Where can I exchange torn, damaged, or burnt banknotes, and are there any fees?

While conducting transactions and making payments, we sometimes discover that the banknotes we are using are torn or damaged. This can be due to objective or subjective factors. The law provides regulations regarding the exchange of torn or damaged banknotes. These regulations are stipulated in Circular No. 25/2013/TT-NHNN.

According to Article 3 of Circular 25/2013/TT-NHNN, banknotes that do not meet circulation standards are paper banknotes (cotton and polymer banknotes) and metal coins issued by the State Bank of Vietnam that are in circulation but are torn, damaged, or deformed according to the standards for banknotes that do not meet circulation standards as stipulated in this Circular.

The State Bank of Vietnam publishes a sample of banknotes that do not meet circulation standards as a basis for collecting, exchanging, selecting, and classifying currency.

Criteria for banknotes that are not eligible for circulation (according to Article 4, Circular 25/2013/TT-NHNN):

-Firstly, damaged or worn-out banknotes due to circulation (objective causes): Paper money changes color, images, patterns, letters, and numbers fade; is crumpled, torn, smudged, dirty, or old; is torn into separate pieces or glued back together but still intact; metal coins are worn, rusted, or partially or completely damaged in terms of images, patterns, letters, numbers, and plating.

- For damaged or worn-out banknotes due to improper storage (subjective causes): Banknotes with holes or tears; banknotes that have been patched; burned or deformed due to contact with high heat sources; banknotes whose printing, color, or security features have been altered by chemicals (such as detergents, acids, corrosive substances, etc.); banknotes that have been written on, drawn on, or erased; banknotes that are rotten or deformed for other reasons but not due to acts of destruction. Metal coins that are bent, warped, or have altered shapes or designs due to external forces or high temperatures; or that have been corroded due to contact with chemicals are also not eligible for circulation.

-Banknotes with technical defects due to the manufacturer's printing or minting process, such as creased paper causing loss of image or color, ink stains, and other errors in the printing or minting process.

The exchange of banknotes that do not meet circulation standards is regulated in Article 6 of Circular 25/2013/TT-NHNN, specifically:

Damaged or torn banknotes due to circulation, and banknotes with technical defects... are the responsibility of the State Bank of Vietnam branches, State Bank of Vietnam Transaction Offices, and exchange units to immediately collect and exchange them for customers in need, without limiting the quantity or requiring any paperwork.

For banknotes that are torn or damaged due to improper storage, customers must submit the physical banknotes to the State Bank of Vietnam branch, State Bank of Vietnam Transaction Office, or exchange unit. The units will accept and consider the exchange according to the following conditions:

-Crooked or damaged banknotes that are not the result of destruction;

-In cases where a banknote is burned, punctured, or torn in part, the remaining area must be equal to or greater than 60% of the area of ​​a banknote of the same denomination; if patched, the area must be at least 90% of the area of ​​a banknote of the same denomination and must retain the original layout and structure of a banknote (front, back; top, bottom; right, left), while still allowing identification of security features;

For polymer banknotes that are burned or deformed due to exposure to high heat, the remaining area must be at least 30% of the area of ​​a banknote of the same type and must retain the original banknote layout, while at least two of the following security features must be recognizable: the hidden image in the small window, the colorless fluorescent ink, the fluorescent serial number, the security thread, the IRIODIN element, and the portrait of President Ho Chi Minh .

Based on the exchange eligibility criteria as stated above, the State Bank of Vietnam branch, State Bank of Vietnam Transaction Office, or exchange unit will process the exchange for the customer. If the customer does not meet the exchange eligibility criteria, the State Bank of Vietnam branch, State Bank of Vietnam Transaction Office, or exchange unit will return the money to the customer and inform them of the reason.

Therefore, people can bring torn or damaged banknotes to State Bank branches, State Bank Transaction Offices, or exchange units to exchange them completely free of charge.

Minh Hoa (compiled)

Source: https://www.nguoiduatin.vn/doi-tien-rach-nat-hu-hong-chay-sem-o-dau-co-mat-phi-khong-a609572.html