KUALA LUMPUR, Jan 31 — Despite the growing push for digital red packets and e-wallet transfers, Malaysians continue to favour physical ang pow — especially crisp new banknotes — as Chinese New Year approaches.
While digital ang pow have gained some traction in corporate settings and among younger users, the practice has yet to displace the traditional exchange of red packets within families and communities.
In Malaysia, giving ang pow is not limited to close relatives but often extends to children of friends, neighbours and even service staff — a broader custom that is less common in China and Hong Kong, where the practice is typically more confined to family circles.
Cultural historians have attributed this to the country’s trading roots and migrant merchant communities, where prosperity, generosity and visible symbols of good fortune were emphasised. Clean, new notes are also associated with luck and renewal, reinforcing the belief that starting the year with fresh money brings positive energy for both giver and recipient — a sentiment still strongly held in Malaysia and Singapore.
Against this backdrop, Malaysians preparing red packets for Chinese New Year can soon begin exchanging them for fresh banknotes, with major banks confirming when and how customers — and in some cases non-account holders — can obtain new notes.
Checks with banks found that availability, limits and eligibility differ by institution, with some requiring account holders, while others allow walk-ins.
AmBank
AmBank said new Chinese New Year banknotes will be available from February 1 onwards.
Exchanges can be done over the counter at branches. No exchange limit was specified.
Standard Chartered Bank
Standard Chartered said customers may try from February 3 onwards, subject to stock availability.
The service is expected to be for account holders, and no specific exchange limit was confirmed.
Hong Leong Bank
Hong Leong Bank said the exchange of new notes for Chinese New Year will be available from February 6 to February 16, 2026.
However, the service is exclusively for Hong Leong Bank and Hong Leong Islamic Bank customers.
Non-account holders will need to open an account in order to use the service.
Public Bank
Public Bank said customers can exchange for new notes at any branch.
The bank did not state any exchange limit and said the service is not limited to account holders.
RHB Bank
RHB said all its branches nationwide offered new banknotes from January 26 to January 29 with exchanges conducted between 11am and 1pm. Customers were limited to up to RM10,000 per person.
Maybank
Maybank said there has been no official communication yet on the availability of new banknotes. Account holders need to check with their branch or check this space in February for updates.
CIMB Bank
CIMB said it has yet to announce when new notes will be available.
The bank added that exchanges are better facilitated for account holders, though non-account holders may enquire at branches once dates are confirmed.
HSBC
HSBC said it will not be offering new banknotes for Chinese New Year at the time of writing.
What to know before heading to the bank:
- Availability depends on stock and varies by branch
- Some banks restrict exchange hours to specific time slots
- Several banks prioritise or limit services to account holders
- Exchange limits may be imposed depending on demand
With Chinese New Year approaching, customers are advised to check with their nearest branch before making a trip, as arrangements may differ by location. It’s advisable to contact the bank’s customer centre or check with your nearest branch before visiting.
* The information above was obtained from bank branches and official email responses at the time of writing and is subject to change at the banks’ discretion. Malay Mail will update this article as more information becomes available in the lead-up to Chinese New Year.