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MAS encourages fit notes, e-hong baos for festive gifting

MAS encourages fit notes, e-hong baos for festive gifting

MAS encourages fit notes, e-hong baos for festive gifting

The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) have appealed to the public to use “Fit-for-Gifting” currency notes (fit notes) or e-hong baos this coming Lunar New Year.

Fit notes are more eco-friendly options. They 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 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, and 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.

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