Loose change: Do shops and banks have limits?

Do you accumulate loose change?

Too many coins? Credit: rangizzz/Shutterstock.com

Do you ever wonder what to do with the spare change that accumulates from daily transactions?

This question has been addressed by the Bank of Spain (BdE), providing essential guidance for those looking to either deposit their coins into a bank account or use them in shops.

The BdE’s website highlights the limitations and obligations regarding coin payments and deposits. This advice is particularly relevant for those who find themselves burdened with an excess of coins and want to use them efficiently.

Retailers and coin acceptance

According to the BdE, ‘establishments are not obliged to accept more than 50 coins in a single payment, unless it is a “public cashier’s office”, i.e. a counter that depends on a public sector entity or body.’

This stipulation serves to prevent delays in service due to the time-consuming process of counting a large number of coins.

Banking procedures for coin deposits

The Bank of Spain further clarifies the procedures for depositing coins into bank accounts. If a bank agrees to accept a large quantity of coins, it must ‘provide ‘a receipt showing the amount delivered.”‘

Additionally, if the count cannot be completed immediately, ‘this receipt must also indicate that the credit to your account is conditional on a subsequent count, in case there is a discrepancy, and the period for it to be effective.’

Special services for businesses

Businesses in the commerce and hospitality sectors, which typically handle large volumes of coins, are reminded of the special cash services available to them.

Banks commit to ‘accept, count, package and transform the periodic delivery of currency for deposit into account, as well as the remittance and delivery of cash refunds in currency.’ This ensures that businesses can manage their coin intake efficiently and without undue hassle.

This guidance from the Bank of Spain sheds light on the practical aspects of dealing with coins, whether for individual savers or businesses.

Being aware of the limitations and services available for handling coin deposits and payments, will make for smoother transactions for all parties involved.

Thank you for taking the time to read this article. Do remember to come back and check The Euro Weekly News website for all your up-to-date local and international news stories and remember, you can also follow us on Facebook and Instagram.

Written by

John Ensor

Originally from Doncaster, Yorkshire, John now lives in Galicia, Northern Spain with his wife Nina. He is passionate about news, music, cycling and animals.


    • Jean-Noel Foulard

      29 February 2024 • 08:03

      The great thing about Spanish banks is they really don´t want to anything for any of their customers, they certainly don´t want thier customers in their little fiefdoms at any cost. They want your money but they do not want you, having banked all over the world I have never seen a genuine bad banking system until I came to live in in Spain, they have ways of of charging you for things unheard of in banks elsewhere. I would be very surprised if you can even take coins to any of the major banks in Spain, they certainly don´t want the public in their banks, the Spanish government should do a serious reveiw on these banking companies.

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