Fit-for-Gifting notes available for online reservation, withdrawal at selected ATMs from Jan 5, 2023
Fit notes are generally clean and of suitable quality for recirculation, including for festive gifting.
Members of the public will be able to reserve Fit-for-Gifting notes online or withdraw them at selected automated teller machines (ATMs) from Jan 5, 2023, announced the Monetary Authority of Singapore (MAS) on Tuesday (Dec 27).
Fit-for-Gifting notes are used currency notes that are generally clean and of suitable quality for recirculation, including for festive gifting. The condition of these notes is verified by banknote processing machines and they are similar in quality to notes from ATMs.
Alongside Fit-for-Gifting notes, MAS and the Association of Banks in Singapore (ABS) also encouraged the use of e-hong baos as they were “more environmentally friendly options”.
These would help reduce the “unnecessary carbon emissions and wastes resources” generated through issuing new notes to meet the demand for festive gifting.
DBS, OCBC and UOB customers who wish to exchange their Fit-for-Gifting or new notes at bank branches will also need to pre-book online through the respective banks websites starting Jan 5.
Only elderly persons aged 60 and above, and persons with disabilities can exchange notes at bank branches through walk-ins for these three banks.
The Fit-for-Gifting notes will be available for collection from Jan 10, 2023, with the collection date dependent on the customer’s selection.
DBS and UOB customers will also be able to withdraw Fit-for-Gifting notes from selected pop-up and branch ATMs from Jan 5. They can withdraw $2 and $10 denominations in larger quantities, as well as $50 denominations.
Withdrawal of new notes will not need any prior booking at pop-up ATMs offered by DBS and selected UOB ATMs.
Fit-for-Gifting notes of $100 denominations will continue to be available through most regular ATMs, MAS added.