Many families continue to accumulate coins in forgotten jars, drawers, piggy banks or boxes. The problem arises when it comes time to transform them into available balance in the account: depositing metallic currency at the counter can have costs, and the conditions vary according to the bank and the channel used.
At Caixa Geral de Depósitos, there is an alternative available in some branches: VTM, or automatic machines that allow you to deposit notes and coins, withdraw funds, check balances and deposit checks. According to CGD itself, these machines allow deposits of notes and coins, independently or mixed, up to 14,999.99 euros.
The machine that can save you a trip to the counter
The difference is in the type of equipment. This is not an ordinary ATM, but a VTM, a CGD automatic machine designed for higher value treasury operations and with the possibility of depositing coins.
Caixa presents these machines as a way of modernizing the automatic area of branches, recommending the service especially to business customers, due to its flexibility in treasury management. Still, the operation may also be of interest to individuals who have accumulated coins and want to deposit them directly into their account.
These machines allow you to withdraw notes and coins worth up to 3,000 euros and make deposits of notes, coins and checks. The operation is available in some branches, but not across the entire network.
Where can you deposit coins
The essential point is to confirm whether the branch has an automatic collection and deposit area for notes, coins and checks.
On the CGD website, the branch network search allows you to check this information at each branch. For example, the Porto Central Agency, on Rua do Bonjardim, is identified as an “automatic area for collecting and depositing notes, coins and checks”.
In Lisbon, the Avenida da República branch, the Praça Duque de Saldanha branch and the Calhariz branch also appear identified with an automatic area for the withdrawal and deposit of notes, coins and checks.
Outside the large centers, there are examples such as Nisa, Alcanena, Cadaval, Borba, Lousada, Bobadela, Costa da Caparica and Patameiras, in Odivelas, which also appear marked with this type of automatic area.
Not all agencies have this service
This is the detail that many customers may not notice at first.
Not all CGD ATMs accept coins. The functionality is associated with VTMs or specific automatic areas, and not with traditional ATM terminals.
Therefore, before leaving home with a bag of coins, the most prudent thing is to consult the branch network on the Caixa website or contact the call center. In the details of each branch, you should look for a mention similar to “automatic area with withdrawal and deposit of notes, coins and checks”.
And the commissions?
Here it is worth making an important distinction.
In the CGD price for individuals, depositing metallic currency at the counter comes with a commission of 2%, plus Stamp Tax. The Bank of Portugal indicates that the commission for depositing coins cannot exceed 2% of the amount deposited and that institutions must disclose the commissions in their prices.
In the same document, Caixa indicates that this service is free for customers with a Caixa M Account, Caixa L Account, Caixa Azul Account and Caixa Private, as long as the deposit of metallic currency is made into the respective demand deposit account. It is also free for deposits in metallic currency made into a Minimum Banking Services Account.
In the case of VTMs, the CGD page confirms the possibility of automatic deposit of notes and coins, but the customer must check the conditions applicable to their account and the specific operation before proceeding, especially if they do not have one of the accounts covered by an exemption in the price list.
Why this might be useful
The usefulness is evident for those who collect coins over time.
Small businesses, cafes, stores, associations, families with piggy banks or people who receive many payments in cash can transform coins into bank balance without necessarily relying on counter service.
Furthermore, some branches indicate that they provide treasury services only through automatic equipment, which shows the growing importance of these machines in Caixa’s daily operations. The Praça Saldanha branch, for example, appears on the CGD website with this indication and with an automatic area for notes, coins and checks.
What to do before depositing
Before using the machine, it is a good idea to separate foreign coins, objects or damaged parts, confirm that you have the necessary card and access data and ensure that the chosen agency has equipment prepared for coins.
It is also recommended to keep proof of the transaction until you confirm that the amount was correctly reflected in the account.
In the end, the tip is simple: if you have coins lying around at home, you may not need to face a long trip to the counter. In some CGD branches, VTMs and automatic areas prepared for this purpose allow coins to be deposited directly into the account, but availability varies by location and conditions must be confirmed in the price list and at the chosen branch.
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