4 rules for buying foreign currency when traveling
Learning the regulations on buying and selling foreign currency when traveling helps you protect your interests, save time and money, and ensure your trip goes smoothly.
To discover the 4 latest updated regulations on buying foreign currency when traveling, please refer to the article below.
1. Regulations on the type of foreign currency purchased
As provided in paragraph
4 in Article 11 of Circular 20/2022/TT-NHNN, when needing to exit a foreign country for tourism purposes, customers must purchase foreign currency in the currency of the country they are going to.
When the bank does not have the currency of the country the customer is visiting, the customer can request the bank to provide freely convertible foreign currencies. With the above foreign currencies, the customer is allowed to use flexibly in the country he is traveling to or exchange to the country's own currency without needing a license.
2. Regulations on subjects eligible to purchase foreign currency
Residents who are Vietnamese citizens are allowed to buy foreign currency for tourism purposes. In case the Customer cannot directly buy or sell foreign currency with the bank, he/she can legally authorize another organization or individual to carry out the transaction.
| Note: The Bank will agree to provide foreign currency trading services after verifying the customer's legitimate need for foreign currency. |
3. Regulations on foreign currency trading limits
From January 2023, the limit for buying, transferring, and carrying foreign currency is specifically regulated by Vietnamese law based on Circular 20/2022/TT-NHNN . In which, banks are allowed to decide the amount of foreign currency sold and transferred based on the reasonable needs of individuals but not exceeding the average income per capita at the current price of the country where the foreign currency buyer comes from.
Annually, banks are allowed to update data on average income per capita at current prices of countries published at the most recent time on the World Bank's website to serve as a basis for determining the amount of foreign currency allowed to be purchased and transferred by customers.
In addition, carrying foreign currency cash when traveling must also comply with the regulations of the airport and customs regulations of the destination country and Vietnam. Customers should consult information from the authorities or other reputable sources to ensure full compliance with regulations and related risks.
For example: When leaving Vietnam, customers are only allowed to bring a maximum of 5,000 USD in cash or equivalent foreign currency. If they bring a larger amount of foreign currency, they will need to declare it and present relevant documents.
4. Regulations on foreign currency trading locations
Article 3 of Circular 20/2022/TT-NHNN stipulates that legal places for buying and selling foreign currencies are licensed banks (including banks and foreign branches of banks). These banks must be licensed by the State to conduct business and provide foreign exchange services. Therefore, when there is a need to buy and sell foreign currencies, customers need to choose a suitable, reputable bank that is licensed to legally trade foreign currencies.
Among the banks currently licensed to trade and provide foreign exchange services, BIDV is trusted by many customers because it trades in more than 140 different foreign currencies and has a network that spans both domestically and internationally. In addition, BIDV also provides the BIDV Smartbanking application, with the features "Buy foreign currency in cash" and "Transfer money internationally" to meet customers' online transaction needs.
Buying foreign currency is a regular need when customers leave the country. Customers should save the information in the article to understand the 4 regulations for buying foreign currency when traveling and conduct successful transactions! If you need advice or support on foreign currency purchasing procedures at BIDV, please visit the website https://bidv.com.vn or contact hotline 1900 9248 , BIDV transaction points nationwide for the fastest and most accurate support.