Chinese New Year Bookings: Secure Fit-for-Gifting Notes Starting Jan 7
SINGAPORE: The highly anticipated Chinese New Year is just around the corner, and preparations are in full swing. Starting Jan 7, the public can now make bookings to collect fit-for-gifting bank notes, announced the Monetary Authority of Singapore (MAS) on Thursday (Jan 2). These “fit notes” are described as “generally clean and of suitable quality for recirculation, including for festive gifting,” by the authority.
Online Booking Availability
MAS also urged the public to opt for fit notes over new notes or digital red packets during the festive season to promote environmental consciousness. Online bookings for fit and new notes can be made by DBS, OCBC, and UOB customers starting Jan 7. It is essential to make these bookings through the banks’ official websites or mobile banking applications, as highlighted by MAS.
Customers will be able to collect their pre-booked notes from the banks’ branches beginning Jan 14. To protect customers from potential phishing scams, MAS emphasized that banks will not send any SMS messages with clickable links to customers.
Convenient Access
For added convenience, DBS, OCBC, and UOB will be increasing the number of pop-up and branch ATMs dispensing fit notes in various locations across Singapore. In a bid to assist the elderly and those with disabilities, only individuals aged 60 and above or with disabilities will be allowed to walk in and exchange their old notes for fit or new ones from Jan 14 at these banks.
Customers of other banks should refer to their respective banks’ websites for specific details on exchanging fit and new notes.
Increased Availability
On Thursday, DBS announced that fit and new notes will be accessible via 72 pop-up ATMs spread across 48 locations from Jan 14 to Jan 28. Notably, the number of pop-up ATMs dispensing fit notes has seen a 50% increase this year, totaling 15. These pop-up ATMs will operate daily from 10 am to 10 pm, with adjusted hours on the eve of Chinese New Year.
Responding to inquiries from CNA, OCBC’s head of branch service and risk management, Jean Oh, mentioned that customers can withdraw fit and new notes from 24 ATMs across 13 locations. This year, the number of ATMs dispensing fit notes has doubled to four, with locations at OCBC Wisma Atria, OCBC Centre, and OCBC Tampines Centre 2.
Environmental Impact
MAS emphasized that fit notes have been verified by bank note processing machines and are of similar quality to notes dispensed from ATMs. By gifting fit notes or digital red packets, individuals can uphold the Chinese New Year tradition while contributing to reduced carbon emissions from producing new notes.
Last year, more than 11.7 million fit notes were exchanged at the banks, marking a 5% increase from the previous Chinese New Year. This led to emissions savings of approximately 408 tCO2e, equivalent to the annual emissions from powering about 220 four-room public housing flats, according to MAS.