Brandon Lee
Canadian banks will exchange coins for bills, but there are some conditions. As of January 1, 2021, the $1, $2, $25, $500, and $1,000 bills from every Bank of Canada series are no longer legal tender. Additionally, banks will not accept loose coins and will require them to be rolled. Some banks may only offer this service to customers, and there may be limits to the number of coins that can be exchanged in a single transaction.
| Characteristics | Values |
|---|---|
| Account requirement | Some banks require you to have an account with them to exchange coins for bills, while others do not. |
| Presentation of coins | Banks prefer that coins are rolled before they are exchanged. |
| Exchange limits | There may be limits on the number of coins that can be exchanged in a single transaction. |
| Exchange fee | Some banks may charge a fee for exchanging coins. |
| Coin counting | Some banks may require customers to count their coins before exchanging them. |
| Coin sorting | Some banks may accept coins that are not sorted, while others may require them to be sorted by denomination. |
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What You'll Learn
Banks may require coins to be rolled
Banks in Canada may exchange coins for bills, but they may require that the coins are rolled. Some banks may also require customers to have an account with them to perform the exchange. Some banks that may exchange coins for bills include TD Canada Trust and CIBC.
Rolling coins typically involves placing them in a wrapper, which can be purchased from a dollar store, and are usually labelled with the type of coin and the value of the roll. Rolls of coins are easier for banks to handle and count, and some banks may not accept loose coins.
Some banks may have coin-counting machines that can be used to count coins, which may be available to both customers and non-customers. Additionally, some sources suggest that coins can be exchanged for bills at foreign exchange counters at airports or Western Union locations, or at nearby convenience stores or supermarkets.
It is worth noting that there are limits in Canada on the number of coins that can be used in a single transaction, which is typically the same as a full roll (for example, 40 nickels or 50 dimes).
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No account needed, but an account card may be swiped for record-keeping
If you want to exchange Canadian coins for bills, you may not need a bank account. However, some banks, such as TD Canada Trust, only offer this service to customers. While an account is not required, you may be asked to swipe an account card for record-keeping purposes.
Some banks will only accept rolled coins, and you may be required to count the coins yourself before you go to the bank. Rolls can be purchased cheaply at dollar stores. Alternatively, you can use a coin counting machine, which some banks, like the Bank of Montreal, have started to implement.
If you do not have a bank account and do not wish to swipe your card, you can exchange your coins at a nearby convenience store or supermarket, such as Metro Supermarket in Ottawa. Additionally, some foreign exchange counters at airports or Western Union locations may be able to help.
If you have Canadian coins in the US, most US banks will not accept them. However, you can exchange them for US cash at the Canadian Coin Exchange.
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Some banks have coin-counting machines
While major national banks like Chase, Bank of America, Citibank, and Capital One no longer provide coin-counting machines, some local community banks and credit unions still offer this service to their customers. These smaller financial institutions are also known for providing better personal customer service. However, you might need to be a customer to use these machines, and non-customers may be subject to deposit limits or fees.
Some banks that offer coin-counting machines include US Bank and Fifth/Third, although it's worth noting that the latter removed its coin-counting machines from lobbies last year. It's always a good idea to call ahead to your local branch to confirm if they have a coin-counting machine and their policy on letting non-customers use it.
If you don't have access to a coin-counting machine at a bank, you can try using a Coinstar kiosk at a supermarket. These kiosks allow fee-free gift card or donation exchanges, or you can choose to receive a cash voucher for a small fee. Additionally, some grocery stores with self-checkout options may allow you to use your coins to pay for your groceries.
Another option is to roll your coins and take them to a nearby convenience store or bank for exchange. Most banks will accept rolled coins, but they may require you to swipe an account card for record-keeping purposes. Some banks may also have specific days when they offer coin exchange services, so calling ahead is recommended.
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Foreign exchange counters at airports may exchange coins
When it comes to exchanging currency, it is generally recommended to avoid airport kiosks and exchange counters as they tend to offer unfavourable exchange rates and may charge higher fees. It is often more cost-effective to order foreign currency from your bank before travelling or utilise the ATMs of your bank's branches or partner banks abroad, which can provide better exchange rates and reduce ATM fees.
However, in certain situations, foreign exchange counters at airports may be a viable option for exchanging coins. If you are travelling on short notice and need foreign currency, the convenience of airport exchange services might outweigh the additional cost. Additionally, if you have accumulated a significant amount of coins in a foreign currency and wish to convert them into bills, airport exchange counters may be able to assist, although this may come with associated fees.
It is worth noting that some banks may exchange coins for bills, but they typically require the coins to be rolled. In Canada, there are limits on the number of coins that can be used in a single transaction, usually equivalent to a full roll. If you are unable to exchange coins at your bank, you can explore alternatives such as foreign exchange counters at airports or services like Western Union, although these options may come with varying levels of fees and exchange rates.
When dealing with foreign currency exchange, it is essential to understand the prevailing exchange rates and make informed decisions to minimise fees and maximise the value of your money. Comparing rates offered by different institutions and planning ahead can help you make the most of your currency exchange.
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Some banks only exchange coins for customers
Some banks will only exchange coins for customers. For example, Citizens Bank will exchange coins for cash or allow customers to deposit the change into their account. They will accept loose change if it's less than $20, but larger amounts need to be rolled. PNC currently accepts coins at their full-service branch locations, but they must be rolled. Wells Fargo will exchange rolled coins from their customers for free and also provides free rolls.
Chase Bank has a generous policy for non-customers, allowing them to exchange up to $200 in coins as long as they are in coin wrappers. However, most banks have a policy of not converting coins to bills for non-customers. For bank customers, it is usually free to exchange coins, but non-customers may be charged a fee.
Many banks will accept coins in exchange for cash or as a deposit into your bank account free of charge if you are a customer. Typically, the change needs to be rolled into coin wrappers, which banks often provide for free. Some credit unions and smaller banks have in-branch coin counters that are free for customers to use, but non-customers may be charged a fee.
Local community banks and credit unions are more likely to have free coin-counting machines for members. It is recommended to call your local branch to confirm the availability of coin-counting machines and their policies regarding coin exchange.
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Frequently asked questions
Yes, Canadian banks exchange coins for bills. However, the coins need to be rolled.
No, you don't need to have an account at the bank. However, some banks may require you to swipe an account card for record-keeping.
Yes, you can try a foreign exchange counter at an airport or a Western Union branch. Additionally, some convenience stores may be willing to exchange coins for bills.
Yes, the Bank of Montreal has started placing free coin counting machines in its new branches. These machines are available to both BMO customers and non-customers.
Yes, you can exchange Canadian coins outside of Canada at the Canadian Coin Exchange. They will buy your sorted, rolled, or mixed coins and convert them to US cash at their current exchange rate.
