When banks receive a transaction with coins in them they may charge you a fee. However, if there are no coins in the transaction the bank may allow you to carry them out.
For full details of how money services businesses and coins can be treated, check out the Money Services Act 2000 (PSMA 2000).
Is my bank obliged to offer coin free withdrawal?
For banks in England and Wales, the answer is a clear and unequivocal “No”.
In Scotland, Northern Ireland and the Isle of Man you have the option of withdrawing your coins in cash (the ‘cash option’).
A small number of banks across the UK (including the London, Northern Ireland and Scotland branches of HSBC, Standard Chartered and Santander) offer in-branch coin deposits and coin swaps.
When you go to a bank, their coin deposit facility will have a withdrawal fee set by how much money you withdraw per day when you withdraw from the facility.
Should you have a coin deposit facility run up, any fees you pay will also be taken from your account when you use the coin facility.
Some banks (such as HSBC, Standard Chartered and Santander) also offer cash option withdrawals and some allow coin deposits.
Are there coins available for sale in shops?
Yes, there might be coins available in shops. Just be careful as most shops won’t accept coins or any other cash for payment.
In Scotland, Northern Ireland and Isle Of Man, you can sometimes find coins for sale in banks, supermarkets, banks branches, ATMs and cash machines.
Where can I find out about the ‘currency’ that’s available in my area?
While it’s perfectly fine to use any cash which you can find on the ground, you need to check as each currency may be different.
If you are unsure of what currency your local bank or bank branch issues, find out more about banks at the Bank Of England .
What about debit card transactions?
A debit card may be available for purchase in shops and cafes and even some supermarkets. It could be ‘free’ at most if you take it to the shop, shop with an employee, or shop in some cash shops.
Some supermarkets may accept cards which are known as ‘free’ cards (such as Diners Club and M&S) as a way to save costs on processing costs.
Where do I find information about different types of ‘free
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