Demand for new dollar notes up

SINGAPORE: Demand for crisp, new notes for hongbao, or red packets, has gone up, as Chinese New Year draws closer.

For the first time, SingPost is working with DBS/POSB Bank for the public to exchange old notes for new notes at six of its branches.

The branches are SingPost Paya Lebar, ION, IMM, Hougang Mall, Woodlands Civic Centre and CPF Building at Robertson Road.

On the first day of the launch on Monday, SingPost said all the new notes it brought in for the exchange were taken up.

SingPost Paya Lebar’s new notes were all exchanged by noon.

Each pack of new notes contains 100 pieces of two—dollar notes and 30 pieces of 10—dollar notes, worth a total of S$500.

Each customer is limited to two packs worth S$1,000.

Meanwhile, the new notes exchange will be launched in HSBC and OCBC on Tuesday.

The new notes exchange limit for OCBC is S$400.

OCBC said bigger crowds are expected in the heartlands, so it has added more staff to help reduce waiting time.

Global Consumer Financial Services Branch & Premier Banking head Dennis Tan said: "We have a lot more service ambassadors at our branches combing the queue.

"In addition, each service ambassador helps the customer take down the quantity they want.

"We have also prepacked our notes into fortune packs so that makes it easier for customers and cuts down on our queue time".