New money exchange online is rampant
Just search for the phrase "change small change", "change new money" on social networks like Facebook, Zalo... and thousands of posts advertising money exchange services will immediately appear. Clubs and groups for exchanging small change and new money are also active with many members.
In addition to attractive offers such as "low exchange fee", "real money commitment", "original series of money", competitive spreads... account owners are also willing to deliver money to their doorstep and check before receiving the money. The agreement on the spread, the denomination of money to be exchanged, the quantity, the delivery address... is exchanged via private messages.
'Blooming' exchange of lucky money for Lunar New Year 2024: Is it a violation of the law?
Contacting several Facebook accounts advertising services to exchange small change and new money, with the need to exchange 10 million VND, an account named HGM said that depending on the quantity and denomination, the exchange fee will be different.
Accordingly, the smaller the denomination of money, the higher the exchange fee. For 1,000 - 5,000 VND bills, the exchange fee is 8 - 15%; for 10,000 - 50,000 VND bills, the exchange fee is 7% and for 100,000 - 200,000 VND bills, the exchange fee is 3%. Thus, if you exchange about 1 million VND for 1,000 - 5,000 VND bills, you will lose about 80,000 - 150,000 VND in fees. For customers exchanging 50 million VND or more, the price is more preferential, from 2.5 - 4%.
Small change and new money are sold everywhere online during Tet.
It can be seen that the smaller the new denomination, especially the new original series and original bundles, are traded by many people when this type of money is quite scarce.
"We work all year round, in large quantities, not seasonal, so you can rest assured. My rent is for the whole line and belt. The current fee is very cheap, so hurry up and change it soon, otherwise it will increase dramatically in a few days," the account owner of HGM invited.
Not only can they exchange for all denominations, and they can have it immediately, these sellers also provide large quantities of new money wholesale and retail. Questioning why money exchange advertising agencies can still provide large quantities of new money while the State Bank of Vietnam restricts the issuance of new money to banks, account holder TH said: "The new money is saved from the previous year, and every time the bank has new money, they take the opportunity to exchange and store it to serve customers during Tet."
Beware of currency exchange "traps"
The characteristic of online money exchange is that it is often done through social networks. Customers who want to exchange money can transfer 30-50% of the total amount to be exchanged, provide an address, someone will come to deliver the new money and the customer will pay the remaining amount. Some account holders also deliver the money to the customer and allow them to check it before receiving it.
However, many people, when receiving the money, found the money had been gutted, mixed with old, damaged, and even counterfeit money. An account named NN lamented: "In the past, I often asked acquaintances to exchange new money for me to give as Tet gifts. This year, because I couldn't ask them to exchange it, I went online to find a place to exchange money before Tet to get a cheaper price. I exchanged 5 million VND in 20,000 VND notes, and paid a fee of 350,000 VND. However, when I counted it again, I found that 200,000 VND was missing and there were many old bills stuffed inside the core. When I called the money exchanger, they said that if I received the money, I had to check it immediately, and if I brought it home, I would be responsible. Anyone who wants to exchange new money should be careful because scams are rampant."
With high spreads, there can be huge profits from this illegal business.
It is worth mentioning that in tens of millions of results about exchanging new money and small change on Google search engine, besides websites providing this service, there is also a lot of information about exchanging new money and small change to make profit from the difference is a violation of the law with heavy penalties. However, with high profits, hiding behind technology, money exchange services are becoming more and more sophisticated.
Fine from 40 - 80 million VND
Regarding this behavior, a leader of the State Bank said that according to Articles 12 and 13 of Circular No. 25/2013/TT-NHNN, the acts of exchanging new money and small change from individuals and organizations to enjoy the difference in percentage are all illegal acts.
These acts can be fined from 20 to 40 million VND for individuals and 40 to 80 million VND for organizations (according to Clause 5, Article 30, Section 8, Chapter 2, Decree 88/2019 of the Government regulating administrative sanctions in the field of currency and banking).
Regarding authority, in case an organization exchanges money in violation of the law, it will be fined from 40 to 80 million VND under the authority of the Director of the Banking Inspection and Supervision Department, the Chief Inspector of Banking Supervision or the head of the inspection team according to regulations.
Depending on the severity of the violation, the evidence may be confiscated. For example, the Director of the Banking Inspection and Supervision Department has the right to impose a fine of up to VND250 million; confiscate evidence and means of administrative violation with a value not exceeding VND500 million.
Recently, in the directive on ensuring the celebration of the Lunar New Year of Giap Thin in 2024, Prime Minister Pham Minh Chinh requested the State Bank to well organize the regulation and supply of cash, meeting the cash demand of the economy in terms of both value and denomination structure; ensuring security and safety of treasury vaults during the Lunar New Year of Giap Thin in 2024.
In addition, the State Bank directed credit institutions to organize foreign exchange services well and increase foreign currency exchange activities to serve the needs of foreign tourists.
At the same time, coordinate with competent authorities to strengthen inspection, promptly detect and strictly handle acts of buying and selling foreign currency, exchanging money... in violation of legal regulations.
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