Malaysian Woman Shares How She Saved Hundreds Of Ringgit By Depositing Loose Coins

Amira advised everyone to collect their loose change and deposit it into their bank account using the coin deposit machines.

Subscribe to our FREE Newsletter, or Telegram and WhatsApp channels for the latest stories and updates.

Although we’re going into a more cashless society, sometimes we still have loose change lying around in the car, the bag, or even on the table at home. Most of the time, we forget to use it and it goes to “waste.”

If this is what you’re facing, Facebook user Amira Sahari shares her go-to method to return all these coins to her bank account. In one year, the coins she collected amounted to RM433.20. It may not seem much for some, but it was a lot for her.

Amira managed to save RM433.20 in a year. Image: Amira Sahari/FB

Other than heading to the bank counter to deposit the coins in a lengthy process, she recommended everyone use the coin deposit machines available at some banks.

These coin deposit machines at the bank help cut queue time, demand no extra charge, and there’s no need to make an appointment. Amira said it’s similar to making cash deposits at the bank.

This (using the coin deposit machine) is actually optional. You can queue at the counter but it’ll take some time since you need to make appointments in certain banks, leave the money for a certain period to be counted, and there might even be an extra charge.
Facebook user Amira Sahari

To bypass all these hold-ups, Amira also taught her children to use the coin deposit machine to save money.

Here’s how to deposit your coins using the machine:

Check whether the bank you’re planning to visit has a coin deposit machine by checking the list on BNM’s website.
Enter your bank account number.
Once that’s done, you can start depositing your loose coins.
The total will be automatically reflected in your bank balance upon depositing your money.

You may have more money than you think

Interestingly, the coins gathered in your drawers, jars, or on the table at home are termed “idle coins.”

Bank Negara Malaysia estimates that as much as 30% of coins issued yearly are kept idle at home.

While having our coins sitting idle at home seems like a laissez-faire way to save up, not using these coins can hurt the economy as well.

When these coins aren’t being circulated through the economy as readily, it can cause a coin shortage and hurt people and businesses whose only option is to pay or accept payment in physical cash.

Share your thoughts with us via TRP’s Facebook, Twitter, Instagram, or Threads.