Getting notes for CNY hongbao: Bookings start on Jan 7

Walk-in exchanges at banks are available only for those aged 60 and above and people with disabilities. PHOTO: ST FILE

Sherlyn Sim

UPDATED Jan 02, 2025, 12:55 PM

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SINGAPORE – From Jan 7, the public can make appointments to exchange cash for new and fit-for-gifting notes for Chinese New Year, which falls on Jan 29 and 30 .

This can be done via the online reservation systems of DBS Bank, OCBC Bank and UOB, said the Monetary Authority of Singapore (MAS) o n Jan 2 . Collection of notes will start from Jan 14 .

Walk-in exchanges at DBS, OCBC and UOB branches are available only fo r those aged 60 and above and people with disabilities.

From Jan 14 , new and fit-for-gifting notes can be withdrawn without booking at selected DBS, OCBC and UOB pop-up and branch ATMs.

MAS added that it will also be increasing the number of pop-up and branch ATMs dispensing fit -for-gifting and new notes in locations across Singapore.

Fit-for-gifting notes – or fit notes, as MAS calls them – are those that are clean and suitable for recirculation. The notes are similar in quality to those dispensed by ATMs , the authority said.

MAS encourages the public to adopt more environmentally friendly hongbao options such as e-hongbao and fit notes, as issuing new notes to meet the demand for festive gifting generates unnecessary carbon emissions.

More than 11.7 million pieces of fit notes were exchanged during Chinese New Year in 2024 , MAS added. This was a 5 per cent increase from in 2023 .

Producing that number of new notes would have generated approximately 408 tonnes of carbon dioxide equivalent, which is comparable to the annual emissions from powering abou t 220 four-room Housing Board flats.

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