Do you still have those coin banks? Good news! Because now you can put your coins to your online wallet or use them for shopping without a hassle of bringing them to the cashier!
HELPFUL ITEMS YOU CAN USE TO SAVE MONEY!
Here's my list of useful items for you to save or earn money wisely:
Shopee is my go-to app for things I needed like the ones above. If you'd like discounts and vouchers, you may get the best offers here:
What is BSP Coin Deposit Machines (CoDM)?
Through the CoDM project, the BSP encourages the public to deposit their idle coins stored in their jars, piggy banks, and other containers in accessible, convenient, and efficient coin exchange facilities in participating malls.
Depositors need to input their GCash account numbers in the CoDMs so that the amount of coins they placed in the machines can be credited to their electronic wallets. The minimum amount to be credited to the e-wallet account is PHP100 while maximum amount depends on the wallet’s limit.
Through the CoDM project, the BSP aims to address the artificial coin shortage in certain areas of the country and help ensure that only fit and legal tender currency is readily available for public use.
With the option to credit the value of deposited coins to e-wallets, the CoDM project also promotes the use of digital payments and strengthens financial inclusion.
Where to find BSP Coin Deposit Machines
For Coin Deposit Machine branches, the BSP, in collaboration with SM Retail, Inc., Robinsons Supermarket Corporation, and Filinvest Lifemalls Corporation, CoDMs went live in SM Mall of Asia (MOA) in Pasay, Robinsons Place Ermita in Manila, and Festival Mall in Muntinlupa.
Those who will use the CoDMs in SM Malls and Festival Mall can also opt to receive SM shopping vouchers instead of the cash amount to be credited to their GCash accounts. There is no minimum or maximum amount of coins to be converted to shopping vouchers.
The vouchers can be used initially for over-the-counter transactions in SM Stores around the country.
Location of Coin Deposit Machines
I was trying to find a Coin Deposit Machines near me. However, as of writing, there are only 9 working CoDM across the country:
- Robinsons Place Manila
- Festival Supermall
- SM Mall of Asia
- SM City Fairview
- SM City North EDSA
- Robinsons Galleria Ortigas
- SM City San Lazaro
- SM City Bicutan
- SM City Bacoor
See the updated list of Coin Deposit Machine locations below:
The BSP is scheduled to deploy 25 CoDMs in select branches in the Greater Manila Area of its partner establishments until August this year.
How to use BSP Coin Deposit Machine
To start a transaction, the depositor must tap the “Touch to Start” button on the tabletop touchscreen.
The collection and processing of all personal data are in accordance with Republic Act No. 10173 or the Data Privacy Act of 2012.
The depositor will then be given the option to either start a new transaction or continue a previous one.
If the depositor starts a new transaction, the screen will display the Coin Retrieval clause with the reminder that coins deposited in the machine can no longer be retrieved.
If the depositor chooses to proceed, the screen will show the Deposit Procedure:
- Place all the coins in the coin slot.
- Press the “A” button to count the coins
- Press the “B” button to proceed to conversion
- Tap the “Denomination” button to show the denominations, quantity, and corresponding amount of deposited coins.
Watch the video guide on how to use the CoDM:
Alternatively, the initial coin count receipt shall be printed by the machine.
The screen will then show the crediting options, which include crediting to GCash e-wallet account or conversion to SM shopping voucher.
ATTRACTIONS TO SEE IN MANILA
Which coins will be accepted by the CoDM?
All denominations of the BSP Coin Series and New Generation Currency (NGC) Coins Series shall be accepted by the CoDM. Fit coins deposited into the machine will be given their equivalent value.
Mutilated and unfit coins that will not pass the machine’s criteria will be rejected and will not be given value. Demonetized coins, foreign currency, and foreign objects (e.g., tokens) will also be rejected by the machine and returned to the user.
Is there a minimum and maximum amount for converting the value of the coins to either an e-wallet deposit or a shopping voucher?
There is no minimum and maximum amount required for the conversion of deposited coins to SM shopping voucher.
For crediting to GCash, the minimum amount is PHP1.00, while the maximum amount depends on the GCash wallet limit of the depositor.
Below are the wallet and transaction limits set by GCash.