Does the bank in Vietnam accept torn or damaged money (not eligible for circulation)?

Does thebank in Vietnam accept torn or damaged money (not eligible for circulation)?

According to Article 4 of Circular 25/2013/TT-NHNN on standards of money not eligible for circulation as follows:

1. Money that is torn into pieces, damaged due to the circulation process (group of objective reasons):

a) Paper money, of which color is changed, of which designs, letters, digits are faded, which is wrinkled up, smeared, dirty, old; torn into pieces or patched up in full form;

b) Coins, of which the picture, designs, letters, digits and the plated layer are worn out, rusted, damaged partially or wholly.

2. Money that is torn into pieces, damaged due to the preservation process (group of subjective reasons)

a) Paper money which is holed, partially torn; patched up; fired or deformed due to contact with high heat source; of which printing paper, color, security specifications are changed due to the chemical impact (for example detergent, acid, corrosive, etc); which contains the writing, is drawn, erased; which is decayed or deformed due to other reasons, but not due to acts of deterioration.

b) Coins, which are curved, deformed, or of which design, picture is changed due to the impact of external force or high temperature; which are rusty due to contact with metal corrosive chemicals.

3. Money which contains technical error caused during the printing, coining process of the manufacturer, for example printing paper is rumpled causing the loss of picture or printing color, which is splattered with printing ink and contains other mistakes during the printing, coining process.

In addition, Clause 2, Article 6 of this Circular on currency exchange does not meet the circulation standards:

2. For money that is not eligible for circulation as stipulated in Clause 2 Article 4 of this Regulation, customers shall submit that money to the State Bank branches, Central Banking Department, collecting-exchanging units. These units shall receive and consider exchanging with the following conditions:

a) Money torn, damaged not due to act of destruction;

b) Where the bank note is fired, holed, torn partially, its remaining area must be equal to or larger than 60% of the area of the note of the same type, if it is patched up, its area must be larger than 90% of the note of the same type and its origin and lay-out must remain unchanged (front, back; upper, lower; right, left), and its security elements are identifiable;

For polymer money, which is fired or shrunk due to contact with high heat source, its remaining area must be at least equal to 30% of the note of the same type, its lay-out remains unchanged, and at least two of following security elements must be identifiable: the hidden picture in the small window; luminescent colorless ink, luminescence of the serial number lines, security fiber, IRIODIN factor, portrait of the President Ho Chi Minh.

Based on the conditions for exchange of money as stipulated in this Paragraph, State Bank branches, Central Banking Department, the collecting- exchanging unit shall carry out the money exchange for customers. If the conditions for money exchange are not satisfied, State Bank branches, Central Banking Department, the collecting- exchanging unit shall return the money to customers and give a notice of the reason thereof.

For money notes of which exchange conditions are unidentified and need further appraisal, the relevant customer must submit a written application for money exchange (as per Appendix No. 01 attached herewith).

According to this clause, the amount of money you get burnt in the corner if you meet the above conditions will be  collected by the bank in Vietnam. If not eligible for exchange, the State Bank branches, the State Bank Exchange, the collection unit shall return and notify the reason.

What are the selection of coins that do not qualify for circulation?

According to Article 5 of this Circular, money standards do not meet circulation standards, specifically as follows:

1. During the cash collection, payment process with customers, State Bank branches, Central Banking Department, the collecting-exchanging unit shall carry out the selection, classification and withdrawal of money not eligible for circulation.

2. During the counting, delivery and receipt of cash among collecting-exchanging units, State Bank branches, Central Banking Department, if detecting money torn, damaged, due to the preservation process, in any bundle of money which is eligible for circulation, the collection and exchange shall be carried out.

3. In receipt of cash from collecting-exchanging units, State Bank branches, Central Banking Department shall have right to check by chance the exchanged money bundle; in the event that the proportion of the money not eligible for circulation exceeds 5% out of total bundles of checked money eligible for circulation, the total amount of money from the paying units shall be refused, and at the same time, a selection shall be required.

Best Regards!