Long Lines for New Notes as Singapore Prepares for Year of the Snake

SINGAPORE – The anticipation of the upcoming zodiac Year of the Snake has led to extraordinarily long queues at ATMs across Singapore. On January 14, people from various walks of life, including office workers and seniors, gathered to withdraw “hongbao notes” as local banks kicked off the issuance of crisp new banknotes, taking part in a cherished New Year tradition ahead of Chinese New Year (CNY), which falls on January 29 this year.

Over 125 Automated Teller Machines (ATMs) were set up to dispense both new and slightly used notes, intended to be placed in the iconic red packets traditionally exchanged during this festive period. In the bustling district of Toa Payoh, long waiting times extended over an hour at the POSB pop-up ATM, while nearby OCBC and UOB machines attracted lunch-hour crowds of around 50 people despite drizzly conditions.

At various community venues, including the Keat Hong Community Club, elderly patrons were observed sitting patiently in rows, awaiting their turn to withdraw cash for the festivities. Many shared their fondness for the tradition, echoing sentiments expressed by 80-year-old retiree Helen Su, who remarked that standing in line for two hours was a common experience during this time of year. She emphasized her preference for cash over e-hongbao, fearing that digital envelopes would erode the traditional values of honoring elders and fostering familial connections during CNY visits.

However, a shift towards digital solutions is evident, with calls from OCBC showing a rising trend in e-hongbao usage, which is being embraced by a younger demographic. In 2024, OCBC reported more customers opting for digital red packets than for cash withdrawals, alongside DBS revealing that about 70% of e-hongbao users were trying the service for the first time.

Among those queuing, there was a mix of perspectives about digital and physical red packets. Felicia Liau, 48, noted the practicality of sending digital gifts to family overseas but described the need to withdraw physical cash in her zodiac year as significant for personal renewal.

For 57-year-old Mrs. Tan, the tactile element of giving cash holds sentimental value that digital transfers can't replicate. Interestingly, many customers expressed openness to using “fit-for-gifting” notes—previously used banknotes that banks have begun distributing to promote sustainability and minimize waste.

By 2 PM, demand was palpable; the DBS ATM at Nex Mall ran out of fit notes and required restocking. DBS cited vibrant customer interest in both fit and new notes, leading them to increase the availability of fit note ATMs by 50% for 2024.

Preparations have included the establishment of 72 POSB ATMs, 30 UOB ATMs, and 24 from OCBC, all equipped to process both types of notes. Since January 7, the public has also had the opportunity to schedule appointments to exchange cash for fit and new notes—a highly sought-after service that books up rapidly, often within minutes.

Notably, walk-in exchanges at bank branches are prioritized for seniors aged 60 and above, as well as individuals with disabilities, which adds another layer of accessibility to the system.

With heightened awareness of the booking system and overall enthusiasm for CNY traditions, it’s evident that Singaporeans continue to place immense value on the festive exchange of red packets, blending age-old customs with modern convenience.