Is there a fee for exchanging money for smaller denominations at the bank?

Whether or not there are fees for exchanging money for smaller denominations at banks is a question many people are interested in.

Conditions for exchanging small denominations of money at the bank.

Clause 2, Article 6 of Circular 25/2013/TT-NHNN stipulates the exchange of banknotes that do not meet circulation standards. Accordingly, banks are responsible for exchanging banknotes for customers who need to exchange banknotes that do not meet circulation standards, such as torn or damaged banknotes not caused by destruction; banknotes that are burned, punctured, or partially torn... without limiting the quantity and without requiring any paperwork.

However, there are currently no specific regulations regarding banks exchanging small denominations of currency or old/new banknotes. Nevertheless, in practice, many banks still facilitate customers exchanging small denominations when needed. The conditions for exchanging small denominations will depend on the requirements of each bank.

Is there a fee for exchanging money for smaller denominations at the bank?

Although there are no specific regulations regarding exchanging small denominations of currency at banks, some banks still offer free exchange of old banknotes for new ones, or large denominations for smaller ones.

Exchanging small denominations of money at banks is free of charge. (Photo: Nguoi Lao Dong)

To learn more about the bank's policy on exchanging small denominations of currency, customers should proactively contact the bank directly.

Things to note when exchanging money for smaller denominations at the bank.

When needing to exchange money for smaller denominations at a bank, customers should keep the following points in mind:

- Visit a bank branch or transaction office in person during business hours.

- To complete the transaction quickly, it's advisable to have the required amount of money ready in cash or in your account.

- Be sure to carefully check the quantity and denomination of small bills before leaving the teller counter.

What is the penalty for exchanging small denominations of money and profiting from the difference?

According to Clause 3, Article 3 of Decree 88/2019/ND-CP, the act of exchanging small denominations of currency for commission will be subject to administrative penalties. The penalty for organizations committing the violation is twice that of individuals.

Specifically, individuals who illegally exchange small denomination banknotes will be fined between 20 and 40 million VND. Organizations that illegally exchange small denomination banknotes will be fined between 40 and 80 million VND.

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