Why you shouldn’t take coins to the bank

Why you should not bring coins to the bank

Depositing or exchanging money at banks and savings banks often costs high fees.

The consumer center of North Rhine-Westphalia has tested it. It has 1.000 coins to 20 different banks and savings banks and tried to deposit or exchange this small change into banknotes. The result is sobering. From free, to annoying bureaucracy and high fees, to total refusal, everything was there.

Some banks only accept coins if the customer sorts them beforehand and packs them in small paper coin rolls*. Without this preliminary work the banks simply refuse their service. But even if the customer has taken this work off the banks’ hands, they still charge horrendous fees. 10,50 Euro fee for depositing 40,50 Euro in coins was the sad record of impudence.

Many banks are at least with their own customers gracious and accept the money free of charge, if it is to be deposited at the same time on the account. Some banks and above all savings banks let bleed however also in this case the own customers.

However, if you do not want to deposit the money at all, but simply exchange a few bills, then you often bite on granite. This type of service is often simply refused. Only the Postbank exchanges small change into bills free of charge. Savings banks often offer this service, but only if the coins are rolled up. And it costs a fee of 10.50 euros.

Customers of direct banks are usually left behind. Coins can only be exchanged at a few branches or partner banks. Mostly you can find such branches only in a few big cities and these accept then also only a maximum amount of 50 coins. Since one bunkers its small change better in the domestic safe.

Bundesbank exchanges without limit

The consumer center therefore advises all citizens to exchange their coins at the Deutsche Bundesbank if necessary. Here everyone can exchange their coins into bills without limits and without fees. If you want to exchange more than 5 kilograms of coins, you get your money by bank transfer.
41 branches operate the Bundesbank throughout Germany. There you can still exchange old D-Mark bills and coins into Euro free of charge.

Giving away is also a possibility

If it is only about a few coins, you should perhaps consider what you can do good with it. In every German city center there are plenty of opportunities every day to give away a few coins or to reward an artist for his performance. There are numerous collection boxes and cans in stores, fast food restaurants, government offices or hospitals. Everywhere you can quickly leave a few cents and make your soul and the recipient of the donation happy. This saves you the annoying and sometimes expensive trip to the bank.