Finding it hard to exchange new bank notes for Chinese New Year? You are not the only one.
In fact, banks are encouraging ang pow givers to ‘go green’ when it comes to giving out CNY ang pows. Bank Negara Malaysia (BNM) has been promoting this ‘go green’ message for some years now.
With the slowing down of new notes issuance for CNY in recent years, banks have started issuing recycled notes that are still in good condition which are termed as ‘fit’ or ‘half new’.
BNM had published a media statement back in 2018 encouraging Malaysians to use quality ‘fit’ or half new notes for CNY.
Some banks like RHB have even incorporated it into their public service outreach to encourage their customers to go green for CNY.
Fewer new banknotes available for CNY as banks go green
Some banks like Maybank, Hong Leong Bank and CIMB did release a smaller batch of new notes earlier in January. If you were not among the lucky few who managed to get your hands on those fresh new notes, perhaps its time to consider e-ang pows.
For starters, going digital is clearly more convenient. Beats having to prepare various denominations of actual cash and stuffing red envelopes through the night.
Interested? Here are your options – ranked most to least convenient – for sending wishes of good fortune and prosperity.
1. DuitNow
Operated by PayNet, DuitNow is likely the easiest and most convenient way to send an e-ang pow. There’s no need to worry about whether they have a particular e-wallet or ask for bank account details. Just tap in the recipient’s phone number and you’re good to go.
All major banks in Malaysia support DuitNow transfers, making this the most widespread and easy to use digital transfer right now. If you’re still struggling with how it works, here’s an easy to use guide.
2. e-Wallet transfer
Almost everyone – including children – has an e-wallet these days thanks to the government’s initiatives early last year. This makes e-wallets a particularly suitable option for sending e-ang pow to friends and family that you cannot visit this year.
It should be noted that you should be sticking to one of the more popular and widely used e-wallets for this solution. Boost, Grab, and Touch ‘n Go eWallet are usually safe bets; seeing as many Malaysians used them to claim free credit under the e-Tunai Rakyat scheme.
The only thing to note here is that sending an e-ang pow using e-wallets is not really cash. The credit can only be used within that particular e-wallet. This may be less ideal for parents of young children that would like to put the money into a savings account.
3. Bank transfer
Doing an old-fashioned bank transfer is exactly like using a DuitNow transfer, only with more steps. Some people still prefer a bank transfer for sending money, and that’s just fine. In fact, this is likely the safer option if you’re an extremely generous kind of person that likes giving out big ang pows each year.
Just don’t be surprised if your bank calls you about the sudden spike in transactions of money being transferred out of your account. In fact, banks generally encourage people to use DuitNow instead of a bank transfer.
4. International transfer
Not everyone may not be able to make it back into the country in time for Chinese New Year, so you may want to look into international transfer options as well.
Fortunately, we have a list of useful apps that make the process quick and easy. These options offer a more seamless online method to use rather than the traditional (and complicated) bank international transfer.
e-Ang Pow promotion campaigns
In past years, banks and e-wallets would offer extra promotions to promote the use of e-ang pow. Since you are going to be using the banking app to transfer money, might as well stand a chance to win prizes.
Here are some of the ongoing e-ang pow promotions available:
- Hong Leong Bank: earn up to a maximum 20 points per day when sending e-angpows
- Ambank: stand to win a Samsung phone by sending e-ang pows using AmOnline App.
- CIMB Bank: send e-Angpows via CIMB OCTO App for a chance to win 10g gold weekly
In addition, there is the tangible benefit of using a more environmentally friendly option to the red packet. It takes a lot of paper to make an ang pow, and cashless solutions help you cut down on waste. For some, this is really the real big reason for going digital when you can.
Online safety
You’ll be doing a lot of online transfers with e-ang pow this year, so it is important to remember to stay safe during this time.
First of all, always enable two-factor authentication on all your online accounts. Most banks and e-wallets already require you to register a phone number; which has you covered in this aspect. It’s also important to never share your TAC number with anyone (no matter how much they ask for it). The same goes for the in-app mobile push notification which requires you to keep your mobile phone secure as well.
Secondly, practice good password security. This means coming up with a strong password, and do not share it with anyone. A strong password incorporates letters, numbers, and symbols to make it harder to guess.
Finally, always double check the recipient of your e-ang pow. While bank transfers can be reversed if you sent it to the wrong person, the same cannot be said for e-wallet transfers. Banks will also take time to investigate your mistaken transactions, which could take a while and slow down your e-ang pow distribution.
Keep the tradition alive
Chinese New Year is all about celebrating our heritage, culture, and family ties, so we understand that you might still want to give out actual red packets to close relatives and family friends to keep the tradition alive.
If you prefer to give out traditional ang pow, go ahead but just use ‘fit’ banknotes instead.
