As Chinese New Year approaches, the tradition of giving red packets (hongbao) remains a cherished custom in Singapore. To facilitate this, the Monetary Authority of Singapore (MAS) has announced that bookings for fit-for-gifting banknotes will begin on Jan 7, 2025. Fit notes are clean, quality notes suitable for festive gifting, offering an eco-friendly alternative to new notes. Here’s everything you need to know about booking, collecting, and why these initiatives matter.
Key Dates for Note Collection
- Online Booking Start Date: Jan 7, 2025
Customers of DBS, OCBC, and UOB can book their fit or new notes through the banks’ official websites or mobile banking apps. - Collection Period: Jan 14–28, 2025
Pre-booked notes can be collected at designated branches.
Walk-in exchanges for customers aged 60 and above or those with disabilities will also begin on Jan 14 at the respective banks.
Convenience at Pop-Up ATMs
For added ease, MAS has partnered with banks to increase the number of pop-up ATMs across Singapore:
- DBS: 72 ATMs at 48 locations
- OCBC: 24 ATMs at 13 locations
- UOB: 30 ATMs at 17 locations
Pop-up ATMs will dispense fit and new notes from Jan 14–28, with a daily withdrawal limit of two transactions per card. DBS and OCBC have expanded their ATMs dedicated to fit notes, highlighting their commitment to sustainability.
Why Choose Fit Notes?
- Eco-Friendly Option:
Fit notes, verified by banknote processing machines, are comparable in quality to ATM-dispensed notes. Opting for these reduces the need for printing new notes, thereby minimizing carbon emissions.
Environmental Impact: MAS reported that over 11.7 million fit notes were exchanged last year, saving approximately 408 tonnes of carbon dioxide emissions—equivalent to powering 220 four-room HDB flats for a year. - Preserving Tradition Sustainably:
Fit notes uphold the cultural significance of hongbao giving while aligning with modern sustainability efforts. - Digital Gifting Options:
MAS and banks encourage using digital red packets (e-hongbao) as a paperless alternative. DBS is incentivizing this with a giveaway offering prizes like $8,888 cash.
How to Book and Collect Your Notes
- DBS, OCBC, UOB Customers:
Bookings must be made online via the banks’ websites or mobile apps. Details, including hourly wait times for selected locations, will be available. - Non-Customers:
Check with respective banks for details on fit or new note exchange policies.
Security Measures to Prevent Scams
To protect customers from phishing scams, banks have emphasized they will not send SMS messages with clickable links for bookings. Always use official banking channels for reservations and inquiries.
Digital Red Packets: A Modern Twist to Tradition
In 2024, over 70% of customers embraced DBS’ QR Ang Bao and e-gift services, transferring $39 million digitally. As digital gifting becomes increasingly popular, it offers a seamless and eco-conscious way to share festive blessings.
Conclusion
As Singapore gears up for Chinese New Year 2025, MAS and local banks are making it easier than ever to access fit-for-gifting banknotes. Whether through pop-up ATMs or digital red packets, there are multiple ways to uphold tradition sustainably. Book your notes starting Jan 7 and join the movement toward greener festivities.
Ensure a hassle-free Chinese New Year by booking your hongbao notes early. Visit your bank’s official website or mobile app today to secure your slot. Embrace sustainability by choosing fit notes or digital gifting options for a brighter, greener future!
