Notes on Transfer Fees and Applicable Foreign Exchange Rates for Currency Conversion

According to the provisions of Circular 34/2015/TT-NHNN, the remittance fee and applicable exchange rate are stipulated as follows:

Remittance Fee:

- Economic organizations directly receiving and disbursing foreign currency shall negotiate with foreign partners to receive the remittance service fee without charging the beneficiaries.- For authorized credit institutions:

- In the case of remittances through authorized credit institutions that have signed remittance service contracts with foreign partners: Authorized credit institutions shall negotiate with foreign partners to receive the remittance service fee without charging the beneficiaries.- In the case of remittances through authorized credit institutions not falling under the above-mentioned cases: Authorized credit institutions are allowed to charge service fees to the beneficiaries in accordance with the regulations of the State Bank regarding service fees. Authorized credit institutions must publicly announce the service fees at the place of foreign currency disbursement.

Exchange Rate from Foreign Currency to Vietnamese Dong

- In cases where the beneficiary wishes to receive in Vietnamese Dong, credit institutions and economic organizations providing foreign currency receipt and disbursement services are responsible for paying in Vietnamese Dong at the exchange rate in accordance with the decision of the State Bank at the time of conversion.

Details can be found at Circular 34/2015/TT-NHNN, effective from March 1, 2016.

- Thu Ba -

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