Pre-Booking Of Banknotes For CNY Available From 17 Jan 2024
There’s usually a long list of tasks to check off in the lead-up to Chinese New Year (CNY), and angbao prep is one of them — if you’re eligible to give them out, that is.
If you are, mark your calendars as the Monetary Authority of Singapore (MAS) has announced that online pre-booking of banknotes for CNY usage will start from 17 Jan for DBS/POSB, OCBC, and UOB customers.
Source: DBS
The booking can be done for both new and fit-for-gifting bank notes. Thereafter, customers can collect the notes at bank branches from 24 Jan.
Alternatively, they can withdraw both types of notes without pre-booking at selected pop-up and branch ATMs.
Walk-in exchange from 24 Jan for some groups
In a statement today (15 Jan), MAS announced that members of the public can pre-book bank notes online via the banks’ official websites or mobile banking applications.
In a bid to protect customers from phishing scams, banks will not be sending customers SMS messages with clickable links.
From 24 Jan onwards, walk-in exchange for both new and fit-for-gifting notes will be open to senior citizens aged 60 and above. The same applies to persons with disabilities.
Source: MAS
Those who do not fall in either category can only pre-book online in order to exchange bank notes.
If they have not made a pre-booking before 24 Jan, they may also withdraw new and fit-for gifting notes at selected pop-up and branch ATMs of DBS/POSB, OCBC, and UOB.
That said, pre-booking is still highly encouraged. This is to ensure the notes that one needs are available during collection and to reduce crowding at bank branches.
MAS encourages use of fit-for-gifting notes & e-angbaos
While new notes will be available, MAS encourages customers to use fit-for-gifting bank notes or e-angbaos.
The authority explained that doing so will be more environmentally-friendly than using new notes.
Furthermore, fit-for-gifting notes are generally clean and of suitable quality for recirculation, including for festive gifting.
In addition, the notes’ condition are verified by banknote processing machines and similar in quality to notes from ATMs, noted MAS.
More information about fit-for-gifting notes can be found on MAS’ website.
With regard to e-angbaos, MAS pointed out that banks have enhanced their offerings over the years with new features and refreshed designs.
This way, they are not only more sustainable, but come with more options for personalisation as well.
Members of the public are advised to check with their respective banks’ websites for further details on the exchange of bank notes.
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Featured image adapted from Taman Jurong Kakis on Facebook.
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