KiasuParents - Parenting in Singapore

I have 2 large tins, full of coins, collected since kiddo started formal school last year. And I found out we need to pay $1-2 for every 100 coins deposited with POSB. And if I am not mistaken, OCBC does not accept coins over counters too.

What should I do with the coins? It is filling up and will continue as long as kiddo brings loose change back from his daily allowances.

Kindly advice.

Thank you very much!

Hi angel
If i m not wrong, POSB does not charge any service charge if the coins are deposited into the kids' POSB savings a/c.

That's correct! After the coins are deposited into the machine, you will receive a receipt. Throw the receipt into quick cheque deposit box. Once the cheques are cleared the next day, the staff will update their system based on yr receipt. No penalty will be imposed.

My child has Posb and OCBC a/c, so i m familiar. For OCBC, you deposit the coins over the counter and your kid must have a children's a/c with the bank and no charges will be imposed.

can deposit it with me. i don't impose service charge

angel wrote:I have 2 large tins, full of coins, collected since kiddo started formal school last year. And I found out we need to pay $1-2 for every 100 coins deposited with POSB. And if I am not mistaken, OCBC does not accept coins over counters too.

What should I do with the coins? It is filling up and will continue as long as kiddo brings loose change back from his daily allowances.

Kindly advice.

Thank you very much!

You can exchange the coins with your own dollar note & help them deposit the $$ into bank. This coins can be slowly eat up when u used them yourself for marketing etc. I did it this way.

verykiasu2010,
rainman/shower man your mouth big enough for all these coins to be deposited anot???

I exchanged their coins with my dollar notes so that I can deposit them into their bank acct once it hits $100. As for the coins, I recycle for the kids' use as they take coins/small notes from a box for their daily allowance.

posb has those coin deposit machines where you can just dump all the coins in. don't even have sort your coins according to denomination as the machine takes from 1 cent all the way to 1 dollar. Plus no service fee. Of course you must have a account with dbs or posb lah..

http://www.posb.com.sg/personal/others/ ... fault.page

verykiasu2010 wrote:can deposit it with me. i don't impose service charge

Buy a gift for someone special? Donate it to to charity? It's meaningful, and teaches them something along the way... Imagine their spare change can actually make some other people really happy?