Ģirts Jansons, Deputy Head of the Cash Department, Latvijas Banka
Residents and small businesses often ask what to do with their saved euro coins. Latvijas Banka Cashier's Offices offer to exchange spare coins free of charge. We know from experience that it tends to build up not only in people's wallets and piggy banks, but also in much larger containers over a longer period of time.
For three months now, Latvijas Banka Cashier's Offices have been moved to a new location (Bezdelīgu iela 3). Along with the relocation of the Cashier's Offices, the change service which is popular among customers has been improved. Previously, if the amount of change submitted exceeded 100 coins, it was transferred to the cash processing centre, and the relevant amount was credited to the customer's bank account. It could even take several working days.
Deposit machines
As of 1 January 2023, customers using coin deposit machines receive the value of deposited coins in their accounts within seconds (on the condition that their chosen commercial bank offers instant payments). Has society appreciated the new opportunities for faster and more convenient coin exchange? What are the first conclusions after these changes?
According to current data, 642 spare change deposit transactions were made using deposit machines in January of this year and 636 transactions were made in February, with an average of 30 transactions per day. In January 2023, 193 000 euro was deposited into customer accounts using the machines; in February, this amount increased to 215 000 euro.
The first months have also highlighted the challenges of using coin deposit machines:
- In some cases, people have not checked to see if there are any "stray foreign objects" between the coins before pouring the contents of the piggy bank into the coin deposit machine. As a result, in addition to coins, unusual items such as mobile phone SIM cards, fish scales and paper clips are also paid in, and one piggy bank owner is bracing himself for an awkward conversation at home because a wedding ring was "paid in" by mistake.
- Because children are among the most enthusiastic collectors, the coins have occasionally come into contact with sweets, jam, syrup, and so on, and the machine does not identify them or recognises such dirty or sticky coins as damaged.
- In some cases, people pour the contents of their piggy banks into the machine and then leave without checking if the machine has detected any unidentified coins. Damaged euro and cent coins, as well as lat and santim coins can be exchanged right at the Cashier's Offices. Therefore, always make sure that all the coins are counted!
Recommendations
The experience of the first months also allows us to make a couple of recommendations that will make this process easier:
- Before coming to Latvijas Banka, register at home at and fill in all the fields. Although your commercial bank account and details can be registered on the spot at Latvijas Banka on a customer-accessible computer, this is intended for those who forget and it increases the time required for depositing coins.
- At home, check the contents of the piggy bank for foreign coins, foreign objects or other signs that may interfere with the operation of the coin deposit machine.
- Bring your ID card or passport with you when you visit Latvijas Banka Cashier's Offices; if the machine does not recognise a coin, it can be checked and exchanged on the spot at the Cashier's Offices. For customer identification, a personal identification document is required.
Other services
Latvijas Banka Cashier's Offices provide the following services: exchange of lat banknotes and coins, replacement of damaged euro and lat banknotes and coins, authentication of suspicious banknotes and coins, exchange of euro banknotes or coins for other denominations, picking up collector coins purchased on the website e-monetas.lv as well as 2 euro commemorative coin rolls, provision of Credit Register data by prior appointment.