There Won’t Be Any New $1,000 Notes in S’pore from 2021; Here’s What to do if You Have Them

2020-11-03 , 7:00 pm

What’s considered useful, evil by some but completely necessary in everyday life?

Money.

You basically need it for everything in life, besides the Goody Feed app which you can download for free.

And maybe you even know a friend who carries this around in their wallet at all times.

Firstly, your friend is super-rich.

Secondly, better tell that someone to not lose it, cause there won’t be any new S$1,000 notes in the future.

No More New $1000 Notes

According to the Monetary Authority of Singapore (MAS) on 3 November, Singapore will stop issuing S$1,000 notes starting next year, CNA reported.

The S$1,000 notes were first issued in 1999 and will not be issued starting 1 January 2021.

The MAS claims that this is to help reduce money laundering cases and terrorist financing.

They feel that larger notes can be carried around more anonymously since you don’t need a large stack for transactions.

It would then lead to more illegal activity.

While this might some strange to some, this practice has actually been adopted by other countries.

As of last year, Europe has stopped printing 500 Euro banknotes for similar reasons.

The US also stopped producing $500, $1,000, $5,000 and $10,000 notes after World War 2.

But don’t worry, it’s not the end of the world if you happen to have any of these notes on hand.

They still have value

The MAS states that the S$1,000 will still be usable for payments and transactions.

Just don’t go and buy cai fan with it please, because the auntie will surely destroy you.

In fact, banks can still circulate the S$1,000 notes that are deposited with them.

And if you want to try and get one of these soon-to-be-legendary notes, you can.

There will be a limited amount of the S$1,000 notes available from now till December.

But by then, will you really want to even spend it though? Just deposit it and save your money.

Unless, for some reason, you want to sing the National Anthem by reading the back of the note.

You can watch this video on the facts about the Singapore dollar notes (and please subscribe to our YouTube channel for more informative videos!):

The S$1000 note will be joining the ranks of the one-cent coin, one-dollar note and S$10,000 dollar note soon.

But not for its S$100 counterpart.

The MAS says that other notes, such as the much high-in-demand S$100 note, will be readily available.

However, the public is also encouraged to go with cashless methods like PayNow and FAST.

The last note that was phased out was the S$10,000 note, which stopped being issued in 2014.