Gifts of money for Chinese New Year quantified for 2017

Source: Gift Something blog post. Survey results for monetary gifts during Chinese New Year in Hong Kong. Values are in Hong Kong dollars.

Gift Something, a one-stop premium online retailer in Hong Kong, has conducted an online survey to find out more about the custom of gifting red envelopes (Editor's note: called angpow or red packets in Singapore, and lai see or red pockets in Hong Kong) during Chinese New Year. Traditionally, these are handed out to single people for luck by married family members during the first 15 days of the lunar year, but may also be given by employers to employees and to people who have provided services year-round such as security guards.

Gift Something has found that the tradition remains strong throughout Asia, noting that 98% of respondents participated in gifting red envelopes to others, most notably to children, immediate family members and close friends. The remaining 2% still keep up the festive tradition of extending blessings and well wishes to others as well as receiving red envelopes; however, they do not gift red envelopes to others as it is not customary for them to do so before marriage.

The survey also found that expatriates of non-Chinese heritage living in Asia also participate in gifting red envelopes during Chinese New Year. Gift Something added that individuals of Chinese heritage gift red envelopes with higher denominations than those of non-Chinese heritage, and the younger generation within this group receives almost five times more red envelopes from their elders.

Parents in Hong Kong gift red envelopes with an average value of HK$100 to HK$200 to their own children and grandchildren. Close and immediate family and friends are most likely to receive up to HK$50 in their red envelopes. The most common value, however, is HK$20. A majority of Gift Something's respondents give small denomination red envelopes to relatives, family friends, young adults and children. Whilst it is customary to gift red envelopes to the younger generation, the survey found that 10% of respondents also gifted red envelopes the other way round, to their elders.

The custom of gifting red envelopes has evolved throughout the years with this gesture being extended to security personnel in Hong Kong. Nearly all (92%) respondents gave red envelopes to the security personnel of their buildings, a quarter of whom gifting as much as HK$100 or more to each of the security staff.

Despite being in full-time employment, almost a quarter of respondents have never received a red envelope from their peers or superiors during Chinese New Year. However, the majority of the remaining 75% of respondents who receive a lucky red envelope during the festive season are gifted on average HK$100 from their superiors.


In Singapore, Westgate mall has also shared information in a similar layout on Facebook, crediting mustsharenews.com on the graphic. Westgate's guide is family-oriented however.

Source: Westgate Facebook page, credited to mustsharenews.com. Values are in Singapore dollars. 

At the time of writing, HK$1 = S$0.182594, or S$1 = HK$5.4766.

High denomination notes in the current series no longer accepted in India

The Central Board of Directors of the Reserve Bank of India (RBI) has recommended that bank notes in the Rs500 and Rs1,000 denominations of the existing series be made worthless. As of 9 November they stopped being legal tender, and all ATMs, cash deposit machines, cash recyclers and other machines used for receipt and payment of cash are shut on 9 and 10 November, 2016. Bank branches and government treasuries are open on 10 November, however.

The Indian government has explained that it has been difficult to easily identify genuine bank notes from fake ones and that the use of fake currency notes is affecting the economy adversely. The total number of bank notes in circulation rose by 40% between 2011 and 2016. Strangely enough, there was a 76% increase in the number of Rs500 notes and a 109% increase for Rs1,000 notes during this period. Another reason for the move is the loss of taxes from the practice of storing high-denomination bank notes as "unaccounted wealth".

The government further said that the old notes will be exchangeable for new ones. New series bank notes in the same denominations will be introduced for circulation from 10 November, 2016. The addition of Rs2,000 bank notes will be monitored and regulated by RBI. The new banknotes which be different from the current ones in terms of look, design, size and colour, the government said.

Under the new rules:

• Old notes may be deposited by individuals into their bank accounts and/or exchanged in bank branches or Issue Offices of the RBI till the close of business hours on 30 December, 2016
  
  
• Old notes totalling Rs4,000 or below in value can be exchanged by an individual at any bank branch or Issue Office of RBI for any denomination of bank notes having legal tender character, provided a requisition slip (format to be specified by RBI) is presented with proof of identity along with the notes. Similar facilities will also be made available in post offices. The limit of Rs.4,000 for exchanging notes at bank branches or at RBI issue offices will be reviewed after 15 days.


• There will not be any limit on the quantity or value of old notes to be credited to a bank where the individual has an account, at any bank in accordance with standard banking procedure and on production of valid proof of identity. However, in accounts where compliance with extant 'know your customer' (KYC) norms is not complete, a maximum value of Rs50,000 of old high-denomination notes may be deposited.
   
• The value of the old notes can be credited to a third-party account, provided specific authorisation therefor accorded by the said account holder is presented to the bank, following standard banking procedure and on production of valid proof of identity of the person actually tendering.


• Cash withdrawal from a bank account over the counter will be restricted to Rs10,000, subject to an overall limit of Rs20,000 per week for the first fortnight, until the end of business hours on November 24, 2016.


• Withdrawal from ATMs is restricted to Rs2,000 per day per card up to November 18, 2016. The limit will be raised to Rs4,000 per day per card from November 19, 2016 onwards.


• There will be no restriction on the use of any non-cash method of operating the account which will include cheques, demand drafts, credit/debit cards, mobile wallets and electronic fund transfer mechanisms.


• For those who are unable to exchange their old high-denomination notes or deposit them in their bank accounts on or before December 30, 2016, an opportunity will be given to them to do so at specified offices of the Reserve Bank of India (RBI) on later dates along with any documentation specified by RBI.


• The affected notes will continue to be accepted at government hospitals and pharmacies in these hospitals; railway ticketing counters and ticket counters of government/public sector outlets handling buses and airline ticketing counters at airports; for purchases at consumer co-operative societies, at milk booths, at crematoria/burial grounds, at petrol/diesel/gas stations of public sector oil marketing companies; for arriving and departing passengers at international airports and for foreign tourists to exchange foreign currency at airports up to a specified amount. 

Interested?

Read the FAQs at the RBI website
Read the notifications at the Finance Ministry website

posted from Bloggeroid

Emirates Islamic opens forex counter at Al Maktoum International Airport

Source: Emirates Islamic. Emirates Islamic’s Foreign Exchange Counter at Al Maktoum International Airport at Dubai World Central.

Emirates Islamic today announced the opening of a foreign exchange (FX) counter at Al Maktoum International Airport at Dubai World Central. The new FX counter, located at the airport’s departure lounge, will enable travellers and tourists to exchange up to 19 currencies at highly competitive rates.

In addition to Al Maktoum International Airport, the bank operates a FX counter at Port Rashid Cruise Terminal. Foreign exchange and remittance services are an important aspect of Emirates Islamic’s retail product suite, with the bank offering regular seasonal promotions and competitive rates on the currencies available.

Faisal Aqil, Deputy CEO - Consumer Wealth Management, Emirates Islamic, said: “Al Maktoum International Airport is becoming an increasingly busy destination and is expected to handle over 26 million passengers by 2017. We are extremely pleased to open an Emirates Islamic counter to serve the needs of travellers using the airport. As part of our strategy to expand our foreign exchange offerings, we plan to open more counters at high-traffic locations such as malls and airports, as well as continue offering the best offers and rates to our customers.”

UAE Central Bank adds raised marks on selected currency notes for sight-impaired

The Central Bank of the United Arab Emirates has begun circulating AED1,000, AED20 and AED10 currency notes that have been printed with raised marks for the sight-impaired, reports WAM, the Emirates News Agency.

The new banknotes have new tactile features achieved through the intaglio printing process on the breadths. The AED1,000 note has a pair of four horizontal lines, separated by a fixed distance, on the right and left sides of the note.

The AED20 denomination has three separate horizontal lines in the same part of the note, while the AED10 denomination has two separate horizontal lines. The design and other specifications of the currency notes will remain the same as for currency notes currently in circulation.

Interested?

View the Central Bank's currency gallery

Western Union renews agreement to offer its services at Hong Leong Bank branches in Malaysia

Western Union, which specialises in money transfer services, has signed a three-year renewal agreement with Hong Leong Bank (HLBB) to extend its offering of money transfer services throughout the 283 HLBB bank locations in Malaysia.

Chew Mei Ling, Malaysia Country Director at Western Union, said, "Outward and inward remittances have been growing in Malaysia. Western Union's renewal of the agreement with HLBB will support this growth. This will enable HLBB's customers to continue to use Western Union's fast, reliable and convenient money transfer services."

Susan Wong, General Manager, Retail Deposits and Remittance, HLBB, said, "Total outward remittance for workers has shown a significant growth of 27.8% in 2014 versus 2013*. Collaborating with Western Union reflects a huge opportunity for us in accelerating the remittance business and meeting the growing consumer needs for real time money transfer."

Since the passing of the Money Services Business Act in 2011 that defined stipulations for the licensing, regulation and supervision of the money changing, remittances and wholesale currency business, there has been a tremendous increase in outward and inward remittances, with a three-year compounded annual growth rate of 30% and 20% respectively*. This growth is due mainly from senders converting from informal to formal channels for money transfer driven by greater public awareness on the value of using legal channels for remittances plus additional and easier money transfer options through mobile and Internet remittance services.

*Source: 2014 Annual Report, Bank Negara Malaysia.

Etihad launches loyalty card with walletplus by Visa

Source: Etihad Guest website.

Etihad Airways’ loyalty programme, Etihad Guest, has added the walletplus, powered by Visa payment feature onto its Etihad Guest card. Etihad Guest members will be able to load travel money onto their cards and convert it into 11 different foreign currencies to spend abroad.

The membership card can be loaded in advance, enabling card holders to better manage their travel budgets by locking in competitive exchange rates in real time before they travel. Pre-loading the card also means that members are immediately able to spend in the local currency upon arrival in another country, without having to first exchange or transfer funds at a bank or foreign exchange.

A maximum of 11 currencies can be held on the card at any one time, one of which must be UAE dirhams. The 10 other currencies are: US dollar, pound Sterling, Euro, Indian rupee, Australian dollar, Canadian dollar, Singapore dollar, Hong Kong dollar, Japanese yen and Thai baht.

Yasser Al Yousuf, Managing Director, Etihad Guest said: “The Etihad Guest loyalty programme focusses on providing features and benefits that enhance value to its members. The new Etihad Guest Card with walletplus is innovative in that it combines the functionality of a reloadable payment card with the benefits of Etihad Guest membership in a single piece of plastic, a first in loyalty and travel payments in the Middle East.”

Additionally, Etihad Guest members can download the walletplus mobile application, available for iOS and Android users, to access a range of functions that include checking their account balance and transaction history, transfer money to other Etihad Guest members with an activated walletplus account (AED only), and report a card lost/stolen.

Philip King, UAE Head of Retail, Abu Dhabi Islamic Bank (ADIB), said: “This is a highly innovative product and the first of its kind in the region. ADIB is proud to assist Etihad Airways in developing a multi-functional card which vividly demonstrates ADIB’s ground-breaking product development capabilities.

Etihad Guest also partnered with Rêv Worldwide, a global leader in multi-currency prepaid processing, to develop the product, utilising Rêv’s proprietary prepaid multi-currency processing platform and global experience in pioneering similar successful products.

“Well before starting work on this new product, we knew we were dealing with a partner that focuses on delivering excellent value and first class service to its members,” said John Mitchell, Chief Executive Officer, Rêv Worldwide, adding “we have great alignment on the value that innovation provides to further customer engagement.”

Etihad Guest members can earn one Etihad Guest Mile per US$2 spent in the UAE, and one Etihad Guest Mile per US$1 spent abroad when paying with walletplus.

Introduced in partnership with Visa, the Etihad Guest card with walletplus can be used to pay at tens of millions of global merchants, and card holders can withdraw cash at more than 2.1 million ATMs across the world.

Marcello Baricordi, General Manager UAE and Global Accounts Lead at Visa MENA, said: “Visa is delighted to partner with one of the world’s leading premium airline brands – Etihad Airways – to launch here in the Middle East a first of its kind travel card that promises Etihad Guest members the most extensive global reach.

Etihad Guest Tier members in the UAE will begin receiving their new Etihad Guest card with walletplus in early March, with rollout of cards to Etihad Guest members in other countries taking place in the future.

POSB expands number of locations where new notes can be collected

Source: POSB eDM.

From February 2 DBS and POSB customers in Singapore can obtain the new notes for Chinese new year in more locations. New notes are considered de rigeur as cash gifts during the new year, placed in red packets (ang pows or lai see) and given to children for luck during the festive period. The heads of some businesses may also distribute such gifts on the first day back to work after the new year holiday.

New notes will be available* at these locations:

1. All SingPost post offices

Exchange amount	Combination
S$500#	S$2 x 100 notes + S$10 x 30 notes (new)
S$1,000	S$10 x 50 notes + S$50 x 10 notes (new)

A DBS or POSB ATM or debit card is required. Post offices can be located here.

2. Pop-up ATMs at Community Clubs (CCs)

Withdrawal amount	Combination
S$100	S$2 x 50 notes (good-as-new)
S$300	S$10 x 30 notes (new)
S$500	S$50 x 10 notes (new)
S$1,000	S$50 x 16 notes + S$10 x 20 notes (new)

The pop-up ATMs will be at:

1. Bukit Batok CC, 21 Bukit Batok Central, S659959
2. Chong Pang CC, 21 Yishun Ring Road, S768677
3. Henderson CC, 500 Bukit Merah View, S159682
4. Kreta Ayer CC, 28A Kreta Ayer Road, S088995
5. Kampong Chai Chee CC, 200 Bedok North Ave 1, S469752
6. Mountbatten CC, 35 Jalan Satu, S399479
7. Teck Ghee CC, 861 Ang Mo Kio Ave 10, S569734
8. Toa Payoh West CC, 200 Lorong 2 Toa Payoh, S319642
9. Yew Tee CC, 20 Choa Chua Kang Street 52 #01-01, S689286
10. Yuhua CC, 90 Boon Lay Way, S609958

For more information on operating hours, visit www.posb.com.sg/cnynotes

*While stocks last.
#Exchange amount of S$500 is limited to a maximum of three packs per customer.

Xpress Money launches daily draw for remittance customers in 11 countries

Xpress Money, the money transfer brand, has launched the 49-day `Win Everyday’ incentive programme, applicable to customers transferring money from Malaysia and 10 other countries, including UAE, KSA, Qatar, Kuwait, Bahrain, Jordan and Brunei.

Source: Xpress Money website. 

According to World Bank data, total outbound remittances from Malaysia are valued at US$2.3 billion in 2012*. “At Xpress Money, we are expecting a 15% rise in remittances during Ramadhan. The `Win Everyday’ programme is our way of wishing Ramadhan Kareem to our customers across the world and this incentive scheme will give our customers the opportunity to earn an added bonus - that they could send back to their families during the festival of Eid,” said Sudhesh Giriyan, Vice President & Business Head, Xpress Money.

In Malaysia, Xpress Money currently has 93 agent locations.

*Remittance Data Outflows – Apr 2014 – World Bank

Use iSend from anywhere to top up Smart and Sun mobile accounts

iSend, a global electronic payment service for people who support family members in other countries, now allows iSend customers worldwide to provide mobile top-ups to the combined 73 million subscribers of Smart Communications and Digitel Mobile Philippines (Digitel) through its mobile brand Sun Cellular (Sun). Both companies are part of the Philippine Long Distance Telephone Company (PLDT), the largest telecommunications company in the Philippines.

Said Steve LaBella, iSend President and CEO: "Consumers who purchase recharges for prepaid mobile subscribers of Smart and Sun service will know those recharges will be delivered with exceptional reliability, backed by closely coordinated service."

While the service is billed for 'family and friends', a service like iSend's could also be used as a reward in an international loyalty programme for partners or customers. 
 

iSend's mobile top-ups are currently available for purchase at more than 150,000 retail locations in the Western hemisphere, and online at http://www.aryty.com/. Top-ups transfer immediately to recipients' prepaid phones at no charge above the normal price of airtime, and the service has become a highly popular means of keeping families and friends in touch across borders.

Anyone wanting to top up the cell phones of friends and family who are Smart or Sun customers can currently try the service for free, including free call time, at http://www.aryty.com/.

First Bitcoin conference in China to debut in May

Bitfund.pe, a Bitcoin-related private equity, and UBM China have announced the first global Bitcoin conference in China. The Global Bitcoin Summit 2014 (GBS) will be held in Beijing from May 10 to 11. 

Source: GBS

The eight tracks at GBS will feature discussions on Bitcoin trends in China and abroad and explore how to create new or expand existing businesses with Bitcoin.

Li Xiaolai, President, GBS and Founder of Bitfund.pe, said: "Bitcoin is a stunning invention and an innovation opportunity for China. Bitcoin startups began flourishing in China at the end of 2012. 

Source: GBS

"In one year, there have been a number of Bitcoin organisations that have come to the fore and are driving this industry both in China and abroad. GBS aims to showcase the latest news and innovations in the Bitcoin world and to let the world learn about the development of Bitcoin in the China market."
The website will be launched in the near future, and registrations made before March 25 would qualify for early bird discounts, Li said.

Contact Hubert Guan of UBM or Hitters Xu of Bitfund.pe for enquiries.