Giro Credit Book

Anthorn · 21 July 2018 at 6:05PM

Westie983 wrote: »

Coinstar takes between 8 - 10 % off the total paid in so maybe an alternative option that doesn't charge.

Westie983

In the U.K. 9.9% for cash and 7% for a donation to a charity variable by location.

So what other alternative option that doesn't charge is available except for counting and bagging the coins already discussed?

EarthBoy · 21 July 2018 at 6:42PM

Anthorn wrote: »

So what other alternative option that doesn't charge is available except for counting and bagging the coins already discussed?

Some of the larger bank branches have coin counting machines where you can just tip the loose coins in and have the money added to your account. HSBC have one in my city centre branch, and I'm sure I've read on here before that some NatWest branches have them.

Metro Bank also have these machines, and they even let non-customers use them.

Anthorn · 21 July 2018 at 6:56PM

EarthBoy wrote: »

Some of the larger bank branches have coin counting machines where you can just tip the loose coins in and have the money added to your account. HSBC have one in my city centre branch, and I'm sure I've read on here before that some NatWest branches have them.

Metro Bank also have these machines, and they even let non-customers use them.

Assuming of course that all bank branches have these machines given that bank branches are sometimes rare or non-existent depending on location. For some of us the fee is the cost of convenience for those of us who don't want to manually count and bag and the plus is coin counting machines in local supermarkets. Here's a link I found:
https://www.money.co.uk/guides/whats-the-best-way-to-cash-in-spare-change.htm

Westie983 · 21 July 2018 at 9:58PM

Anthorn wrote: »

In the U.K. 9.9% for cash and 7% for a donation to a charity variable by location.

So what other alternative option that doesn't charge is available except for counting and bagging the coins already discussed?

An alternative option could be to continue doing what is already being done, use a bank or paying in machine that doesn't charge to pay coin but this thread is not about the counting and bagging the coins it was about the purpose of a bank Giro Book.

If you are a treasurer of a charity account you wont want to lose money by using one of these machines, and again some charity/business constitutions refrain you from donating to other charities, so that could be another reason to avoid this type of machines.

In addition to the accounts being audited as per business and treasurer accounts are at the end of each business year, and would have to explain and correctly document the charges applied between the two totals.

HSBC and Natwest and Metro (at a minimum) have coin counting machines in their banks, which does the same job, we don't know what bank the OP toddler group uses but if the OP has a personal account with any of these banks they can pay in and withdraw notes to be able to pay into the toddler account if its not with any of these banks. **edit I notice this has been mentioned already.

Yes it could be easier for some but as this is a MSE forum, so pointing out the cost that the machines you suggested as directed.

Westie983

Savvy_Sue · 21 July 2018 at 10:40PM

Again, when I was paying in the proceeds of the school fair, I worked out how much each 'full' money bag should weigh, and then rather than counting I'd fill by eye and check the weight. that's what they do at the bank and PO, and it saves a good deal of time.

Yes it's slightly tedious because you have to separate by coin values, but unless you're going to just tip it into a coin machine it's probably the fastest way. Put the money bag on the scales, add coins until you reach the right weight, close bag and set aside.

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