Is there a fee for exchanging small bills at the bank?

Whether or not there is a fee for exchanging small bills at banks is a matter of concern for many people.

Conditions for exchanging small money at the bank

Clause 2, Article 6 of Circular 25/2013/TT-NHNN stipulates the exchange of money that does not meet the standards for circulation. Accordingly, banks are responsible for exchanging money for customers who need to exchange money that does not meet the standards for circulation, such as torn or damaged money that is not due to acts of destruction; money that is burned, punctured, or partially torn... without quantity restrictions and without requiring paperwork.

However, there are currently no specific regulations for banks to exchange small bills or old or new bills. However, in reality, many banks still create conditions for customers to exchange small bills when needed. Conditions for exchanging small bills will depend on the requirements of each bank.

Is there a fee for exchanging small bills at the bank?

Although there are no specific regulations on exchanging small bills at banks, some banks still support exchanging old bills for new bills, and even bills for small bills completely free of charge.

Exchanging small bills at banks is free of charge. (Photo: Laborer)

To know more about the policy of exchanging small change at the bank, customers should proactively contact the bank directly.

Notes when exchanging small money at the bank

When needing to exchange small money at the bank, customers need to pay attention to the following issues:

- Come directly to the transaction office or bank branch during business hours.

- To make a quick transaction, you should prepare the amount to be exchanged in cash or money in your account.

- Be sure to check the quantity and denomination of the change carefully before leaving the counter.

How much is the penalty for exchanging small change for a percentage difference?

According to Article 3, Clause 3 of Decree 88/2019/ND-CP, the act of exchanging small change for commission will be subject to administrative penalties. The penalty for organizations that violate the law is twice that of individuals.

Specifically, individuals who illegally exchange small bills will be fined from 20 to 40 million VND. Organizations that illegally exchange small bills will be fined from 40 to 80 million VND.

Source: https://baoquangninh.vn/doi-tien-le-tai-ngan-hang-co-mat-phi-3316033.html