Currency Used in Banking Card Transactions

04:03, 11/07/2024

The State Bank of Vietnam issued Circular 19/2016/TT-NHNN on June 30, 2016, stipulating specific regulations on the currency used in bank card transactions.

Circular 19 stipulates the currency used in card transactions within the territory of Vietnam as follows:

- Cash withdrawal transactions via cards must be executed in Vietnamese dong;

- For other card transactions:

- The transaction currency is Vietnamese dong. In cases where foreign exchange can be used for transactions according to regulations on foreign exchange management, the currency shown in the transaction is either Vietnamese dong or both Vietnamese dong and foreign currency;- The payment currency is Vietnamese dong. Merchants are only allowed to receive payments in Vietnamese dong from Payment Service Providers;

Note that in cases where it is necessary to convert from foreign currency to Vietnamese dong, the exchange rate between Vietnamese dong and foreign currency should be agreed upon by the parties in accordance with the regulations of the State Bank of Vietnam.

Additionally, Circular 19 stipulates that when performing card transactions outside the territory of Vietnam, the cardholder must make payments to the Issuing Institution in Vietnamese dong according to the exchange rate agreed upon by the parties in accordance with the regulations of the State Bank of Vietnam.

See details Circular 19/2016/TT-NHNN effective from August 15, 2016.

-Thao Uyen-

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