Cash is indeed king!
As we head towards a more digitalised world, many of us have adopted digital methods of payment such as e-wallets and debit and credit cards. But, it’s always handy to have a bit of cash here and there.
So what happens if you have banknotes which are torn or even damaged by the recent flash floods?
According to Bank Negara Malaysia (BNM), you may just be able to exchange them for a fresh banknote!
In an Instagram post, BNM highlighted how we can exchange our damaged notes for new ones.
They explained that if your ringgit notes are damaged, you can exchanged them at any bank, including ones you don’t even have an account at!
Criteria for undamaged notes
However, before you exchange your damaged banknote, it is important to know the criteria behind what makes it fit for recirculation/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 you should definitely exchange it.
Things to know when exchanging damaged notes
BNM has also provided a few pointers on what 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 more information on the criterias, check out Bank Negara Malaysia’s website.
Did the recent flash flood damage any of your banknotes? Let us know in the comments.
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