The BSP, in collaboration with the SM and Robinsons firms, recently released the first three of a projected initial series of 25 coin deposit machines (CODMs). The machines, which the Bangko Sentral ng Pilipinas described as a first in Southeast Asia, are meant to recycle idle coinage by motivating people to change them into e-wallet money or retail vouchers. Let’s learn more about how you can use the new coin machine by the BSP.
What is the Bangko Sentral ng Pilipinas?
The major goal of the Bangko Sentral is to preserve equilibrium prices in order to promote sustainable and sustained economic and labor market expansion. It will also support and sustain financial stability and peso conversion.
The Bangko Sentral is responsible for overseeing the country’s system of payments and settlements, as well as important monetary facilities, in an effort to encourage prudent and sensible activities that are compatible with the preservation of economic security.
The Bangko Sentral is responsible for promoting economic prosperity and collaborating collaboratively with the National Government, notably but not confined to the Department of Finance, the Securities and Exchange Commission, the Insurance Commission, and the Philippine Deposit Insurance Corporation.
What is the BSP Coin Deposit Machine?
When you deposit coins, you have the option of exchanging the amount for vouchers or crediting it to your GCash wallet. All coin denominations are accepted by the BSP Coin Deposit Machine. These include one-, five-, ten-, and twenty-centavo coins as well as one-, five-, ten-, and twenty-peso coins from the BSP Coin Series and the New Generation Currency Coin Series.
This machine is ideal for people who dislike using money in regular transactions, dislike carrying hefty coin purses, or generally do not have the energy to send the coins to their local bank to be changed. This machine takes all BSP-issued currencies, including those single centavo coins that your suking tindahan is unwilling to accept for regular purchases like eCommerce transactions and COD payments.
What is a Digital Wallet?
A virtual wallet (also known as an electronic or digital wallet) is a financial transaction program that can be accessed via any connected device. Your payment details and passwords are securely stored in the cloud. Electronic wallets may be accessed from a desktop or laptop, but mobile wallets but are mostly utilized on mobile devices.
Uses of an e-wallet
- Airline Booking
- Bank Transfers
- Installments
- Bills Payments
- Mobile Reload
- Government Payments
- Vouchers
- Coupons
- QR Payments
- Loans and Repayments
- E-Commerce Payments
What is GCash Credit?
The coins that have been placed can be turned into GCash credit. GCash is a type of digital wallet that allows you to easily transfer and deposit payments using the Internet. This procedure will considerably increase the circulation of fit coins while removing unfit and disfigured coins from circulation.
What is an Unfit Coin?
When a coin is bent, twisted out of form, defaced, corroded, or significantly decreased in weight, it is considered unsuitable for circulation. As a result, an artificial shortage of coins is created, defeating their intended role as a medium of trade. The BSP has had to boost coin manufacturing over the last 17 years to satisfy rising demand, particularly in the retail sector, where coins are utilized as payment.
How to Use the BSP Coin Deposit Machine?
List of Accepted Coins
- 1-centavo
- 5-centavo
- 10-centavo
- 25-centavo
- 1-peso
- 5-peso (round and nonagonal)
- 10-peso
- 20-peso
Do you need an ID to use the Coin Machine?
When placing their coins, individuals will not need to present any identity documents. There are no costs for transactions when loading an e-wallet or converting to a spending credit.
Step-by-step Guide
Step 1
Bring your coins to a BSP coin deposit machine near you. It is not necessary to tally up your coins before placing them in the machine; the machine will do it automatically for you.
Step 2
Perform the on-screen instructions. Click the New Transaction button. (Keep in mind that there is also the option to continue a prior transaction that needs the preceding activity’s code.)
Step 3
Put all of your coins into the coin slot on the outer right-hand side of the unit.
Step 4
To begin counting the coins, press A.
Step 5
Read the overview of coin denominations and the total coin quantity displayed on the screen. If there are any returned coins, review the coin slot at the bottom of the machine.
Step 6
When you’re done with your deposit, hit B to print your receipt. Take the receipt that indicates the breakdown of the coins and the total amount deposited after it has been printed.
Where can I find these new BSP Coin Deposit Machines?
This project was developed by the central bank in collaboration with the country’s largest shopping malls. The following are the BSP Coin Deposit Machine locations:
- SM City Fairview
- SM City North EDSA
- SM City San Lazaro
- SM Mall of Asia
- SM City Bicutan
- SM City Bacoor
- Robinsons Galleria Ortigas
- Robinsons Place Manila
- Festival Supermall
Voucher Conversion
You can only change the value into a shopping voucher when you put your money into CODMs at SM Malls or Festival Malls. Use these certificates to make purchases at SM Stores around the country.
Is there a Minimum or Maximum amount for coin conversion?
There is no maximum or minimum quantity necessary for the conversion of deposited coins to SM shopping vouchers. For transferring to GCash, the minimum amount is PHP1.00, and the maximum amount is determined by the depositor’s GCash wallet limit.
Where can I contact customer service for using the BSP CODMs?
The CoDM customer service phone number is (02) 8 689 3599, and the email address is [email protected]. The BSP’s service provider for this initiative will be in the position of performing the BSP’s, depositors’, and retailers’ questions in the instance of any delays in the functioning of the CoDM facilities and any additional associated technical difficulties.
Depositors may [email protected] with any other questions, concerns, or feedback.
Understanding how to deposit coins at a bank in the Philippines will additionally help you protect your money securely, and it will also help you put it into circulation. The BSP Coin Deposit Machine, on the other hand, allows you to change your coins into GCash credits or vouchers that you can use to shop. It’s a terrific alternative if you don’t want to wait in line at the bank and live around any of the complexes mentioned previously.
