Anna Agoncillo
Chinese New Year is just around the corner, and from Jan 7, you can make appointments to secure hongbao notes for the festivities on Jan 29 and 30. Reservations can be made online through DBS, OCBC, or UOB’s systems, as announced by the Monetary Authority of Singapore (MAS).
Collection begins on Jan 14, allowing ample time to prepare your red packets for the celebration.
Sustainability Meets Tradition
MAS encourages the use of fit-for-gifting notes or digital red packets to preserve tradition while promoting sustainability. This initiative helps reduce carbon emissions associated with the production of new notes.
Why choose fit notes? Fit notes are thoroughly verified to ensure they meet quality standards for recirculation. While they may have minor fold lines or marks, they are clean and perfectly suitable for festive gifting.
In 2024 alone, over 11.7 million fit notes were exchanged, a 5% increase from the previous year. This sustainable approach saved emissions equivalent to the energy required to power 220 four-room HDB flats for a year.
Image Credits: unsplash.com
Convenient Collection Options
For seniors aged 60 and above and individuals with disabilities, walk-in exchanges are available at DBS, OCBC, and UOB branches. From Jan 14, pop-up and branch ATMs across Singapore will also be dispensing hongbao notes, with no reservations required.
1. DBS: 72 pop-up ATMs at 48 locations, including an increased number of machines exclusively dispensing fit notes.
2. OCBC: 24 ATMs at 13 locations, doubling its fit-note dispensing ATMs to four.
3. UOB: 30 ATMs at 17 locations, including four for fit notes, doubling its capacity from 2024.
Embrace Digital Gifting
Digital hongbaos are gaining popularity, and for good reason—they’re eco-friendly and convenient. In 2024, over 70% of DBS customers embraced digital gifting for the first time, transferring a remarkable S$39 million through QR and e-gift services.
To encourage this trend, DBS is offering a giveaway with prizes of S$8,888 and S$88 from Jan 7 to Feb 18, 2025.
To qualify, customers need to:
1. Send an e-gift or load a QR Ang Bao with a minimum of S$8 on the PayLah! app (terms and conditions apply).
2. Keep their total cash withdrawals below S$500 during the campaign period.
Protecting Customers
To safeguard against phishing scams, MAS reminds the public that banks will not send SMS messages with clickable links regarding hongbao note collections.
Additionally, banks are increasing the number of pop-up and branch ATMs dispensing fit notes to make the process more accessible for everyone.
Plan ahead, book your hongbao notes early, and celebrate the season with thoughtful and sustainable choices.
Celeste Elle
MoneyDigest
