Chinese New Year (CNY) is a time for celebration, family gatherings, and the cherished tradition of gifting hongbao. To make the process smoother, banks in Singapore are gearing up for hongbao note reservations and collections. Here’s a detailed guide to help you navigate the process.
Online Reservations Open January 7
From January 7, the public can start booking appointments to collect hongbao notes via the online systems of DBS Bank, OCBC Bank, and UOB. This pre-booking ensures a hassle-free experience for those planning to gift crisp, festive notes during CNY, which falls on January 29 and 30, 2025.
Collection Starts January 14
Starting January 14, you can collect both new and fit-for-gifting notes.
New Notes: Perfect for those who value the tradition of gifting pristine notes.
Fit Notes: Clean, quality notes suitable for gifting and environmentally friendly.
Walk-in Exchanges for Seniors and Persons with Disabilities
Walk-in exchanges at DBS, OCBC, and UOB branches are reserved exclusively for senior citizens (aged 60 and above) and individuals with disabilities. This arrangement ensures that vulnerable groups have easier access to hongbao notes without requiring prior reservations.
Hongbao Notes at Pop-Up and Branch ATMs
From January 14, hongbao notes can be withdrawn without booking at selected pop-up and branch ATMs:
DBS: 72 pop-up ATMs across 48 locations, including 15 machines exclusively dispensing fit notes.
OCBC: 24 ATMs at 13 locations, such as Wisma Atria, Tampines, and Jurong Point.
UOB: 30 ATMs across 17 locations dispensing new notes, with 4 ATMs for fit notes.
To manage demand, withdrawals will be limited to two transactions per card per day.
Why Choose Fit Notes?
Fit-for-gifting notes, introduced by the Monetary Authority of Singapore (MAS) in 2023, are a sustainable option. These notes reduce the environmental impact of producing new ones while maintaining the festive spirit.
In 2024, over 11.7 million fit notes were exchanged, a 5% increase from 2023.
Producing equivalent new notes would have generated approximately 408 tonnes of carbon emissions.
Embracing Digital Gifting: E-Hongbao
Digital gifting continues to gain popularity as a modern and eco-friendly alternative.
DBS: Rewarding users of its QR Ang Bao and e-gift services with over 1,000 prizes ranging from $8,888 to $88.
In 2024, over $39 million was transferred digitally through DBS’s gifting platforms.
To qualify for giveaways, customers must:
Send an e-gift or load a QR Ang Bao with a minimum of $8.
Keep total cash withdrawals below $500 during the giveaway period.
Steps to Book and Collect Hongbao Notes
Here’s a step-by-step guide to ensure a seamless process:
From Jan 7: Book your slot on the DBS, OCBC, or UOB reservation platform.
From Jan 14: Collect your notes from your chosen branch or withdraw from designated ATMs.
Consider opting for fit notes or digital hongbao to embrace sustainability.
Conclusion
Whether you prefer traditional new notes, environmentally friendly fit notes, or digital hongbao, Singapore’s banking system offers diverse options to make your Chinese New Year preparations effortless. Start planning early to enjoy a smooth and festive hongbao experience!
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