Money is not everything but we have to agree for the fact that money is something very important. Beyond the basic need, money helps us achieve our life’s goals.
Most of us have received a torn or patched-up banknote before at some point. When we receive torn or crumpled notes, we tend to feel bad to throw it away but you think you can’t use it anyway, especially when it’s a big amount note.
However, did you know that if you have Ringgit Malaysia that is torn, dirty or damaged, you can actually exchange it at Bank Negara Malaysia (BNM) for free?
According to Bank Negara Malaysia (BNM), the quality standard for banknotes needs to be ensured to help to ease identification of security features. A Malaysian banknote is considered fit for recirculation if it meets the following criteria:
- Genuine and not counterfeit
- Free from holes, tears, tape or missing portion
- Has uniform brightness and free from excessive soiling
- Free from ink-wear, particularly on the portrait of SPB Yang di-Pertuan Agong
- Free from defacement
Besides Bank Negara Malaysia branches, you can also exchange unfit currency at your usual bank if you find it more convenient. Although most commercial banks do provide this service free of charge, some banks may charge a fee for it, so make sure to enquire beforehand.
However, if your banknotes do not meet the fixed quality standard and are no longer suitable for distribution, they should be exchanged.
The following are the examples of banknotes that are no longer suitable for distribution.
▼ Burnt
▼ Crumpled
▼ Punctured
▼ Ink-worn
▼ Shrunk
▼ Repair
You can exchange your banknotes in Bank Negara Malaysia if your notes are torn. The value of banknotes depends on the size of the torn note.
The following is the exchange value for unfit banknotes.
i) Size of banknotes
▼ Full Value
More than 2/3 of the original banknote’s size.
▼ Half Value
More than ½ but less than 2/3 of the original banknote’s size.
▼ No Value
Less than ½ of the original banknote’s size.
ii) Level of Defacement
▼ Full Value
Minor defacement.
▼ No Value
Markings on the portrait of SPB Yang di-Pertuan Agong or writings depicting political, religious and racial elements.
Major defacement or indication of banknotes used as a writing pad.
You should definitely go to the Bank Negara Malaysia or any banks to exchange your banknote if it meets any of the above criteria.
Info via: BNM