Letters to Editor
Published Date: 15 December 2004

Response to "Coins Are My Bane" (Streats, 13 December 2004)

Dear Sir,

I refer to "Coins are my bane" (Streats, 13 Dec 2004).

2   MAS charges banks $3.50 per 1000 pieces of coins deposited.  This nominal fee defrays some of the costs of storage, handling and processing the coins to ensure they are fit for re-circulation.

3   Charges imposed by banks on customers for coin deposits, as with all other banking services, are commercial decisions of banks.  MAS' appointed agent, the Singapore Mint, charges rates that are lower than the banks.  The Singapore Mint does not levy charges for exchange of coins for notes up to S$300.  For amounts exceeding S$300, a fee of S$1.60 is charged for every S$500 or part thereof.

4   Anyone who wishes to exchange coins for notes with Singapore Mint may contact  Mr Ken Tan at 68950276 or Mrs Irene Ng at 68950364.

Yours sincerely,

Christina Tan
Deputy Director(Communications)