Bank previously offered a coin counting service in its stores, with some sources stating that non-customers could also use the machines. However, recent reports suggest that Metro Bank has removed these coin counting machines, and their website now states that they no longer offer a Magic Money coin-counting service.
| Characteristics | Values |
|---|---|
| Coin counting machines | Metro Bank previously offered a coin counting service called Magic Money Machines, but they are no longer available. |
| Access to coin counting machines | In the past, Metro Bank offered coin counting services to both customers and non-customers. |
| Alternative options | Customers can pay coins over the counter within daily coin limits (10 coin bags per customer per day). |
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What You'll Learn
Metro Bank is removing coin-counting machines
Metro Bank is removing its coin-counting machines, a service that was previously available to both customers and non-customers. This has left many of its customers disappointed, with some even stating that this was the only reason they banked with Metro.
The Magic Money Machines, as they were called, allowed users to exchange coins for notes without needing an account with the bank. All one had to do was hand over the slip received from the machine to the cashier behind the counter. There was even a fun element to it, where one could guess the amount to the nearest pound and win a free gift if correct.
However, there were some issues with the machines. For instance, foreign currency was often spit out, and sometimes even "eaten", with no way for tellers to retrieve the coins. Additionally, there were instances where users were turned away and asked to visit another branch due to the machine being out of order.
Now that Metro Bank is doing away with these coin-counting machines, customers with large amounts of coins are wondering where to have them counted. Some suggestions include purchasing coin sieves to separate denominations and then weighing them, or buying a coin-counting machine, especially if it's for business use. Alternatively, some high-street banks like NatWest, HSBC, and Barclays have coin-counting facilities in most branches.
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Non-customers can use the coin-counting machines
Metro Bank previously offered free coin-counting services to both customers and non-customers through its Magic Money Machines. These machines were available in Metro Bank branches and did not charge any fees for their use. Non-customers could exchange their coins for cash by presenting the receipt from the machine to a cashier.
However, recent reports from 2024 indicate that Metro Bank has removed these coin-counting machines. This change has disappointed some customers, who chose to bank with Metro specifically because of this unique service offering.
It is worth noting that other banks in the UK, such as NatWest, HSBC, and Barclays, also provide coin-counting machines in some of their branches. These alternatives may be useful for individuals or businesses that regularly deal with large quantities of coins.
Additionally, there are other tools and methods available for counting loose change. These include coin sieves with holes of specific coin sizes, along with weighing scales, to quickly sort and calculate the value of coins.
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Alternatives to coin-counting machines at Metro Bank
Metro Bank has removed its coin-counting machines, but there are several alternatives for customers with large amounts of coins. Firstly, Metro Bank still accepts coin deposits over the counter within daily coin limits. Customers can deposit up to 10 coin bags per day. Another option is to use the coin-counting machines available at local community banks and credit unions. While some of these institutions may charge fees for non-customers, they often provide better personal customer service. Additionally, some high street banks like NatWest have coin-counting machines in most of their branches.
If you prefer a more DIY approach, you can purchase coin sieves to separate coin denominations and then weigh them to calculate their value. This method is cost-effective and efficient, especially when combined with a basic weighing scale. Alternatively, you can buy your own coin counter, which can be a worthwhile investment for businesses that regularly deal with large quantities of coins.
For those who are comfortable with technology, there are various digital tools available to help with coin counting. These tools range from simple to sophisticated, and some even integrate with self-service tills during stock purchases or personal shopping. By recording these transactions for accounting purposes, you can effectively manage your coin deposits.
Lastly, consider visiting your local grocery store or supermarket, as these locations often have coin-counting machines due to the high volume of cash transactions. Coinstar kiosks, for example, offer fee-free gift card or donation exchanges, or you can opt for cash vouchers with a small fee. Remember to call the store beforehand to confirm the availability of these machines.
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Other banks with coin-counting machines
Metro Bank is removing its coin-counting machines, which means customers will have to look elsewhere to count their coins.
Some other banks that have coin-counting machines include:
- Natwest
- HSBC
- US Bank
However, it is unclear whether US Bank allows non-customers to use their coin-counting machines. It is always best to call the branch before visiting to ensure you can use their coin-counting services.
Some local community banks and credit unions also offer coin-counting machines, although they may charge fees for non-customers.
Other options
If you are unable to find a bank with a coin-counting machine, there are some other options available. You could use a coin-counting machine at a grocery store or supermarket, which are readily available due to the constant cash transactions. Coinstar kiosks are an example of this, and they can be found in supermarkets in the U.S. and the U.K. These kiosks allow fee-free gift card/donation exchanges or cash vouchers with a fee.
Alternatively, you could open an account with a bank that has a coin-counting machine, although this may not be the most convenient option.
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The future of coin-deposit machines
Coin deposit machines have been a common feature of banks and retailers, offering a convenient way for customers to deposit or exchange their loose coins. However, the future of these machines may be evolving.
In 2023, the Bangko Sentral ng Pilipinas (BSP) initiated the Coin Deposit Machine (CoDM) Project in partnership with major retailers in the Greater Manila Area, Philippines. This project introduced innovative machines that allow the public to convert their loose coins into e-wallet credits or shopping vouchers, eliminating the need for manual coin counting and bank transactions. The success of this project could shape the future of coin deposit machines in several ways:
Firstly, it streamlines the cumbersome process of depositing loose change, making it more convenient for individuals to participate in the formal financial system. This is especially beneficial for the unbanked population, who previously lacked a means to exchange or deposit their coins.
Secondly, the CoDM Project promotes efficient coin recirculation by providing partner retailers and businesses with direct access to coins for customer change. This reduces their reliance on coin storage facilities and transportation logistics, minimizing the environmental footprint associated with coin production and transportation.
Additionally, the integration of real-time payment options, such as InstaPay, allows users to enjoy quicker access to funds. This eliminates the need for physical bank visits, coin counting, and bank teller verification. The option to save or invest the value of deposited coins further enhances the appeal of coin deposit machines.
While some banks, like Metro Bank, have removed their coin counting machines, others like NAB continue to offer coin deposit facilities. Modern coin deposit machines, such as those by CTcoin, boast features such as silent operation, high accuracy, and compliance with international regulations. These machines are adaptable to various environments, including banks and supermarkets, providing a unique marketing and revenue platform.
The future of coin deposit machines seems to be moving towards seamless integration with digital payment systems, promoting financial inclusion, and enhancing operational efficiency in the cash cycle. The success of projects like the BSP's CoDM initiative could influence the wider adoption of such machines, reshaping the way individuals and businesses manage their loose change.
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Frequently asked questions
No, Metro Bank is removing its coin-counting machines.
Yes, Metro Bank previously provided free coin-counting services for customers and non-customers with their Magic Money Machines.
No, you do not need an account with Metro Bank to use the coin machines. However, there have been reports of staff telling non-customers that the machines are only for customers.
Alternatives to Metro Bank's coin machines include using coin-counting machines at other banks such as NatWest and HSBC, or purchasing a coin-counting tool.
