When it comes to exchanging US dollars, what procedures and documents are required, and what are the key considerations? These are commonly asked questions about exchanging USD. To learn more about exchanging USD at banks, join us in this article.
1 What is Foreign Currency?
Foreign currency refers to the money of other countries, which can be exchanged for domestic currency.
Foreign currency is the money of other countries, which can be exchanged for domestic currency through payment or investment processes. Essentially, when a tourist from Vietnam goes to the United States, the US dollar is considered foreign currency. To use it, the tourist must perform a transaction, converting VND to USD.
2 Procedures for Exchanging Foreign Currency at Banks
Procedures for Exchanging Foreign Currency at Vietcombank
Procedures for exchanging foreign currency at Vietcombank.
To exchange or trade foreign currency at Vietcombank, you need to prepare the following documents:
– When exchanging foreign currency, bring your identification card (ID card, passport) and the desired amount of foreign currency to the bank’s transaction offices to complete the necessary procedures.
– If you wish to purchase foreign currency, bring your ID card (passport or ID card), VND, and documents proving the purpose of using the foreign currency (travel, business trip, studying abroad, etc.) to the bank.
Benefits of exchanging foreign currency at Vietcombank:
– Strong foreign currency reserves and a wide range of currency options to meet customer demands.
– Customers can choose to transact in various foreign currencies.
– A team of consultants guides customers to make the best decisions while avoiding potential risks.
– Simple and quick procedures.
Procedures for Exchanging Foreign Currency at Vietinbank
Procedures for exchanging foreign currency at Vietinbank.
To exchange foreign currency, you need to prepare the following documents:
– Portfolio proving the purpose of using the foreign currency (mandatory when buying foreign currency at the bank).
– A request form for buying or selling foreign currency (for customers who wish to buy foreign currency from the bank).
– Other necessary documents as per the regulations of the State Bank of Vietnam.
– A list of the types and amounts of currency to be sold to the bank (for customers selling foreign currency).
Benefits of exchanging and trading foreign currency at Vietinbank:
– Competitive exchange rates compared to other banks.
– A nationwide network of branches.
– Flexible settlement time options: same day, next day, or two days later.
Procedures for Exchanging Foreign Currency at BIDV
Procedures for exchanging foreign currency at BIDV.
Registering directly at the bank:
– Living expenses for international students: Prepare a portfolio of documents, including a valid passport/visa, plane ticket or other transportation ticket, and, if there is no visa, a school admission letter or confirmation of being a student at a foreign school.
Without the necessary documents, the maximum purchase limit is 5,000 USD per person per transaction.
– Traveling abroad for medical treatment: Prepare a portfolio of documents, including a valid passport/visa, plane ticket or other transportation ticket, and a medical examination report or referral letter for treatment abroad.
Without the necessary documents, the maximum purchase limit is 10,000 USD per person per transaction.
– Traveling or working abroad: Prepare a portfolio of documents, including a valid passport/visa, plane ticket or other transportation ticket, and a decision letter for business trips for those traveling for work.
Without the necessary documents, the maximum purchase limit is 5,000 USD per person per transaction.
Registering online:
The procedure for exchanging foreign currency online includes providing a valid ID card, ID card, or passport, along with other necessary documents. Then, follow these steps:
Step 1: Access BIDV’s online website and select the foreign currency purchase registration option.
Step 2: Fill in the required information, such as full name, date of birth, ID card number, phone number, email address, etc. Fields with a * are mandatory.
Step 3: Enter the OTP code sent to your phone by the bank to confirm.
Step 4: After receiving your application, the bank will review it and respond via text message.
Step 5: Customers should bring all the necessary documents to the BIDV branch at the scheduled appointment time to complete the foreign currency transaction.
Benefits of exchanging, buying, and selling foreign currency at BIDV:
– A nationwide network of branches.
– BIDV is the first bank to sell foreign currency through IBMB.
– Years of experience in foreign currency trading and foreign exchange business.
Procedures for Exchanging Foreign Currency at Agribank
Procedures for exchanging foreign currency at Agribank.
– Customers must present documents detailing the purpose of using the foreign currency, the amount, and the type of currency to be paid. They must also commit to using the exchanged currency for the declared purpose, adhering to Vietnam’s foreign exchange management regulations.
– Fill in all necessary information in the foreign currency purchase and exchange contract.
– Present your ID card, citizen ID card, or passport.
Benefits of exchanging, buying, and selling foreign currency at Agribank:
– Competitive exchange rates.
– A wide range of foreign currencies to meet customer needs.
– A nationwide network of branches.
– Convenient and quick foreign currency exchange procedures.
3 Conditions for Buying USD from Banks
Conditions for buying USD from banks.
According to legal regulations, the following entities are eligible to purchase USD from banks:
– Vietnamese citizens can buy foreign currency from authorized credit institutions to meet their spending needs when studying, working, traveling, visiting, or seeking medical treatment abroad.
– Foreigners with legal income sources in Vietnam can buy foreign currency from authorized credit institutions, complying with current foreign exchange management regulations.
– Individuals can sell foreign currency in cash at authorized credit institutions, following the prevailing State Bank of Vietnam regulations.
4 Notes on Foreign Currency Exchange Procedures at Banks
Notes on foreign currency exchange procedures at banks.
has provided you with information about USD exchange procedures. If you still have questions about the procedures and conditions, feel free to explore and learn more.
