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According to the fees announced on social networking sites, at this time, if people exchange about 2 million VND in denominations of 2,000 VND, they can lose up to 300,000 VND in fees.
Advertise new currency on social networks
The Lunar New Year 2023 is approaching, the need to exchange small change, new money, money with beautiful serial numbers... is also "hot" again.
There are a series of articles openly advertising currency exchange services all over the internet. However, people need to be careful with these online services to avoid "losing both money and health" and even breaking the law.
Bustling new money market
Just type the phrase "exchange small change," "exchange new money" into the search bar of social networking sites like Facebook, Zalo or Google..., users will immediately receive thousands of posts publicizing money exchange services with winged advertisements "all types available, full bills, original series, original bundles, cheap fees."
In particular, many social networking accounts spend a lot of money advertising services for exchanging small change, new money, and accepting "wholesale" money to attract more people's interest and transactions.
According to these advertisements, all currencies are available with flexible exchange fees depending on the currency and time, with home delivery service, applicable to customers living far away.
Through the reporter's investigation, at this time the exchange fee for large denominations such as 100,000-200,000 VND ranges from 3-6%, and for small bills from 1,000-2,000 VND ranges from 10-15%.
Thus, if exchanging about 2 million VND in denominations of 2,000 VND, people can lose up to 300,000 VND in fees. For customers who need to exchange large amounts of money, this fee will be discounted according to the advertisement.
However, for bills with beautiful serial numbers such as birth year or spiritual elements or when exchanging money close to Tet, the transaction fee is very chaotic, even up to 30-35%.
In addition to the service of exchanging new money and small change, the new money "market" also sells rare foreign currencies from many countries with values many times higher than the actual face value, depending on the uniqueness of the bill.
For example, a $2 bill (equivalent to nearly VND50,000) with a cat, the symbol of the Lunar Year 2023, costs up to VND200,000 per bill. Bills with beautiful serial numbers can sell for millions of dong.
Beware of "traps"
The characteristic of exchanging small change, new money, unique money is that it is often done online. The seller requires the customer to transfer the entire amount to be exchanged plus the difference fee before delivering the money as requested.
Many accounts also spend a lot of money advertising services to exchange small change, new money, and accept "wholesale" money to attract more people to be interested and make transactions.
However, many people, upon receiving the money, discovered that the money had been embezzled, mixed with old, damaged, and even counterfeit money.
According to Circular No. 25/2013/TT-NHNN of the Governor of the State Bank of Vietnam regulating the collection and exchange of money that does not meet the circulation standards, only organizations authorized by the State such as the State Bank, State Bank branches, State Bank transaction offices, credit institutions, foreign bank branches, and the State Treasury are allowed to collect and exchange money that does not meet the circulation standards for organizations and individuals. Apart from these units, all activities of collecting and exchanging money by other individuals and organizations are illegal.
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 20-40 million VND according to Decree 88/2019/ND-CP dated November 14, 2019 of the Government regulating administrative sanctions in the field of currency and banking.
The above fine applies to individuals, and for organizations it will be doubled.
In recent years, the State Bank has implemented a policy of not issuing new small bills with denominations under 10,000 VND on the occasion of Lunar New Year.
At the same time, strictly prohibit officials and banking organizations from taking advantage of, assisting, and providing new types of money to money exchange businesses to enjoy the difference, including choosing previously circulated but still new money to collect into bundles, bundles, etc.
Recently, in the Directive on strengthening measures to ensure a joyful, healthy, safe and economical Lunar New Year 2023, Prime Minister Pham Minh Chinh requested the State Bank of Vietnam to well organize the regulation and supply of cash, meeting the cash needs of the economy in terms of both value and denomination structure; ensure security and safety of treasury; direct the credit institution system to well organize foreign exchange services, increase foreign exchange activities to serve the needs of foreign tourists.
The Directive also emphasizes that the State Bank must closely coordinate with relevant agencies to strengthen inspection, promptly detect and strictly handle violations in the purchase and sale of foreign currency and gold and currency exchange activities that are not in accordance with the law.
According to Vietnam+
