If you’ve ever pulled out a torn, crumpled or slightly burnt banknote from your wallet and panicked about whether it’s still usable, here’s good news.
Bank Negara Malaysia (BNM) has reminded Malaysians that most damaged banknotes can be exchanged for new ones, for free, at any bank nationwide.
In a recent Facebook post, the central bank shared a simple, easy-to-follow guide explaining how to determine whether your damaged notes are eligible for replacement, and what the exchange process involves.
Most damaged notes can be exchanged on the spot
According to BNM, notes can still be replaced as long as more than one-third of the original note is intact. This includes banknotes that are:
- Torn or wrinkled
- Slightly burnt or charred
- Faded or discoloured
- Shrunken or misshapen
- Have holes
- Previously repaired with tape
- Undamaged on the Yang di-Pertuan Agong’s portrait
- Free from scribbles or doodles
These notes can be brought to any bank, and the replacement can usually be completed immediately on the same day. There is no fee and no bank account required.
Some cases require BNM verification
However, not all damaged notes qualify for an instant swap. Notes with severe damage or those that raise security concerns must be sent to BNM for verification.
This includes banknotes that:
- Have security ink stains
- Are heavily burnt or covered in soot
- Are eaten by termites
- Are mouldy or decomposed due to moisture
- Are too damaged to identify their value
For such cases, the bank will submit the notes to BNM, and customers will need to wait for the assessment and approval process to complete before receiving a replacement.
Banks must accept damaged notes
BNM also stressed that banks are obligated to help the public replace damaged banknotes. If a bank refuses to accept your damaged currency, you may lodge a complaint with the bank’s internal complaint unit.
Alternatively, Malaysians can directly report the issue to BNM via their official website.
With this reminder, BNM hopes to clear up confusion and encourage Malaysians not to worry the next time they find a slightly torn or burnt note in their wallet. Chances are, it can still be saved.
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