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So you have saved up quite a bit in recent years.
The downside is that they are all in coins in your piggy bank, and using coins to make a purchase can be a hassle. Moreover, with deposit rates hitting 4%, keeping coins in piggy banks seems
like a wasteful thing to do.
It is also worth noting that you can use up to 20 coins in Singapore to make a
purchase or transaction, as stated by MAS. Moreover, some shops have a right
to refuse coins by putting a ‘written notice’ to indicate this. So instead of
gathering dust, here are the places to deposit coins in Singapore. Some
options are free, while others may charge a small fee. There are also
locations for those holding 1st series coins, commemorative coins and even
Brunei coins to deposit.
Banks
Most banks in Singapore offer coin deposit services to their customers. While
some banks charge a fee, there are hacks to avoid that.
POSB / DBS –
FREE DEPOSIT AVAILABLE
POSB and DBS provide FREE deposit as long as it is done via the Coin Deposit
Machine. The locations can be
found here.
For branch deposits,
there is a fee. Coins must be sorted in respective denominations before being deposited at
the counter. There will be no waiver for My Account, POSBkids and POSB Child
Development Account for over-the-counter (OTC) Deposit.
UOB
UOB charges a fee
regardless if the deposit is done via Coin Deposit Machine or OTC. However,
they do waive the deposit service charge if the value of the coins deposit
amounts to less than $5. That means you can deposit 99 pieces of 5 cents
coins without any issue.
UOB coin deposit machine locations can be
found here.
OCBC – FREE DEPOSIT AVAILABLE
You can deposit coins at OCBC’s newer ATMs for free. However, for branch
deposits, there will be a charge of $1.5 for every 100 coins deposited or part
thereof.
Locate a new
OCBC ATM here
CIMB – MOST EXPENSIVE
CIMB charges one of the
highest rates for coin deposits
at $5 for every 100 pieces or part thereof. You can only deposit at the
branch. The coin deposit will be waived if you have a CIMB Junior Saver
Account.
Maybank
Maybank
charges $2 for every 100 pieces
or part thereof.
Standard Chartered –
FREE DEPOSIT AVAILABLE
Standard Chartered
charges by deposit amount.
There is no indication of charges for value below $20. They do waive the fee
for Priority Banking and e$aver Kids! Account
Certis – CHEAPEST BULK DEPOSIT
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If you wish to deposit in bulk and do not have accounts for those banks
providing Free deposits, Certies has the lowest rate at $3.5 for 1000 coins
(before GST). You can even deposit older series coins and commemorative coins
too. The deposit can be transferred to selected bank of your choice.
There are four locations at Paya Lebar, Bukit Merah, Jurong East and Certis
EasIn addition, locationsLocations can be found here.
Self Checkout Kiosk at Sheng Shiong or Fairprice
You can use these self-checkout kiosks at Sheng Shiong or Fairprice to pay for
groceries. These machines will accept coins as payments.
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