How to deposit your coin bank savings to your GCash wallet for free
Is your piggy bank full?
Depositing your idle coins to your bank account could be a hassle as you would have to wait in long queues on busy days and even pay an extra fee for the service. What if we tell you we’ve found a way to deposit them to your e-wallet for free?
The Bangko Sentral ng Pilipinas, in partnership with other retailers, has launched Coin Deposit Machines (CoDMs) “to promote efficient coin recirculation in the country” via coin exchange facilities set up in participating establishments.
CoDMs are only available in SM Mall of Asia in Pasay, Robinsons Place Ermita in Manila, and Festival Supermall in Muntinlupa as of writing, but the BSP said six more of it will be rolled out in different parts of Greater Manila.
Accepting coin denominations from the BSP Coin Series and the New Generation Currency Coin Series, the initiative allows users “to conveniently deposit legal tender coins and directly credit the equivalent amount to their GCash electronic wallets.” According to a press release, the country’s central bank is also tapping Maya to widen people’s options as part of its payment digitalization and financial inclusion agenda.
Apart from e-wallets, SM MOA and Festival Supermall goers can also turn their deposited coins into SM shopping vouchers.
Want to try it for yourself? Here’s how you can use the newly launched CoDMs, according to the BSP:
- Collect: Collect your coins, take them to a nearby mall with the machine, and deposit them to the CoDM.
- Choose: Choose the conversion option for your idle coins. If you want them to be credited to your e-wallet, pick your e-money issuer and input your account number. If you want to turn them into shopping vouchers instead (available for SM MOA and Festival Supermall customers only), select that option and claim the receipt, which will serve as your official voucher as you shop at any SM Store near you.
- Consume: When you’re done, you can finally consume your shopping vouchers or e-wallet balance to purchase items you like in-store or online.