A punch assembly with interchangeable tips includes a punch body and a punch tip releasably coupled to the punch body. The punch body includes a proximal end, a distal end opposite the proximal end, and a cross-sectional shape defined between the proximal end and the distal end. The proximal end includes a flange configured to engage a punch holder. The distal end includes a distal surface defining a lateral direction. The punch tip is coupled to the distal end of the punch body via a magnetic coupling provided by a plurality of magnets. The punch tip includes a working surface and a coupling member. The distal end of the punch body engages the coupling member of the punch tip in a tongue-in-groove arrangement wherein the plurality of magnets are provided within a tongue and cupped within a groove.