Coins are heavy, bulky and noisy which is why many people try to keep their coin collection to a minimum. But some people tackle the issue by keeping the coins they receive in a piggy bank. It is also a good way to educate young children on the importance of saving money!
But what happens when your piggy bank becomes full? Well, did you know that you can cash them straight into your bank accounts?
In 2014, Bank Negara announced that coin deposit machines would be available at banks nationwide. These machines allow you to cash in your coins and deposit the amount straight into your bank accounts!
Despite being installed six years ago, not many are aware that these machines exist. So, if you are looking for a place to put your tremendous amount of coins in, here’s how you can do so!
As Maybank is one of the most used banks by Malaysians, we’ll use it as an example.
Note: Be sure to cash in your coins at the bank where you have an existing account.
It is super easy to operate the machine as there are only two buttons.
- Firstly, select the language and then pour in the coins in the coin compartment when instructed.
- Wait for the machine to count the coins. Sometimes they might eject a few good ones but no worries, you can get it from the slot on the bottom left and put it right back in.
- Once you’re ‘coin-less’, the machine will print out two slips for you – a receipt and a voucher. The voucher is only valid for one day so you must deposit it quick!
- Fill in a deposit form and get a number. Present both slips and the deposit form so that the bank staff can perform the transaction and voila!
If you need visual instructions, a few helpful Malaysians have uploaded tutorials on how to use the machines on YouTube:
This is certainly something useful for most of us. There might be many people out there who do not know of the existence of these machines (like the author prior to this). It is also a good educational experience to give to our children about money and finances.
Have you used this machine before? Let us know in the comments!
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