Vendors have the discretion to decide how they wish to receive payments, as the payment of goods and services is an agreement between a willing buyer and a willing seller. Under the, if a seller does not wish to accept any or all denominations of coins or notes as payment, the seller may provide a to inform potential buyers.
A vendor is only obliged to accept payments up to this legal tender limit and can reject any payment exceeding the limit. This is to reduce inconvenience to vendors and their waiting customers should a customer wish to offer a large quantity of coins for payment.
However, if both parties agree before entering into a transaction, a vendor and customer may still use quantities of coins above the legal tender limit.
Vendors usually consider several factors when deciding payment terms, such as the value of transaction, cost of acceptance and convenience to customers. Under the , if a vendor does not wish to accept any or certain denominations of coins or notes as payment, he/she can provide a written notice to inform potential customers. This serves to highlight the proposed terms of payment to the customers and help customers make a decision on whether to go ahead with the transaction.
If the vendor displays a stating their payment requirements (for example, stating that cash or 5-cent coins are not accepted), they have acted in accordance with the and can reject any form of payment stated in the written notice.
If no written notice is provided, the customer is entitled to make payment in all denominations of currency notes and coins (up to the for coins) to satisfy the debt incurred. Read more information on .
While private entities (including individuals and businesses) cannot be forced to accept the Brunei currency for payment of goods and services in Singapore, the Monetary Authority of Singapore has been educating and encouraging them on the acceptance of Brunei currency in Singapore, in keeping with the spirit of the Agreement.
- Name, full address of the vendor, and if possible, their telephone number.
- Date and time of the incident.
- Details of the purchase and what was said by the vendor.
Banks have ceased the recirculation of $10,000 note since 2014. However, banks can continue to recirculate existing $1,000 notes that are deposited with them. You can approach banks to enquire about the availability of $1,000 notes.
Alternatively, you may consider contacting , which regularly conducts auctions of Singapore currency or contact coin and banknote dealers to enquire about the availability of $1,000 and $10,000 notes.
Under the Singapore Currency Act, mutilated notes command no value. However, MAS may, out of goodwill, award value to mutilated notes provided there is no evidence suggesting that they have been deliberately mutilated.
You can take your torn or mutilated (damaged) notes to any where you have a bank account. The bank will authenticate and assess the note before award value according to the .
If the bank has assessed that your torn or mutilated (damaged) notes are genuine and were not wilfully or deliberately damaged, the assessed value will be credited directly into your bank account.
If the bank is unable to assess the value, the mutilated (damaged) note will be sent to MAS for assessment. After MAS has assessed value, the bank will credit the assessed value to your bank account.
Under the Singapore Currency Act, mutilated coins command no value. However, MAS may, out of goodwill, award value to mutilated coins provided there is no evidence suggesting that they have been deliberately mutilated.
You can take your mutilated (damaged) coins to any where you have a bank account or deposit them at MAS' appointed Circulation Coin Operator and Manager (CCOM), .
The bank or CSL will assess and award value according to the .
If the bank or CSL has assessed that your damaged coins are genuine and were not wilfully or deliberately damaged, the assessed value will be credited directly into your bank account.
If the bank is unable to assess the value, the mutilated coins will be sent to CSL for assessment. After CSL has assessed value, the assessed value will be credited to your bank account.
All currency notes and coins issued by the Monetary Authority of Singapore since 1967 are still legal tender and can be used to pay for goods and services in Singapore.
Alternatively, you can over the counter at a where you have a bank account. You may also deposit past series coins at MAS' appointed Circulation Coins Operator and Manager (CCOM), via their self-service coin deposit machines or over the counter.
The bank or CSL will verify the authenticity of your currency before crediting the value into your bank account.
Each Singapore note and coin has various advanced security features to minimise the risk of counterfeiting. It is important for you to be aware of these security features to distinguish between genuine and counterfeit currency.
Refer to the following to find out more about the full range of security features of Singapore currency, and ways you can identify if your currency is genuine:
The new notes you received may not be arranged in sequence according to their serial number due to the following reasons:
- Notes are inspected during the printing process and defective notes are rejected.
- The serial numbers of the rejected defective notes will thus be excluded from the new notes you receive.
- Notes are packed by automated packing machines after inspection, where notes from different inspection batches may be packed together.
are issued as one-off currency for a limited time only. The Monetary Authority of Singapore (MAS) and commercial banks do not carry any remaining stocks of past commemorative notes and coins. MAS also does not participate in secondary market transactions of commemorative currencies.
You may consider contacting , which regularly conducts auctions of Singapore currency. Alternatively, you may contact to enquire about the availability of past commemorative currencies that you are interested in.
For commemorative/numismatic coins, you may approach either of the following organisations:
While most of these returned notes are recirculated to meet demand (e.g., replace unfit notes in circulation), the excess will accumulate and are subsequently destroyed before the end of their useful life as they far exceed replacement demand. This impacts the environment negatively, by contributing to unnecessary carbon emissions generated from the production, transportation, and destruction of such notes.
As an alternative, MAS encourages members of public to adopt digital gifting or to use fit notes for those who prefer physical gifting, to reduce wastage of resources and preserve the environment.
The practice of printing new notes for festive gifting and subsequently destroying most of them is not in line with environmental sustainability and Singapore’s aspiration to achieve net zero carbon emissions by 2050 as part of the global effort to mitigate climate change.
MAS and The Association of Banks are thus encouraging the use of Fit notes, a more sustainable option, during festive gifting to reduce the environmental impact of new notes issuance. Members of the public giving physical hong baos for LNY can play their part in protecting the environment by choosing to use Fit notes instead of new notes.
Good-as-New (GAN) notes are notes which are issued only once during Lunar New Year (LNY), and deposited back to MAS shortly thereafter by the banks. These notes are processed twice by MAS to ensure that only good quality GAN notes are harvested and reissued for the next LNY. Thus, GAN notes are generally of better quality than Fit notes.
However, Fit notes are a more sustainable option for physical gifting, as producing new notes in excess of circulation needs and the harvesting of GAN notes results in additional carbon footprint. While the quality of GAN notes is closer to new notes, GAN notes require an additional round of machine processing and thus generate additional carbon emissions. Fit notes are processed only once, thus a smaller carbon footprint is incurred in the processing.
By allowing notes to be used throughout their useful life, lesser new notes will be produced and introduced into circulation which will result in lower carbon emissions.
We encourage members of the public to play their part in protecting the environment this LNY by choosing to use Fit notes instead of new notes.