Thursday, August 20, 2015

How to exchange Singapore SG50 banknotes

According to Monetary Authority of Singapore (MAS), you can purchase or exchange the newly released Singapore $50 and $10 SG50 commemorative notes at branches of nine major retail banks in Singapore from 20 August 2015 onwards.

SG50 banknotes

On Tuesday, Singapore Prime Minister, Lee Hsien Loong unveiled a set of six commemorative currency notes to celebrate Singapore 50th year of independence (SG50). The SG50 commemorative notes were designed by four local artists and designers, namely Mr Chua Mia Tee, Mr Eng Siak Loy, Mr Weng Ziyan and Mr Fabian Lim.

HOW TO EXCHANGE SG50 BANKNOTES:
You can visit any branches of nine major retail banks from 20 August 2015 onwards and exchange the SG50 commemorative notes at face value:
  • DBS Bank/POSB
  • Oversea-Chinese Banking Corporation
  • United Overseas Bank
  • Bank of China
  • Citibank
  • Industrial and Commercial Bank of China
  • Malayan Banking Berhad
  • Standard Chartered Bank
  • The Hongkong and Shanghai Banking Corporation

Singaporeans will be given priority to exchange the notes from 20 August 2015 to 30 September 2015.

During this period, Singaporeans have to present their National Registration Identification Card (NRIC) at the bank in person as proof of citizenship.

From 1 October 2015 onwards, the SG50 notes will be made available to non-Singaporeans as well.

To ensure that everyone has an opportunity to exchange the SG50 commemorative notes, there will be a quota of five sets of notes (each set comprising a $50 note and five $10 notes) per transaction per individual.

The public can choose to exchange any number or combination of notes subject to a maximum of five notes per design.

The nine major retail banks have sponsored 2.8 million of these specially designed folders.

SPECIALLY DESIGNED FOLDERS:
Members of the public can also obtain specially-designed folders to keep the commemorative notes.

They can obtain one complimentary folder when they exchange for any of the commemorative currency notes. 

There is no minimum amount they need to exchange to obtain the folder.

An additional folder will be given if two full sets of notes (each set comprising a $50 note and five $10 notes) or more are exchanged. 

The public can only obtain up to a maximum of two folders per transaction.

The folders will be available at the banks on a first-come-first-served basis and while stocks last.