Collection of notes for CNY hongbao kicks off on Feb 3, banks roll out initiatives to cut wait times

SINGAPORE – With the Chinese New Year celebrations just two weeks away, collection of new and fit-for-giving notes for red packets, or hongbao, kicked off at local bank branches on Feb 3.

DBS Bank, OCBC Bank and UOB told The Straits Times that they have implemented various measures to manage the crowds expected, even as more people here seem receptive to e-gifting formats. 

For instance, DBS this year has introduced two bundles of pre-packed notes for customers at 30 branches, after a smaller-scale pilot in 2025 showed that the initiative was well received. 

These bundles, worth $800, comprise a standard mix of $2, $10 and $50 notes, in order to facilitate quicker exchange. One pack includes 200 pieces of $2 notes and 40 $10 bills, while the other contains 40 $10 notes and eight $50 notes. 

The bank also allocates new and fit-for-giving notes to different branches based on historical demand and customer profiles. For example, more notes may be stocked at heartland branches where there are more seniors, compared with branches in the Central Business District. 

Speaking to The Straits Times at DBS’ Kovan branch on Feb 3, deputy branch service manager Thomas Toh said the bank has also deployed additional staff to assist with queue management and customer inquiries, along with branch ambassadors to monitor walk-in traffic. 

“By issuing queue numbers, our customers can walk around or have their breakfast before coming back to the branch at a later time,” he added.

Ms Choo Wan Sim, head of UOB TMRW digital banking, said the bank has designated 34 ATMs across Singapore to dispense new notes, and another four will dispense notes that are fit for giving. Each customer will be limited to three withdrawals for the entire notes exchange period.

Meanwhile, OCBC will have 25 dedicated ATMs across 14 locations disbursing new and fit-for-giving notes.

The Monetary Authority of Singapore

had in an earlier statement on Jan 19

said that customers of the three local banks who wish to exchange notes at bank branches will need to book the notes through the banks’ official websites or mobile banking applications. 

While collection of the notes started on Feb 3, only those aged 60 and above and people with disabilities may walk in to bank branches to exchange notes. 

UOB’s Ms Choo said that to better support these groups of customers, the bank has dedicated the first hour of branch opening to serving them. More than 80 temporary staff have also been deployed across various branches in anticipation of higher traffic, she added.

Checks on DBS’ Pop-Up ATM website, where customers can track estimated waiting times at pop-up ATMs, showed long wait times of more than two hours at several locations, such as Taman Jurong Community Club and POSB Yishun Central, at 5pm. 

When ST visited the DBS Kovan branch on the morning of Feb 3, queues mainly comprising seniors were observed. Tentage had been set up outside, where people could have a seat while waiting. 

Cleaner Loh Min Xuan, 64, said she started queueing around 6am on Feb 3. Despite the early start, she said she found more than 60 people in line in front of her. 

She said that her family liked getting new notes as they believed it would bring prosperity. “Why would I queue for used notes? Only new notes are lucky,” she said. “How can I take used notes for the new year?”

Another DBS customer, retiree Loh Chwee Ngo, 78, said that exchanging new notes for Chinese New Year had become a tradition for her. 

“It’s nothing significant, but receiving completely new notes gives me a sense of happiness,” said Madam Loh, who had been queueing up for the notes since 5.30am. 

She added that she was hesitant to use digital gifting methods as she was unfamiliar with the technology and wanted to avoid falling for scams. “I’m worried that I’ll press something wrongly and not know how to fix it,” she explained.

To cater to seniors who share similar sentiments, DBS said it has included lessons on using e-gifting options at the digital literacy and scam education workshops it holds for the community. 

DBS, OCBC and UOB offer e-gifting services where customers can send their loved ones red packets via their respective digital banking apps. DBS also offers a QR hongbao option where users can load a cash value onto a physical QR code, by scanning it with the DBS PayLah! app. 

All the banks have initiatives to help seniors go digital.

Participants at DBS’ digital literacy workshops, for example, are given a hands-on tutorial as well as tips to avoid getting scammed, such as avoiding scanning QR codes from unknown sources, and not using external websites to load them. 

The three banks said they have noticed a greater receptiveness towards digital gifting. 

DBS’ Mr Toh said: “Each year, we see more customers asking about and choosing the QR option. In fact, over the past few weeks, we’ve had customers inquiring about QR hongbao and asking when they can get some.”

He added: “Some of them are elderly as well, which is quite encouraging to see.”

UOB also noticed that during Chinese New Year in 2025, total transaction amounts gifted digitally increased by close to 50 per cent compared with the previous year. The bank expects this trend to increase during the coming festive season, said Ms Choo.

To incentivise customers to switch to digital red packets, UOB has introduced an e-hongbao game where customers who make five or more PayNow transactions via the UOB TMRW app get a chance to win prizes such as limited-edition zodiac plushie charms, Tokyo flight credits and cash credits.

OCBC said the shift towards e-gifting has been gaining momentum after the Covid-19 pandemic. For example, the number of customers sending such digital red packets has increased nearly fivefold in 2025 from 2022. 

The bank also said that seniors aged above 64 sent close to 50 per cent more e-hongbao in 2025 than the year before. 

“It is heartening to see how digital technology enables traditions to flourish across generations,” said Ms Ng Lee Peng, OCBC’s head of digital business Singapore. “E-hongbao enable seniors to send blessings of luck and good fortune to their relatives in a way that preserves the meaning of the custom, while remaining convenient and sustainable.” 

For Ms Anna Leong, who has been using the DBS QR hongbao since its introduction in 2019, it has created a family bonding moment for her. 

“My daughter helps me to do the loading,” the 66-year-old explained. “So she helps me to wrap the hongbao before Chinese New Year, just like I used to for my mother.”

While she was initially hesitant about using the digital gifting method, she said she found it convenient as she no longer had to queue for new notes. After learning about the environmental cost of printing notes, she was further convinced to switch to e-gifting.

But to keep tradition alive, Ms Leong still inserts the QR hongbao into a red packet before gifting it. “It’s still like the tradition (of giving red packets), except that when they receive it, it’s not cash. It’s a QR code.”