In Singapore, the custom of gifting new notes during Chinese New Year (CNY) holds significant cultural value. To ensure that this practice remains convenient and accessible, leading banks like DBS, OCBC, and My Bank have introduced various services to enhance the experience. These services include online reservations, improved ATM access, and digital gifting options, which contribute to a smoother, safer, and more eco-friendly celebration.
DBS, OCBC, and My Bank: Enhancing the CNY Experience
DBS has made considerable improvements this year by increasing the number of ATMs and expanding its online reservation slots. The bank now operates 61 ATMs across 41 locations, facilitating easier access to new notes. In addition to traditional new notes, digital gifting methods are becoming increasingly popular, with services like DBS’s QR Gift and OCBC’s eAng Bao providing environmentally friendly alternatives to the traditional red packets.
The Rise of Fit Notes: A Sustainable Alternative
As sustainability becomes more important, many angbao givers have opted for fit notes in recent years. In 2024, more than 65% of people chose to gift fit notes, and this trend is expected to continue into 2025. These are gently used, yet high-quality notes that provide a smart, eco-conscious way to preserve the tradition of giving money during CNY.
New Notes Reservation Services for 2025
DBS/POSB offers a convenient online reservation system for customers seeking new notes for the Chinese New Year. Key details include:
- Customers can select their preferred denominations, such as SGD 2, SGD 10, and SGD 50, and choose a nearby collection branch.
- The reservation process is simple, conducted through DBS or POSB online banking, ensuring a user-friendly experience.
- The reservation period spans from January 7 to January 20, with collection available from January 14 to January 27, 2025. Reservations must be made two days in advance, and each customer is allowed one reservation.
This year, DBS has doubled the number of available slots, reducing waiting times and accommodating high demand.
OCBC and My Bank Reservation Systems
Both OCBC and My Bank offer online reservations to make the process even more accessible:
- OCBC: Reservations begin on January 7, 2025, and are processed on a first-come, first-served basis. Customers can use OCBC’s mobile app or website to select their preferred denominations.
- My Bank: Customers can reserve new notes through My Bank’s online platform, where they can select denominations and quantities. The system also sends reminders about collection dates to keep the process efficient.
What Are Fit Notes?
Fit notes refer to used currency notes that remain in excellent condition. These notes have been carefully inspected to ensure they are clean and nearly as good as new, making them ideal for gifting during Chinese New Year. The use of fit notes aligns with efforts to reduce environmental impact, as they minimize the need for new currency production.
Benefits of Fit Notes
- High Quality: Fit notes are inspected thoroughly to ensure they are in pristine condition, similar to new bills.
- Eco-Friendly: Using fit notes reduces the demand for new currency production, thereby cutting down on the environmental footprint.
- Sustainability: This initiative promotes greener practices and contributes to environmental protection, all while maintaining the tradition of gifting fresh notes.
Walk-In Exchange Eligibility
For customers who are unable to use online reservation systems, walk-in exchanges provide a practical solution. These exchanges ensure that everyone, including those with specific needs, can participate in the tradition of gifting new notes.
Who Benefits from Walk-In Exchanges?
- Senior Citizens: People aged 60 and above are given priority for walk-in exchanges, ensuring they can obtain fresh notes with minimal hassle.
- Persons with Disabilities: Special arrangements are made to assist people with disabilities, ensuring that the exchange process is accessible and inclusive.
New Notes Collection Schedule by Bank
- DBS/POSB: Reservations from January 7 to January 20, with collection from January 14 to January 27, 2025.
- OCBC: Similar to DBS, reservations run from January 7 to January 20, with collection available from January 14 to January 27, 2025.
- My Bank: Customers can reserve and collect new notes within the same period as DBS and OCBC.
Benefits and Features of New Note Services
To improve accessibility and convenience, various banks have optimized their services for CNY 2025:
- DBS/POSB ATMs: There are 61 ATMs across 41 locations, with convenient hours from 10 AM to 10 PM daily, and shorter hours (10 AM to 1 PM) on CNY Eve. Customers can make up to three withdrawals, and the DBS app provides real-time updates on ATM availability.
- OCBC ATMs and Branch Services: OCBC has strategically placed ATMs and offers priority assistance at branches for elderly and disabled customers.
- My Bank Services: My Bank has made ATMs easily accessible across key locations and offers digital gifting options, such as e-angbao. A helpline is available for customers with questions about reservations and collections.
Digital Gifting: Modern Alternatives to Red Packets
Digital gifting options are becoming increasingly popular as a safe, convenient, and eco-friendly way to share festive cheer during CNY.
DBS Digital Solutions
- DBS QR Gift: Allows customers to create unique QR codes for gifting.
- DBS eGift: Customers can send digital red packets through the DBS mobile app, making gifting easier and paperless.
OCBC eAng Bao
OCBC offers the eAng Bao, an eco-friendly and secure way for customers to send digital red packets to friends and family.
My Bank Digital Features
My Bank also provides a digital red packet feature through its app, enabling users to customize and send their CNY gifts electronically.
A Greener, More Convenient CNY Celebration
Banks such as DBS, OCBC, and My Bank are embracing both tradition and innovation by offering digital solutions and fit notes for the 2025 Chinese New Year. By incorporating sustainable options like digital gifting and fit notes, these banks help preserve the cultural significance of the holiday while minimizing the environmental impact.
With a variety of reservation systems, ATM services, and modern digital options available, getting ready for CNY 2025 has never been more convenient. Celebrate this year with ease, sustainability, and the spirit of tradition.
