Exchanging cash for CNY hongbao: Bookings start on Jan 17
From Jan 17, the public can make appointments to exchange cash for hongbao notes for Chinese New Year, which falls on Feb 10.
This can be done via the online reservation systems of DBS Bank, OCBC Bank and UOB, said the Monetary Authority of Singapore (MAS) on Jan 15. Collection of notes will start from Jan 24.
Walk-in exchanges at DBS, OCBC and UOB branches are available only for those aged 60 and above and people with disabilities.
From Jan 24, new and “fit-for-gifting” notes can be withdrawn without any prior booking at selected DBS, OCBC and UOB pop-up and branch ATMs.
Fit-for-gifting notes, or fit notes, are those that are clean and suitable for recirculation, the authority said. The notes are similar in quality to those dispensed by ATMs.
MAS encourages the public to adopt more environmentally friendly options such as e-hongbaos and fit notes, as issuing new notes to meet the demand for festive gifting generates unnecessary carbon emissions and is a waste of resources.
More than 11 million pieces of fit notes were exchanged during Chinese New Year in 2023, MAS added.
Producing that amount of new notes would have generated approximately 400 tonnes of carbon dioxide equivalent, which is comparable to the annual emissions from powering about 220 four-room Housing Board flats a year.
DBS said on Jan 15 that it will have 72 pop-up ATMs disbursing fit and new notes in 48 locations. These pop-ups are in addition to the current network of more than 1,200 DBS and POSB ATMs available for withdrawing cash.
From now till Jan 25, customers can also place orders for DBS QR Ang Bao – or its e-hongbao – via a chatbot on the DBS website and have the cards delivered to them before Chinese New Year.
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