Singapore Expats

POSB-but there is a charge for the quantity of coins sorted

POSBkids Account - below 16 yrs old.
1st 1000 pcs fee wavier
1001 pcs onward - charge

Another way is .. exchange with shop owner.

My son deposits his at DBS free of charge.

Yes, the best way to convert coins to cash without incurring fees is using the coin deposit machine into a kids account at DBS/POSB. Used to be unlimited, now it’s limited to 1,000 pieces free per month.

My daughter has thousands of dollars in her account from coin deposits - in fact that is all we have ever deposited in there!

I used to do the same until they both got married and bought their own homes. :-/

how abt grandchild

My problem is I quit smoking 16 years ago and 13 years ago I went on a diet which meant I started takin3g my lunch to work. No way to accumulate the $3 or $4 dollars every day in change. Now sometimes I don't even break a tenner in a week. Especially since I retired. Guess their parents gonna have to practice it.

I’ve gone pretty much cashless except at the hawker centre.

I use Citi SMRT visa for the groceries, fast food and public transport, StanChart Unlimited for everything else except on rare occasions when I gas up the wife’s car - for that I use the DBS Esso card which doubles as an ATM card. For low spenders like me, this 3 card system seems to give me the most value.

therat wrote: ↑

Wed, 30 Dec 2020 11:32 am

POSBkids Account - below 16 yrs old.
1st 1000 pcs fee wavier
1001 pcs onward - charge

Another way is .. exchange with shop owner.

Yes, i use posb as well, they have a few coin deposit machines in Singapore. It's quite useful and they accept mixes of denominations.

POSB machines - Boon Lay MRT is the only i know about.

Seems OCBC also has coin deposits
https://www.ocbc.com/personal-banking/c ... lter=cwncd
(scroll down close to the bottom)

I guess the banks that offer accounts for kids may have it.

therat wrote: ↑

Wed, 30 Dec 2020 11:32 am

POSBkids Account - below 16 yrs old.
1st 1000 pcs fee wavier
1001 pcs onward - charge

Another way is .. exchange with shop owner.

This is what I do, most of the time they appreciate the small change.

x9200 wrote: ↑

Fri, 25 Aug 2023 8:22 pm

Seems OCBC also has coin deposits
https://www.ocbc.com/personal-banking/c ... lter=cwncd
(scroll down close to the bottom)

I guess the banks that offer accounts for kids may have it.

If we really think about it, it doesn't make any sense for them to only offer the service to kids. I mean, it is sensible to think that children are more likely to save in small amounts, but if you are an adult that tends to go cashless, you wouldn't want to carry around a bunch of coins.

Lisafuller wrote: ↑

Sat, 26 Aug 2023 1:52 pm

x9200 wrote: ↑

Fri, 25 Aug 2023 8:22 pm

Seems OCBC also has coin deposits
https://www.ocbc.com/personal-banking/c ... lter=cwncd
(scroll down close to the bottom)

I guess the banks that offer accounts for kids may have it.

If we really think about it, it doesn't make any sense for them to only offer the service to kids. I mean, it is sensible to think that children are more likely to save in small amounts, but if you are an adult that tends to go cashless, you wouldn't want to carry around a bunch of coins.

I am not sure what other social or profession groups still operate with some coined cash? Coffee shops? I mean sufficient amount to justify maintaining such machines.
Not saying it is all for the kids, but I would expect is one of the reason such services still exists. Another reason could be, that even if the use of coins is now pretty marginal, still it is sufficient in terms of the volume to justify having the machine as opposed to a clerk staff handling it.

If we didn't need coins for shopping carts and the occasional vending machine, I'd never carry them around.