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 include a front side and a rear side. At least one first magnet faces a same direction as the front side and at least one second magnet faces a same direction as the rear side. The punch tip is coupled to the distal end of the punch body via a magnetic coupling provided by the at least one first magnet and the at least one second magnet.