Took advantage of a few days of enforced leave to try the POSB’s Coin Deposit Machine.
Have been saving up all my loose coins and decided to try depositing the coins to my savings account. The interface was easy, everything was touch screen, and it took a few minutes to count the few hundred coins.
Even though it was mentioned in the FAQ that the bank charges $0.0075 (0.75 cents) per piece, the charges ended up to be around 2% of the total value of the deposited coins. And the money is only credited into my account the next business day.
It is only in Singapore that I have to pay the bank in order for the bank to accept my money. Why is it that POSB ‘s cash deposit machine does not charge for notes deposited and the money is credited immediately? Are coins ‘lesser money‘ than notes?
