Currency Denominations Dispensed at ATMs

Mr Seah Kian Peng asked the Prime Minister whether all banks that provide ATM facilities are required to ensure that currency notes being dispensed from these ATMs will include notes of $10 denomination and not just those of $50 and $100 denominations.

Mr Tharman Shanmugaratnam (for the Prime Minister): Banks decide on the denomination of the currency notes they stock in the ATMs based on customers' demand and currency note withdrawal patterns. 85% of the approximately 2,700 ATMs in Singapore dispense $10 denomination currency notes. Banks also have in place processes to monitor and replenish currency notes in their ATMs in a timely manner. ATMs that dispense only larger denomination currency notes are generally located in areas where there is a general preference towards larger withdrawals, for example, ATMs in shopping centres.

Besides ATMs and bank branches, some banks have also set up additional channels to facilitate cash withdrawals. For example, DBS/POSB, OCBC and HSBC have partnered with merchants with prominent presence across Singapore, such as 7-Eleven, NTUC and Cold Storage, to enable cash withdrawals in various denominations, including $10 notes, at their payment counters.

MAS will continue to monitor the situation to ensure adequate access to smaller denomination currency notes.