Thursday, March 30, 2023

BNM: Guide To Exchange Your Damaged Bank Notes For New Ones

LifestyleBNM: Guide To Exchange Your Damaged Bank Notes For New Ones

While Malaysia is moving towards digitalising our economy, some of them struggle to adopt digital methods of payment such as e-wallets, debit, and credit cards, especially among the older generation.

This makes banknotes remain relevant to this date.

If you happened to have banknotes that are torn or damaged by the recent flash floods, you may be able to exchange them for a fresh banknote, according to Bank Negara Malaysia (BNM).

In an Instagram post, BNM shared that you can exchanged the damaged ringgit notes at any bank, including ones you don’t even have an account at.

However, before you exchange your damaged notes, here’s a guide on what makes the bank note fit for recirculation or use:

  • Genuine and not counterfeit,
  • Free from holes, tears, tape or missing portion,
  • Has uniform brightness and free from excessive soiling,
  • Free from ink-wear, particularly on the portrait of SPB Yang di-Pertuan Agong,
  • Free from defacement.

If your banknotes are burnt, crumpled, punctured, shrunk, repaired with tape or the ink has worn out, then it would be unfit for recirculation and you should definitely exchange it.

Meanwhile, BNM has shared 3 important things you should know when exchanging your damaged notes.

The first thing is that the exchange value and timing of compensation will depend on the condition of the damaged note.

Secondly, for straightforward cases of damaged notes, you will get a replacement on the same day.

Lastly, for unclear cases of damaged notes, the bank would have to refer to BNM before proceeding and you will be compensated at a later date.

For clarification on the criteria, you can visit Bank Negara Malaysia’s guidelines here.

If you have some damaged notes due to the recent flash floods, quickly get your notes replaced before the condition of the notes worsen.

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