5cent, 10 cent, 20cent – The best place to deposit your coins ( 2018 Update)

if you’re a lazy ass like me who just don’t want to deal with asking people to change with you.

I wanna bank in 228 coins (72 50cent, 36 20cents, 110 10cents, 10 5cents) = $65.5

IMG_1435.JPG

I have a small piggy bank

Currently, I have 5 Options to choose from:

  1. Posb/Dbs – Charges $0.012 per coin (Cost : $ 2.74)
  2. Singapore Mint – Charges $3.75 for every 1,000 coins (Cost : $3.75)
  3. OCBC – Charges $1.50 for every 100 coins (Cost : $4.5)
  4. Citibank – Charges $5 for total coin value below $200 (Cost: $5)
  5. Standard Chartered – Charges $5 for total coin value between $20-$100 (Cost: $5)
  6. UOB – Free for the first 199 piece/ Subsequent $1 for every 200 pieces (Waived for junior account holder) – Courtesy from Kj 🙂
  7. CIMB – $5 for every 100 coins
  8. Maybank – $2 for every 200 coins
  9. HSBC – First 50 coins are free, $5 for the next 1000 and $10 for the subsequent 1000 or part thereof
  10. Bank of China (BOC)  – $5 for every 1000 coins

As you can see the cheaper option for me now is to bank it in through Posb/Dbs [As I do not have a UOB account] with a total cost of $.274. Due to the small amount of coins I have, it makes no sense for me to be depositing through Singapore Mint (even though it is the cheapest) as I will be charged the full amount of 1,000 coins ($3.75).

I need to get a new piggy bank for the 1,000 coin:(

+1 knowledge point

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4 thoughts on “5cent, 10 cent, 20cent – The best place to deposit your coins ( 2018 Update)

  1. Not smart. Go to Coffeeshops, most food stalls owners do not charged for coins change. The stall owners need not go to bank and pay commission when they need to buy coins.

    Like

    • You’re right it’s not a financially wise choice but not everyone would be as brave as you to go up to stall owners and change 1000 plus coins.

      How do u normally approach them? Do you immediately ask if they would love to change notes for coins?

      Like

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