Where can I obtain change for a float for my shop?

degsy_g

Hi all, sorry if this question has been asked previously.

I have a small business, sandwich shop/deli, and have always obtained change from my local Post Office. Unfortunately, it looks like the Post Office is closing and I wondered where else I could go for my change - usually about £100 a week in coins from 50p down to 5p.

I use a personal account for my business to save on fees and my bank (Barclays) have said I need a business account to obtain change from them on a regular basis.

paddyrg

Sounds like Barclays gave you your answer TBH. Cash handling costs money for the bank, only fair other people aren't subsidising your business

phill99

Surprised Barclays haven't insisted you open a business account. Most banks T&Cs for personal accounts don't allow you to use a personal account for business. I assume you don't take cards as card merchants normally insist you have a business account.

Savvy_Sue

What's already been said. Worth shopping around for the best biz bank account, BUT make sure that whichever bank you choose has a convenient branch which will give change! (I was trying to get £50 in £1 for personal use the other day and had to go to three branches before I succeeded ...)

unlucky67

Business banking or finding another post office may well have to be the way forward...but ... You could ask other small businesses if they could swap ...when we had a restaurant we tended to end up having to bank change...say money people had dropped in the tip jar. I used to swap bags of £1 coins for notes with the local hairdressers. I guess it depends what your cash flow is like too...if you can have a reserve. Now I bank money for small charities - I tend to end up banking bags of change rather than notes. I would have happily swapped £600 worth of change (mainly 50p and 20ps) after our Christmas fundraiser... (You also mention 5ps - for fundraisers I ask people to avoid using them - so we don't sell anything for say 25p - it is 20 or 30p - avoids having to deal with them... I hate them..nasty fiddly things!)

SailorSam

I use to drive a Cab and when i was doing my banking of a Monday i always called into the small grocery shop next door and he was glad to take change off me.
So try and get to talk to anyone who may be banking cash and take some off them.

Seanymph

Absolutely - I bank gym and youth club money every week - and generally pop into the RSPCA shop to offer the change to them first, because they have to pay at the bank.

Previously when I had a shop I used to cash up all of the pound coins from the golf driving range in the village.

Find someone who needs to cash up change and swap if you can, it's cheaper.

Bobarella

degsy_g wrote: »

Hi all, sorry if this question has been asked previously.

I have a small business, sandwich shop/deli, and have always obtained change from my local Post Office. Unfortunately, it looks like the Post Office is closing and I wondered where else I could go for my change - usually about £100 a week in coins from 50p down to 5p.

I use a personal account for my business to save on fees and my bank (Barclays) have said I need a business account to obtain change from them on a regular basis.

Hello

I have the same kind of business. Am surprised you need change to be honest, I find the till sort of balances out across the week. For example, some days you get lots of £20 notes, and that can be a drain as it can take all your smaller notes, but then some days everyone pays for their coffee with just change. I keep a steady float of £50, never bank £5ers, & that sort of works for me. If I ever need change I take notes to the local newsagents as they have bagged up £1s & 50ps sitting spare.
I do also have a business account, but the money they charge you for paying cash through it, you are better off using cash for as many purchases as you can. Supermarkets, coffee suppliers, window cleaners, etc.
Bob

degsy_g

Thanks for all the replies, some good ideas there. I'm going to put a sign up asking anyone if they have regular amounts they could offer, there are probably a number of my customers who are in the same position as the examples you give - its just a matter of connecting with them.

Robin9

Have you considered a Contactless card terminal ?

barbedhook

Any amusement arcades nearby they will usually give change for notes saves them carting it to the bank.