Exchange new money for Tet: Exchange 1 million VND and receive 900,000 VND

On a group of residents of an apartment complex in Hanoi , a post accepting exchange of small change and new money for Tet received nearly 1,000 comments. According to the post owner, they will exchange money for free for the first 100 people, from the 101st person, the exchange fee is 5%, applied to money of all denominations.

Most commenters were willing to pay a 5% fee to exchange new bills. These people said that in recent years, exchanging money has been quite difficult and the 5% fee is acceptable.

Tra My - a bank employee - said that every year, by the end of the year, she receives hundreds of messages from friends asking to exchange for new money.

Because of the custom of giving lucky money during the Lunar New Year, the demand for exchanging new money during the New Year is very high. Most people want to exchange lucky money worth 10,000 VND or more. In addition, a smaller group of people want to exchange small bills worth 1,000 VND, 2,000 VND, 5,000 VND for use when going to the temple.

New money exchange services are always "hot" near Tet (Photo: Tuyen Quang Police).

Tra My has no intention of providing currency exchange services because most of the people who come to her are relatives and friends. Therefore, My usually helps them exchange money without charging any fees.

She added that currently, each bank employee is usually only allowed to exchange for free about 50 million to 100 million VND (applicable to all denominations). If that bank employee needs to exchange more, they need to buy this quota from their colleague for an amount agreed upon by both parties.

Tuan Minh - an employee of a large bank in Hanoi - said that normally, bank employees often use the exchange of new money as a way to thank loyal customers over the past year. Therefore, most bank employees make full use of their exchange quota. A few people provide money exchange services, the rest often exchange for free for customers, relatives and friends.

"If they do provide money exchange services, bank employees are quite secretive and don't want their colleagues to know because it would be bad news. This is not really supported," Minh shared.

Tuan Minh believes that at present, people should only ask friends and relatives who are bank employees to exchange new money with a sufficient amount. In addition, people should not exchange money with strangers to avoid paying too high fees, and even in many cases, being scammed.

Sharing with Dan Tri reporter, Bachelor of Law, legal consultant Ngoc Thao, said that according to Articles 12 and 13 of Circular No. 25/2013 dated December 2, 2013 of the State Bank of Vietnam , only the State Bank, branches, State Bank transaction offices, credit institutions, foreign bank branches, and the State Treasury have the function of collecting and exchanging money that does not meet circulation standards.

Thus, according to legal regulations, there are currently only regulations on exchanging money that does not meet circulation standards, there are no regulations on exchanging old money for new money that still meets circulation standards.

For business units, conducting business of exchanging money for profit difference, can be punished for illegal product trading.

According to Decree 88/2019 dated November 14, 2019 of the Government regulating administrative sanctions in the field of currency and banking, any act of exchanging new money or small change to enjoy the difference in percentage or exchanging money for profit is illegal and can be fined from 20 to 40 million VND. The above fine applies to individuals, while for organizations it will be doubled.

Source: https://dantri.com.vn/kinh-doanh/doi-tien-moi-dip-tet-doi-1-trieu-dong-nhan-ve-900000-dong-20240126101111802.htm