Woolworths team Bank has partnered up with award-winning currency exchange provider Send Payments to ensure our members can benefit from market-leading exchange rates when they are sending or receiving money. Send Payments can transfer your money into the currency you want, whenever you want. With Lunar New Year right around the corner, organise your hóng bāo’s (red pockets) with Send Payments today!
What is a red pocket and how did this tradition begin?
According to legends, there was a monstrous creature named Nian. Once a year, it would come out of the forest at night and devour entire villages. The steps of protection against Nian during New Year’s Eve transformed into the Spring Festival celebration. The Spring Festival is dressed in red with lots of candles and fireworks to ward off the evil spirits.
Parents would also give children money that night. This way, the children would have something to bribe the monster or other evil spirits with.
After thousands of years, the Chinese are still continuing this tradition but in the form of red pockets. Children will receive red pockets from elders to pass on a year of good fortune and blessings.
Younger generations have also been known to give red pockets to their elders, as a blessing of longevity and a show of gratitude and in some regions of China, red pockets are given by married couples to their unmarried friends to hopefully transfer some luck.
Red pockets still bring joy and happiness to children and adults alike. It is a show of love and gratitude to each other.
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Woolworths Team Bank wishes you a prosperous happy Lunar New Year!
