The State Bank – Khanh Hoa Branch warns locals and tourists to exchange foreign currencies in licensed places that are banks and agents authorized by banks.
The State Bank – Khanh Hoa Branch warns locals and tourists to exchange foreign currencies in licensed places that are banks and agents authorized by banks.
Lots of authorized foreign exchange points
Khanh Hoa Province has a number of licensed foreign exchange spots. The banking system in the province has 163 offices and 73 agents by 50 authorized agents. 19 foreign exchange agents are placed at Cam Ranh International Airport; others are in 3 star and over hotels, tourist sites, commercial centers, etc.
According to Bui Hoa Thinh, manager of planning and finance of BIDV Khanh Hoa, foreign exchange turnover of this bank so far this year has reached about 10 million USD, including USD700,000 exchanged at 4 agents of BIDV Khanh Hoa at Cam Ranh International Airport. The authorized agents are required to obey regulations on foreign exchange, especially publicize exchange rates. The agents are also banned to trade foreign currencies illegally, sell foreign currencies at rates not the same with those of the bank, etc.
According to Le Thi Kim An, manager of customer service of Vietcombank Khanh Hoa, foreign exchange of the bank branch in the past ten months was USD4.3 million, fulfilling 116% year-on-year.
However, not all foreign currencies can be changed legally. Some kinds of foreign currencies cannot be exchanged by banks. Therefore, travel firms should advice tourists to take strong foreign currencies or payment cards with them when traveling. According to representative of a big hotel in Tran Phu Street, his hotel has foreign exchange desk but few guests have done the exchange as they often do payment by card or withdraw cash at ATM by their international payment cards.
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Intensifying management
From 2008 to now, the State Bank only licenses foreign exchange for organizations put in places with a lot of foreign visitors like 3 star and over hotels, tourist sites, commercial centers, supermarkets, border gates, etc. Gold shops are not permitted to exchange foreign currencies. However, some gold shops still do it.
According to Do Trong Thao, deputy director of the State Bank - Khanh Hoa Branch, to correct foreign exchange in the province, the bank has directed commercial bank branches to guide locals and tourists to do foreign exchange at offices of banks and authorized agents, and not to exchange currencies in unauthorized places. Besides, the State Bank - Khanh Hoa Branch hosts or joins inspection mission to check the implementation on foreign exchange. In 2018, such five inspections have been done. To satisfy the demand for foreign exchange of locals and tourists, the banking has developed network, agents; stepped up non-cash payment; intensified propaganda; announced legal foreign exchange addresses, etc. In need of cash, foreign visitors can exchange at agents at Cam Ranh International Airport, hotels, banking offices, commercial banks, etc. or withdraw at ATMs by payment cards.
Nam Du
Translated by T.T
