Do you keep damaged banknote at home? If so, don’t throw it away! Don’t be surprised if someone throws damaged money away. For them, it has no value anymore, it won’t even be exchanged in shops. Actually that is the biggest mistake that many people make. Do you know, damaged money consists of various categories. Each category of damaged money has its own value. Money is a piece of paper that has a very high value. It becomes very important for everyone because whatever we want must be paid for with money.
Before exchanging the damaged money, you need to first ascertain the type of damage to the money. Damaged money can be exchanged at any type of bank and also the main bank which is Bank Negara Malaysia. However, if the damage is severe, it can only be exchanged at Bank Negara Malaysia. It is highly likely that the damaged banknotes you keep will still be valuable if exchanged at Bank Negara Malaysia. Bank Negara Malaysia accepts banknotes and coins that are not fit for circulation to be exchanged for new money like:
- partially burnt
- torn apart
- perforated
- dirty/worn
- shrink (mostly polymer/plastic money)
- eaten by termites
- color fading and more.
So, what do you do if you have damaged money? The way to exchange damaged banknote is to bring the damaged bank notes / polymer money / coins to any Bank Negara Malaysia branch near you and fill in the form. You can get the form at the counter. If the Bank Negara Malaysia branch is too far from your home, you can try depositing your damaged banknotes at Maybank, CIMB, BSN and others.
In conclusion, even damaged money still has value. But if the damage is very bad, it is worthless. Therefore, don’t throw it away every time the money is damaged, identify the damage first. For more information, please contact the Currency Management & Operations Department at 03-26988044 ext. 7284 / 7307 / 8252 / 8278 or www.bnm.gov.my.
