Avoid coin deposit fees in Singapore by knowing which places offer free deposits and which don't.
Depositing your coins is a great way to save time. When you're dealing with 1,000 pieces of coins, it can take forever to count them out one by one.
Coin deposit machines, or over-the-counter transactions, allow you to submit all your coins at once, and get them counted and deposited with no hassle whatsoever.
However, the majority of banks in Singapore charge a coin deposit fee regardless of the coin value. For example, if you deposit 100 pieces of 5 cent coins, at a deposit fee of $0.02 per piece, you will have lost 40% of the total amount.
Frustrating as this may be, there are several other creative ways to deposit your coins without necessarily losing their value.
But before we get to that, let's first review the coin deposit fees charged by several banks in Singapore.
Coin deposit fees in Singapore
|Bank||Fees||Deposit available free of charge|
|UOB||- S$2 for every 100 pieces of coins (over the counter)
- S$1.50 for every 100 pieces (coin deposit machine)
|Coin deposit fee waived if value of coins amounts to S$5 or less|
|DBS/POSB||- S$1.80 per 100 pieces (over the counter)
- S$0.015 per piece (coin deposit machine)
|Fees waived for coins deposited to POSB Child Development Accounts
The bank also provides a waiver for POSBkids accounts for every 1,000 pieces deposited every month via coin deposit machines, until the child turns 16 years old.
|OCBC (ATM)||- S$1.50 for every 100 coins deposited (over the counter)
- S$0.012 per coin (coin deposit machine)
|The bank provides a deposit fee waiver on accounts under Mighty Savers Programme|
|Maybank||S$2 for every 100 pieces (over the counter)||N.A.|
|CIMB||S$5 for every 100 pieces (over the counter)||The bank has a waiver for CIMB Junior Saver Account|
|Certis||S$3.50 is charged for 1,000 pieces of coins if they comprise the following:
- Second series coins (10-cent, 20-cent, 50-cent, 1-dollar)
- Third series coins (10-cent, 20-cent, 50-cent, 1-dollar)
|Free deposit for:
- First series coins
- Second series 1-cent and 5-cent coins
- Third series 5-cent coins- Singapore commemorative and numismatic coins
For POSB/DBS banks, you will be charged S$15 for 1,000 pieces of coins regardless of whether they're worth 10 cents or 20 cents. This might feel really painful when dealing with lower-valued coins.
However, DBS/POSB waives coin deposit fees if they are deposited in one of the following accounts:
- POSB Child Development Account
- POSBkids Accounts
This might come as a relief for someone who has children and wishes to save their coins. OCBC and CIMB similarly waive coin deposit fees for their Mighty Savers and Junior Saver accounts respectively.
Alternatively, you can also deposit with Certis and pay a fee of $S$3.50 for 1,000 coins. This is probably the cheapest price for depositing your coins.
Which is the best coin depositing machine in Singapore?
If you’re out and about, and are looking to rid your wallet of some coins, OCBC’s coin deposit machines are the most cost-effective, at S$0.012 per piece.
UOB and DBS/POSB rank next, at S$0.015 per piece. If you’re only looking to deposit a small amount, UOB waives fees for coins amounting to S$5 and under. Generally, the fees for depositing using the machines are cheaper than those for over-the-counter transactions.
Apart from depositing them, what else can you do with your coins to maximise their value?
Smart hacks for maximising your coins
1. Deposit your coins into your child's Child Development Account
The government will match dollar-for-dollar any money you deposit into your child's Child Development Account (CDA).
For the first and second child, the government will match a maximum of S$3,000 and S$6,000; for the third and fourth child, the amount that will be matched goes up to S$9,000. The fifth child and any following children will have a matching amount of S$15,000.
Besides cashing in on matching government grants, POSB has stated that coin deposit fees will be waived if you deposit into a CDA.
2. Spend the coins in a vending machine
If you want to get rid of your coins, consider spending them in a vending machine. You can buy an increasing variety of items from many vending machines around Singapore with your spare change.
This is a great way to use up all your spare change and not have to worry about depositing it at the bank. You can also buy food or other household items with your coins this way.
3. Pay with coins at hawker centres or wet markets
You can try your luck paying in coins at the wet market and hawker centre, where some vendors might be willing to take on your loose change.
However, do keep in mind that not all of them might be willing to do so --- especially since a lot of hawker centres, food courts and coffee shops are going cashless these days with FavePay, PayNow/PayLah! and other online or mobile wallets.
4. Use your coins at self-checkout kiosks at grocery stores
The self-pay kiosks at Sheng Shiong and select NTUC outlets take coins, so this is another alternative when you’re aiming to use up your collection. You can also exchange your coins at Sheng Shiong’s self-pay machines with a minimum of S$100 during off-peak hours (1:00pm–5:00pm).
5. Spend your coins and gradually deplete them over time
This doesn't require any effort on your part. Simply spend your coins over time, and you'll eventually run out of them without having to go through the hassle of depositing them at a bank.
In summary, refer to this guide to know where you can get the lowest coin deposit fees, or how to get around them entirely. In doing so, you can fully reap your money’s worth, even if it comes in the form of loose change.
Looking for ways to make your money work for you? Compare savings accounts and benefit from the best interest rates possible.
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