The public can start booking new and fit-for-gifting banknotes for Chinese New Year from Jan 27, the Monetary Authority of Singapore (MAS) said on Monday (Jan 19). The move comes as banks prepare for an increase in demand for cash during the festive season.
MAS explained that fit notes are used currency notes that remain in good condition and are similar in quality to notes dispensed from ATMs. These notes may have minor fold lines or light stains, but are still suitable for gifting. MAS encouraged the public to be more environmentally conscious by choosing fit notes or digital red packets.
Customers of DBS, OCBC, and UOB can begin online pre-booking for fit or new notes from Jan 27. Bookings must be made only through the banks’ official websites or mobile banking applications. MAS also reminded the public: “To protect customers from phishing scams, banks will not send any SMS messages with clickable links.”
Collection and ATM Availability
Customers can collect their pre-booked notes at bank branches from Feb 3. MAS said there will be more pop-up and branch ATMs across Singapore dispensing fit notes this year. New notes will also be available for withdrawal at selected pop-up and branch ATMs.
UOB customers can withdraw new notes at 34 designated ATMs and fit notes at four ATMs from Feb 3 to Feb 15, with a limit of three withdrawals per customer during the exchange period. The denominations available at DBS, OCBC, and UOB are S$2, S$10, and S$50 notes.
Special Arrangements for Seniors and Customers With Disabilities
Customers aged 60 and above, as well as those with disabilities from DBS, OCBC, and UOB, may walk in to exchange old notes for fit or new notes without pre-booking online. However, MAS encourages them to pre-book to ensure note availability and reduce crowding at branches. Customers from other banks should check their respective bank websites for exchange details.
Growing Support for Sustainable Gifting
More than 16 million fit notes were exchanged last year, representing a 40 per cent increase from the previous year. MAS assistant managing director of finance, risk and currency, Cindy Mok, said: “This Lunar New Year, we hope that more Singaporeans will choose fit notes or e-hong baos. Together, we can contribute to a greener future, while keeping our cherished traditions alive.”
UOB managing director of group channels and digitalisation Benny Chan said: “We strongly encourage customers to gift e-Hongbaos through our UOB TMRW app to celebrate the festive season, while doing their part for the environment.” Ms Mok added that the increase “reflects the public’s growing acceptance towards sustainable gifting”.
