BSP partners with GoTyme Bank to become the first bank to support Coin Deposit Machines

Tweet

Pin It

GoTyme Bank partners with the Bangko Sentral ng Pilipinas (BSP) to allow customers to deposit their coins and turn them into high-interest savings. Now integrated into the BSP’s Coin Deposit Machines (CoDMs), GoTyme Bank offers an additional deposit option for users. If you, like many Filipinos, tend to collect loose change this is your chance to convert these coins in a straightforward and hassle-free manner.

Simply visit a CoDM located at a mall near you. Here, you’ll see instructions on how to deposit your coins in your GoTyme account through the machine. Next, simply follow the same Deposit-Withdrawal procedure on your GoTyme Bank app. This will generate a secure barcode for you to scan to credit the deposit to your account. Should the barcode fail to scan, you can enter the code manually.

Turning Idle Coins Into Interest-Earning Deposits

The BSP launched the CoDM project on June 20, 2023 to address the artificial coin shortage in certain parts of the country. But apart from promoting coin recirculation, it was also a public service that allowed customers to exchange coins sitting idly at home into e-wallet credits, shopping vouchers, and now, bank deposits. It’s especially useful for individuals who do not like carrying coins or those who don’t have time to go to the bank to convert.

As the first bank partner to be integrated into CoDMs, GoTyme Bank offers the unique advantage of being able to convert coins into direct deposits that will earn 4% annual interest—60x more than the average payroll account and certainly more than if they were sitting in piggybank at home. Plus, instead of requiring your phone number, it generates a unique barcode for added privacy and security.

Robinsons Retail President and CEO Robina Gokongwei has been a huge supporter of the BSP’s CoDM initiative, citing how they support economic activity and restore balance in our monetary systems. These machines can be found at select Robinsons Supermarkets nationwide.

Visit a CoDM near you or check out your GoTyme Bank app to learn more.