Where And How to Get New and Fit Bank Notes For CNY 2023

Alevin Chan

Alevin Chan

Last updated 03 January, 2023
Here's our guide to getting new and Fit-for-Gifting banknotes from DBS, POSB, OCBC, Standard Chartered, Maybank and UOB for Chinese New Year.

Chinese New Year falls on 22 January this year, which means it's probably time for us to get new banknotes for our Ang Baos.

However, with carbon emissions and waste resources at an all-time high, the Monetary Authority of Singapore is actually encouraging us to use Fit-for-Gifting (Fit) notes or e-hong baos instead.

For those uninitiated, fit notes are basically used currency notes that are generally clean and in suitable condition for recirculation, including for festive gifting. These fit notes have also been verified by banknote processing machines and are similar to the banknotes from automated teller machines (ATMs).

Besides offering the exchange of new notes, most banks in Singapore will also be offering the exchange of fit notes to customers this year.

And similar to previous years, online reservations have been mandated to regulate the exchange and distribution of both new and fit banknotes at bank branches.

Table of Content


How to get new notes and Fit-for-Gifting notes for CNY 2023

Bank  Online reservation period Collection period Banknotes withdrawal via Pop-Up ATMs
DBS/POSB 5 to 8 January 2023

9 to 15 January 2023
10 to 13 January 2023

16 to 20 January 2023
5 to 20 January 2023 (10am to 10pm)

21 January 2023
(10am to 1pm)

List of pop-up ATMs here.
UOB From 5 January 2023

From 12 January 2023
10 to 14 January 2023

16 to 20 January 2023
5 to 18 January 2023 (various timings)

List of pop-up ATMs here.
OCBC 5 to 7 January 2023

9 to 11 January 2023

13 to 15 January 2023
10 to 13 January 2023

14 to 17 January 2023

18 to 21 January 2023
No
Standard Chartered 5 to 9 January 2023 10 to 20 January 2023

Customers aged 60 and above or with special needs can exchange their notes without reservation from 5 to 20 January 2023
No 
Maybank From 5 January 2023 Did not specify

The first operating hour of each branch is reserved for customers aged 60 and above or with special needs
No 

DBS and POSB Fit & New Notes 2023

Online reservation and collection

As the largest bank network in Singapore, DBS and POSB will undoubtedly see the largest number of banknote exchange requests. This means you’re likely to encounter large crowds and long queues if you choose to get your ang pow money from them.

To better manage the crowd, DBS has implemented two separate sessions for banknote collections, both requiring a reservation to be made online beforehand.

Here are the two sessions: 

  • Register online from 5 to 8 January 2023 to collect your bank notes from 10 to 13 January 2023
  • Register online from 9 Jan to 15 January 2023 to collect your bank notes from 16 Jan to 20 January 2023
  • More details and the online reservation page can be found here

Do note that each customer is limited to 1 reservation only, and amendments will not be allowed. A reservation must be made to exchange your banknotes unless you are aged 60 and above or have a disability.

The exchange limit is as follows for DBS/POSB online reservation and collection:

Types of notes Denominations Amount Options
New notes S$2 S$0, S$200 or S$400
S$10 S$0, S$100 or S$200
S$50 S$0, S$100, S$200, S$300, S$400 or S$500
Total amount capped S$1,000
Fit-for-Gifting notes S$2 S$0, S$200, S$400, S$600 or S$800
S$10 S$0, S$100, S$200, S$300, S$400 or S$500
S$50 S$0, S$100, S$200, S$300, S$400 or S$500
Total amount capped S$1,200

DBS/POSB Pop-up ATMs

Another way to exchange banknotes from DBS and POSB is via pop-up ATMs, which will be loaded with both newly minted and Fit-for-Gifting banknotes.

There will be a total of 47 pop-up ATMs set up at selected community clubs and self-service lobbies around Singapore, especially for this purpose. 

For quicker service, these ATMs will offer denominations of $2, $10 and $50 via the following packages:

Package value Notes and denominations
$100 $2 x 50pcs
$300 $10 x 30 pcs
$500 $50 x 10 pcs
$600 $10 x 20 pcs + $50 x 8 pcs 

Here are the dates and operating hours for these pop-up ATMs. 

  • 5 to 20 January 2023, 10am to 10pm
  • 21 January 2023, 10am to 1pm

Please note that each customer will be limited to 3 withdrawals of new notes throughout this period.


UOB Fit & New Notes 2023

Online reservation and collection

Similar to DBS and POSB, UOB has also set aside two sessions for exchanging new and Fit-for-Gifting banknotes.

The two sessions are as follows:

  • Register online from 5 January 2023 to collect your bank notes from 10 to 14 January 2023
  • Register online from 12 January 2023 to collect your bank notes from 16 Jan to 20 January 2023
  • Reservations can be made online or through the UOB PIB/TMRW app. More details can be found here

Do note that each customer is limited to 1 reservation only, and amendments will not be allowed. A reservation must be made to exchange your banknotes unless you are aged 60 and above or have a disability.

The exchange limit is as follows for UOB online reservation and collection:

Types of notes Denominations Amount Options
New/Fit-for-Gifting notes S$2 S$200 only
S$10 Up to S$500 (in multiples of S$100)
S$50 Up to S$500 (in multiples of S$100)
Total amount capped S$1,200

UOB Pop-up ATMs

UOB will also be setting up pop-up ATMs across the country to better facilitate the exchange of new and Fit-for-Gifting banknotes.

There will be 15 ATM locations available for the exchange of new banknotes and 2 ATM locations for the exchanging Fit-for-Gifting notes.

Customers can withdraw up to S$1,600, and there are six options available:

Package value Notes and denominations
$100 $2 x 50pcs
$300 $10 x 30 pcs
$300 $2 x 25 pcs + $10 x 25 pcs
$500 $50 x 10 pcs
$500 $10 x 20 pcs + $50 x 6 pcs
$600 $10 x 20 pcs + $50 x 8 pcs 

The pop-up ATMs will be available from 5 to 18 January 2023. Their opening hours will vary depending on location. Click here to view their opening hours.

Do note that each customer will be limited to 2 withdrawals per ATM/Debit Card on a first come, first served basis and subject to availability.


OCBC, Standard Chartered, and Maybank

OCBC, Standard Chartered and Maybank are three more banks that will be offering new and fit banknotes.

However, you’ll have to first make an online reservation for the amount and denomination you need. In addition, you would need to submit the necessary details (mobile number, email address, branch details, time and date of collection).

Do note that these three banks will not be offering pop-up ATMs.

The reservation and collection details for each of the three banks are as follows:

OCBC Fit & New Bank Notes 2023

  • Online reservations are available from 5 to 7 January, 9 to 11 January, and 13 to 15 January 2023
  • Self-collection via appointment from 10 to 13 January, 14 to 17 January, 18 to 21 January 2023
  • Each customer is only allowed one online reservation request
  • More information can be found here
Types of notes Denominations Amount Options
New/Fit-for-Gifting notes S$2

Available in multiples of 100
S$200
S$10

Available in multiples of 10
S$500
S$50

Available in multiples of 2
S$1,200
Overall limit S$1,200

 

Standard Chartered Fit & New Bank Notes 2023

  • Online reservation is available from 5 to 9 January 2023
  • Self-collection via appointment from 10 to 20 January 2023
  • Customers aged 60 and above or with special needs can exchange their notes without reservation from 5 to 20 January 2023
  • Each customer is only allowed one online reservation request
  • More information can be found here
Types of notes Denominations Amount Options
New notes S$2 S$400
S$5 S$400
S$10 S$1,000
S$50 S$2,000
Fit-for-gifting notes No reservation required. Can be exchanged from 5 January 2023 onwards at any Standard Chartered bank brunch.

 

Maybank Fit & New Bank Notes 2023

  • Online reservation is available from 5 January 2023
  • Self-collection via appointment has not been specified
  • The first operating hour of each branch is reserved for customers aged 60 and above or with special needs
  • More information can be found here
Types of notes Denominations Exchange Limit
New notes S$2 up to S$200
S$5 up to S$1,000
S$10 up to S$300
S$50 up to S$1,000
Fit-for-gifting notes No reservation required

Other banks to get new CNY banknotes

Besides the five banks listed above, new and Fit-for-Gifting banknotes are also available at several other commercial banks. 

According to the Monetary Authority of Singapore, you can simply walk into these banks for your notes exchange.

Depending on your location and luck, you may be able to quickly zip in during lunch or after work to get your CNY banknotes without fighting the masses. Still, it might be useful to call ahead.

Here’s a complete listing of other banks to exchange your notes.

  • Bangkok Bank Public Company Limited 
  • Bank of America, National Association 
  • Bank of China Limited
  • Bank of India
  • BNP Paribas
  • CIMB Bank Berhad
  • Citibank Singapore Limited
  • Deutsche Bank Aktiengesellschaft
  • Habib Bank Limited 
  • HL Bank
  • HSBC Bank (Singapore) Limited
  • Indian Bank
  • Indian Overseas Bank
  • Industrial and Commercial Bank of China Limited Singapore Branch
  • KEB Hana Bank
  • P.T. Bank Negara Indonesia (Persero) Tbk
  • RHB Bank Berhard 
  • State Bank of India
  • The Bank of East Asia Limited
  • UCO Bank 

Things to note when exchanging CNY banknotes

No appointments needed for the elderly and persons with special needs

For individuals 60 and above, or persons with special needs, no reservations nor appointments are required. You may simply pay a visit to your nearest branch to exchange your CNY bank notes. 

It may be helpful to call ahead and check for any special arrangements that can let you skip the queue.

 

Book your slot early and be flexible 

Bank appointment slots are available on a first-come, first-served basis.

As a result, you could find yourself being locked out of your nearest bank branch, especially if it’s located in a busy precinct.

To heighten your chances of getting a spot at your desired branch, be sure to book your appointment as early as you can. 

Working with family members to keep your schedule open during this period can also help you secure a suitable appointment.  

 

Give sufficient lead time

Most banks will require at least two working days between the time you make your online reservation and your self-collection appointment. Also, collection may not be available on weekends and public holidays.

Be sure to plan ahead to allow yourself sufficient time to get your ang pows ready.

 

Bring identification and confirmation 

As cash is being collected, expect your bank to insist on collection in person (i.e., the person who made the online booking must be the one who collects the bank notes). 

Be sure to bring along your original identification, as well as any confirmation emails or notifications if applicable.

 

Have a backup plan

Due to the extremely high demand for new banknotes during CNY, banks are being extra strict. Reservations are restricted to one per account holder, and likewise for appointments.

Having a backup plan might be prudent, in case you fail to collect your bank notes as planned. 

If you choose to book a second appointment at another bank as a backup, be sure to cancel your appointment once you no longer need it so your place may be given to others. 

You may also try your luck at other banks (see the list above) which are also offering new or Fit-for-Gifting banknotes. 

Alternatively, take the eco-friendly, pandemic-cautious route and offer e-hong pows instead. That way, you won't have to worry about joining the queue for exchanging notes.

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An ex-Financial Planner with a curiosity about what makes people tick, Alevin’s mission is to help readers understand the psychology of money. He’s also on an ongoing quest to optimise happiness and enjoyment in his life.