Loose change: Do shops and banks have limits?

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.