Parliamentary Replies
Published Date: 08 July 2014

Reply to Parliamentary Question on ATM Facilities




Date: For Parliament Sitting on 7 July 2014

Name and Constituency of Member of Parliament

Mr Seah Kian Peng, MP, Marine Parade GRC


To ask the Prime Minister whether all banks that provide ATM facilities are required to ensure that currency notes being dispensed from these ATMs will include notes of $10 denomination and not just those of $50 and $100 denominations.

Answer by Mr Tharman Shanmugaratnam, Deputy Prime Minister and Minister in charge of MAS:

1   Banks decide on the denomination of the currency notes they stock in the ATMs based on customers’ demand and currency note withdrawal patterns. 85% of the approximately 2,700 ATMs in Singapore dispense $10 denomination currency notes. Banks also have in place processes to monitor and replenish currency notes in their ATMs in a timely manner. ATMs that dispense only larger denomination currency notes are generally located in areas where there is a general preference towards larger withdrawals (e.g. ATMs in shopping centres).

2   Besides ATMs and bank branches, some banks have also set up additional channels to facilitate cash withdrawals. For example, DBS/POSB, OCBC and HSBC have partnered with merchants with prominent presence across Singapore, such as 7-Eleven, NTUC and Cold Storage, to enable cash withdrawals in various denominations, including $10 notes, at their payment counters.

3   MAS will continue to monitor the situation to ensure adequate access to smaller denomination currency notes.