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CoinStar

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Company Name

Coinstar Asset Holdings, LLC.

Cons

Fee for cashback option, No cryptocurrencies accepted

Name

Coinstar

Pros

Easy to find kiosks, Self service, No fees on e-gifts and charities

Country

United Kingdom

Languages

English

Supported fiat currencies

United States Dollar

Supported crypto currencies

Bitcoin

Service type

Marketplace

CoinStar image

Overview

CoinStar is a company based in California, US. The company operates internationally and has branches in Canada and Western Europe. CoinStar operates coin-accepting kiosks which are programmed to count the coins deposited in the counting machine. The customer using the machine then redeems these deposited coins for cash, e-gifts, or donates the total value of the coins to a charity of their choice. Usually, these CoinStar kiosks are located at convenient places such as near shopping malls and major public utility facilities.

To track all your CoinStar transactions, it is advisable that you register an account at CoinStar website and always be entering the email associated with your account whenever inserting bills or coins in the cash acceptor. Through this, all your transactions will be tracked and you will be able to get a summary of your expenditure once you log into your CoinStar account.

Support for Cryptocurrencies

CoinStar does not support cryptocurrencies. However, their international coverage makes this company to be best-positioned to integrate Cryptocurrency ATMs. This is owing to the fact that the company has over 15,000 coin-accepting kiosks distributed internationally. Whether the company will move in this direction in the future is a matter of speculation but there are no official communications of such plans in the near future.

 

Features

Amazon Cash Feature: This feature enables customers using CoinStar kiosks to top up their Amazon accounts. To do this, one is required to select the Cash services option on the CoinStar Kiosk interface, key-in the phone number connected with their Amazon account, and then insert the currency bills in the CoinStar Cash acceptor. The value of the cash inserted in the CoinStar cash acceptor will immediately reflect in the associated Amazon account. CoinStar does not charge any fee for this service.

Coins for Cash: This feature enables users to get cash from coins. The users are not needed to sort the coins into their respective denominations. The coin acceptor system does all the sorting and counting and gives a receipt of the final value of the coins. Users are required to ensure that the coins are clean and free from debris. Those coins which are dirty and deformed are usually rejected and put in the reject tray. The value of the accepted coins is usually redeemed at the teller using the receipt issued by the cash acceptor kiosk.

Coins for Charity: CoinStar provides a feature to enable those persons who would like to donate their accumulated coins to charities to do so conveniently. The CoinStar kiosk interface has a list of charities which users can choose from. Once the coins have been counted, the user is prompted to select a charity of their choice. The total amount of the counted coins are then transferred to such a charity. Users are advised to keep the donation receipts since money spent on charities is tax-deductible in most jurisdictions.

Coins for e-gift: Users have an option of redeeming the coins poured into the coin-accepting kiosk for e-gifts. Once the user selects the e-gift option from the kiosk and pours out the coins on the coin acceptor, a receipt with a code at the top is usually issued. The user can then use this code to get gifts worth the value of coins from retail shops and restaurants affiliated with CoinStar.

Turnkey Solution for Retail businesses: This feature is tailor-made for retailers who would like to run coin-counting machines. Coinstar provides these machines to retailers free of charge. Constar recovers the running costs and a profit by charging a predefined commission on the total value of coins counted. Thus retailers benefit because most of the money counted on these counting kiosks is used by these customers to shop in the retail business.

 

Advantages

  1. Convenient
  2. Easy to find kiosks- The website has an interface to enable customers to locate their nearest kiosk.
  3. Self-service- The Kiosk is automatic and thus customers operate the service without any third-party intervention.
  4. No fee is charged on e-gifts and charities.

 

Disadvantages

  1. Does not support cryptocurrencies.
  2. The kiosks accept a limited type of coins.
  3. CoinStar charges a fee for cash back option
  4. The machine loads coins quite slowly.

 

Conclusion

Since its establishment, Coinstar has carved out a unique niche for itself. Over time, most people accumulate a large number of coins in their homes. The options for exchanging such coins for paper bills are usually limited to banks and other few financial institutions. By providing self-service kiosks where users can redeem cash, donate to charities, and get e-gifts from these accumulated coins, Coinstar solves a unique challenge which has for long been taken lightly by the big financial players.

Pros & Cons
  • Easy to find kiosks
  • Self service
  • No fees on e-gifts and charities
  • Fee for cashback option
  • No cryptocurrencies accepted
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