Coin deposit service fee in Singapore
Many retailers and eateries such as neighbourhood clinics, our beloved coffeeshops and hawker centres do not adopt digital payments, as the processing fee for digital payments means higher cost for them.
Payment using dollar notes often result in some loose change in coins being returned. As much as you would like to make payment with your coins, the legal limit by MAS states that you can only pay with a maximum of 20 coins per transaction.
Eventually, as your coins accumulate in piggy banks, it is time to deposit the coins into your banking accounts.
The typical service fee for depositing coins in Singapore ranges from SGD 0.0025 to SGD 0.02 for a piece of coin at the banks in Singapore. Without proper planning, you may end up depositing 100 pieces of 10-cent coins (S$10) and being charged a fee of S$2.00. That’s a whopping 20% service fee!
How to get rid of my coins in Singapore?
Below is a list of options to deposit your coins in Singapore to avoid the hefty coin deposit service fee:
- OCBC (no fee)
- Standard Chartered (no fee for first 500 coins)
- DBS / POSB / CIMB / Maybank (no fee for child account only)
- Certis CISCO (low fee for small and bulk deposits)
- Citibank (moderate fee for small deposits below S$200)
- UOB (moderate fee)
- Supermarkets & Convenience Stores (pour your coins to buy groceries)
OCBC (no fee)
From 1 April 2021 onwards, depositing coins at OCBC’s new ATM is free. However, not all OCBC ATMs are the new ATM. There are currently only 21 OCBC new ATM (as of May 2022). Luckily, all the new ATMs are conveniently located at major shopping malls with direct access to MRT stations, spread across the island.
As long as you are an existing OCBC account holder depositing coins at the new ATMs, it is free! If you still prefer to deposit coins at the counter, OCBC charges a service fee of SGD 1.50 for every 100 coins deposited at the counter.
Head down to one of OCBC’s new ATMs below to deposit your coins now:
- OCBC Centre (Raffles Place MRT)
- OCBC Orchard Gateway (Somerset MRT)
- OCBC Tiong Bahru Plaza (Tiong Bahru MRT)
- OCBC ION Orchard (Orchard MRT)
- OCBC City Square Mall (Farrer Park MRT)
- OCBC Harbourfront Centre (Harbourfront MRT)
- OCBC Toa Payoh Central (Toa Payoh MRT)
- OCBC Paya Lebar Square (Paya Lebar MRT)
- OCBC Junction 8 (Bishan MRT)
- OCBC NEX (Serangoon MRT)
- OCBC Clementi Mall (Clementi MRT)
- OCBC Bedok North Street 1 (Bedok MRT)
- OCBC Hougang Mall (Hougang MRT)
- OCBC JEM (Jurong East MRT)
- OCBC Compass One (Sengkang MRT)
- OCBC Tampines CPF Building (Tampines MRT)
- OCBC Northpoint City (Yishun MRT)
- OCBC Waterway Point (Punggol MRT)
- OCBC Choa Chu Kang Avenue 4 (Choa Chu Kang MRT)
- OCBC Jurong Point (Boon Lay MRT)
- OCBC Causeway Point (Woodlands MRT)
Standard Chartered (no fee for first 500 coins)
Standard Chartered offers its customer free over-the-counter coin deposits for the first 500 coins. For depositing coins in larger quantity, the bank has a separate service charge rate.
- Standard Chartered Coin Deposit Service Fee
- First 500 coins: Free
- SGD 2.00 for every 100 pieces or part thereof (for example, SGD 4.00 fee will be levied on 105 pieces of coins)
- Standard Chartered Bulk Deposit of Coins Service Fee
- Value between SGD 50.00 to 100.00: SGD 5.00
- For every SGD 100.00 or part thereof: SGD 10.00 (for example, SGD 20.00 will be levied on SGD 104.00 value of coins)
DBS / POSB / CIMB / Maybank (no fee for child account)
DBS, POSB, CIMB and Maybank have free coin deposit service for bank accounts of your children to encourage savings among the children, albeit with their respective limits and conditions.
The limits and conditions are as follows:
- DBS / POSB
- My Account and POSBkids Account – First 1000 pieces per calendar month waived. Deposit via Coin Deposit Machines only.
- POSB Child Development Account – Waived for deposit via Coin Deposit Machines only.
- CIMB Junior Saver Account – Waived
- Maybank Youngstarz Account – Waived up to a maximum of 200 pieces of coins per day
For non-children accounts, the fees for depositing coins at these banks are as follows:
- DBS / POSB
- SGD 5.00 for every 100 pieces or part thereof (for example, SGD 10.00 fee will be levied on 105 pieces of coins)
- SGD 2.00 per 100 pieces or part thereof (for example, SGD 4.00 fee will be levied on 105 pieces of coins)
Certis CISCO (low fee for small and bulk deposits)
Certis CISCO offers the low service fee for depositing coins in Singapore without any conditions, for both small and bulk deposits.
You have the flexibility to credit the total amount of coins deposited into any of the major banks in Singapore (POSB/DBS, OCBC, Maybank, Citibank, UOB, Standard Chartered) via Certis’s self-service coin deposit kiosks.
However, for those who wish to deposit coins weighing 10kg or more, you will need to make an appointment with Certis for a over-the-counter deposit.
- Service Fee: SGD 3.50 for 1000 coins (Free deposit for specific coin series & denominations)
- Operating Hours
- All locations except Certis East Coast
(Monday – Saturday) 10:00am to 8:00pm
(Sunday & Public Holiday) 10:00am to 6:00pm
- Certis East Coast
(Monday – Friday) 8:00am to 5:00pm
(Saturday, Sunday & Public Holiday) Closed
- All locations except Certis East Coast
Citibank (moderate fee for small deposits below S$200)
Citibank banking account holders can deposit coins at any of Citibank’s branches in Singapore with the following fees:
- Citibank Coin Deposit Service Fee
- SGD 5.00 for value below SGD 200.00
- SGD 10.00 for subsequent SGD 100.00
If you would like to deposits coins with value more than SGD 200, it is worthwhile to consider other options above.
UOB (moderate fee)
UOB adopts a linear pricing for its coin deposit service fee for both Coin Deposit machine and over-the-counter as below:
- UOB Coin Deposit Service Fee
- Coin Deposit Machine: SGD 1.50 for every 100 pieces deposited or part thereof (for example, SGD 3.00 fee will be levied on 105 pieces of coins)
- Over-the-Counter: SGD 2.00 for every 100 pieces deposited or part thereof (for example, SGD 4.00 fee will be levied on 105 pieces of coins)
- UOB over-the-counter coin deposit services are only available every Tuesday and Thursday, from 9.30am to 11.30am.
- UOB Coin Deposit Machines are only available during branch operating hours. For coin deposits via the machines, the service charge will be waived if the value of your coins does not exceed SGD 5.00.
Supermarkets & Convenience Stores
Use your coins to buy groceries and household items every week and you will get rid of them in no time.
Almost all major supermarket chains and convenience stores in Singapore offer self-service checkout kiosks that accept cash payment (in notes and coins).
If you would like to pay only with coins, do come during non-peak hours as it may take a while to drop your coins into the checkout kiosk.
NTUC FairPrice, Sheng Siong and Cheers have self-service kiosk for you to use your coins. Check out their locations below: