Why are $2 notes no longer legal tender in Singapore?
The Monetary Authority of Singapore (MAS) announced in 2019 that the $2 note would be demonetised on October 1, 2021. This means that the note is no longer legal tender and cannot be used to make payments.
There are several reasons why the MAS decided to demonetise the $2 note. First, the note is relatively low-value and is not widely used in circulation. Second, the note is susceptible to counterfeiting. Third, the MAS is looking to reduce the number of different denominations of notes in circulation.
Where can I change my $2 notes?
If you have any $2 notes, you can change them at the following locations:
- Any bank in Singapore
- Any Singapore Post branch
You will need to bring your $2 notes to the bank or post office and present them to a teller. The teller will then exchange your $2 notes for notes of other denominations.
What if I have a lot of $2 notes?
If you have a large number of $2 notes, you may want to consider depositing them into your bank account. You can do this by visiting any bank in Singapore and depositing the notes into your account.
You can also exchange your $2 notes for other denominations of notes at any bank or Singapore Post branch.
What happens if I try to use a $2 note after October 1, 2021?
If you try to use a $2 note after October 1, 2021, the note will not be accepted as legal tender. You will not be able to use the note to make payments.
If you have any $2 notes after October 1, 2021, you can change them at any bank or Singapore Post branch.
What are the penalties for counterfeiting $2 notes?
Counterfeiting $2 notes is a serious crime. If you are caught counterfeiting $2 notes, you could face a jail sentence of up to 10 years and a fine of up to S$100,000.
Frequently Asked Questions
What is the demonetisation of the $2 note?
The demonetisation of the $2 note means that the note is no longer legal tender and cannot be used to make payments.
Why is the $2 note being demonetised?
The $2 note is being demonetised because it is relatively low-value and is not widely used in circulation. The note is also susceptible to counterfeiting.
Where can I change my $2 notes?
You can change your $2 notes at any bank or Singapore Post branch.
What if I have a lot of $2 notes?
If you have a large number of $2 notes, you may want to consider depositing them into your bank account or exchanging them for other denominations of notes at any bank or Singapore Post branch.
What happens if I try to use a $2 note after October 1, 2021?
If you try to use a $2 note after October 1, 2021, the note will not be accepted as legal tender and you will not be able to use it to make payments.
What are the penalties for counterfeiting $2 notes?
Counterfeiting $2 notes is a serious crime and you could face a jail sentence of up to 10 years and a fine of up to S$100,000.
Conclusion
The demonetisation of the $2 note is a significant change for Singapore. It is important to be aware of the changes and to make sure that you have changed your $2 notes before October 1, 2021.
Additional Resources
- MAS website on the demonetisation of the $2 note
- Singapore Post website on the demonetisation of the $2 note
Keywords
- $2 note
- Demonetisation
- Legal tender
- Counterfeiting
- Bank
- Singapore Post
