Fit-for-Gifting Notes for Lunar New Year Available from 5 January
Singapore, 27 December 2022… The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) strongly encourage members of the public to use “Fitfor-Gifting” currency notes (Fit notes) or e-hong baos this coming Lunar New Year. These are more environmentally friendly options, as issuing new notes just to meet the demand for festive gifting generates unnecessary carbon emissions and wastes resources.
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 are similar in quality to notes from automated teller machines (ATMs).
The public demand for notes for festive gifting is typically in bundles of $2 or $10 denominations, which cannot be easily obtained in the desired quantities from ATMs. To bring greater convenience to the public, DBS, OCBC and UOB will offer online reservation for Fit Notes, in addition to new notes. DBS and UOB will also provide for the withdrawal of Fit notes i.e., $2 and $10 in larger quantities, as well as the $50 denomination, from selected pop-up and branch ATMs.
Customers of DBS, OCBC, UOB (except those aged 60 and above and persons with disabilities) that wish to exchange for either Fit or new notes at bank branches will need to pre-book through the respective bank’s online reservation system. This will minimise the likelihood of over-crowding at bank branches. New notes can also be withdrawn without any prior booking at pop-up ATMs offered by DBS and selected UOB ATMs. Customers of other banks may refer to their bank’s website for details on new and Fit notes exchange. Annex A
provides more information.
The dates for the pre-booking and exchange of Fit and new notes are as follows:
Apart from Fit notes, members of the public are also encouraged to use e-hong baos during this festive period. For the coming Lunar New Year, banks have enhanced their e-hongbao offerings, such as personalisation of e-hong baos. E-hong baos are a simple and speedy way to convey blessings to family and friends via electronic fund transfers.