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CASH EXCHANGE FOR “FIT-FOR-GIFTING” NOTES TO BAO ANGPAO, TO START ON 17 JAN

In a bid to promote environmental sustainability, the Monetary Authority of Singapore (MAS) is urging the public to opt for “Fit-for-Gifting” currency notes (Fit notes) or e-hong baos (digital red packets) during the upcoming Lunar New Year (LNY) celebrations. This initiative aligns with MAS’s ongoing commitment to fostering a greener future.

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Fit-for-Gifting Notes: A Greener Choice

Fit notes are currency notes in a condition deemed suitable for recirculation, having been verified by banknote processing machines. These notes, which are akin to those dispensed by automated teller machines (ATMs), are considered environmentally friendly for festive gifting. By choosing Fit notes over new notes, individuals contribute to the reduction of carbon emissions and minimize wastage.

During the previous Lunar New Year, the public’s participation in the Fit notes initiative led to the exchange of over 11 million pieces, resulting in emissions savings equivalent to the annual emissions from powering approximately 220 four-room public housing flats.

For more information on Fit notes and their positive environmental impact, interested parties can visit MAS’s dedicated page.

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Online Pre-Booking for DBS, OCBC, and UOB Customers

Starting from 17 January 2024, DBS, OCBC, and UOB customers have the option to pre-book Fit notes online. The pre-booking process aims to streamline the exchange of Fit or new notes at bank branches. It is important to note that online pre-booking should be done exclusively through the official websites or mobile banking applications of the respective banks. Customers are reminded that banks will not send any SMS messages with clickable links to avoid phishing scams.

MAS’ Statement

Choose Fit-for-Gifting Notes and E-Hong Baos this Lunar New Year in Support of a Greener Future

Singapore, 15 January 2024… As part of a multi-year effort in support of a greener future, the Monetary Authority of Singapore (MAS) strongly encourages the use of “Fit-for-Gifting” currency notes (Fit notes) or e-hong baos this Lunar New Year (LNY) as they are more environmentally friendly than gifting new notes. Online pre-booking of Fit notes for DBS, OCBC and UOB customers will start from 17 January 2024.    

2 Fit notes are used currency notes that are generally clean and of suitable quality for recirculation, including for festive gifting. The condition of these notes has been verified by banknote processing machines and is similar in quality to notes from automated teller machines (ATMs).

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3 Gifting Fit notes reduces carbon emissions and wastage, while conveying the same well wishes to loved ones. In the last LNY, many members of the public did their part for the environment, by exchanging over 11 million pieces of Fit notes. This resulted in emissions savings of approximately 400 tCO2e, equivalent to the annual emissions from powering about 220 four-room public housing flats. For more information on Fit notes, please visit https://go.gov.sg/usefitnotes .

4 Customers of DBS, OCBC and UOB (except those aged 60 and above, or persons with disabilities) who wish to exchange Fit or new notes at the bank branches must make an online pre-booking. When making an online pre-booking, members of the public should do so through the banks’ official websites or mobile banking applications. To protect customers from phishing scams, banks will not send any SMS messages with clickable links to customers.

5 For greater convenience, both Fit and new notes can also be withdrawn without any pre-booking at selected pop-up and branch ATMs of DBS, OCBC and UOB. Customers of all other banks may refer to the respective banks’ websites for details on Fit and new notes exchange. More information can be found in the Annex (see below).

6 The schedule for the pre-booking and exchange of Fit and new notes is as follows:

 •Distribution DetailsDates
 •Pre-booking of notes onlineFrom 17 January 2024
 • Collection of pre-booked notes at bank branches
 • Walk-in exchange at bank branches (see Annex for details)
 • Withdrawal at selected pop-up and branch ATMs of DBS, OCBC and UOB
From 24 January 2024

7          Aside from gifting Fit notes, members of the public can also send e-hong baos to convey blessings to family and friends conveniently. Over the years, banks have enhanced their e-hong bao offerings with new features and refreshed designs to provide more ways for customers to personalise their LNY greetings.

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