Hanoi (VNS/VNA) - Commercial bankshave to adjust the limit of cash withdrawals in foreign currency abroad to themaximum equivalent of 30 million VND (some 1,300 USD) per day for internationalcredit and debit cards from early this year to meet a central bank regulation.
Vietcombank last week announced it has adjustedthe limit for its cardholders, starting from January 1, 2019.
The adjustment aims to meet the State Bank of Vietnam (SBV)’sCircular No 26/2017/TT-NHNN on bank card operation, effective fromJanuary 1 this year, a Vietcombank representative said.
According to the SBV, it stipulates cash withdrawal transactionswill be subject to a daily cap to limit the use of cash as foreign currencyspent for improper purposes that are not permitted by law.
Vietcombank’s representative said this regulation does not affectcustomers’ demands as a survey showed few customers used credit cards towithdraw money abroad due to high fees and charges.
However, banking expert Nguyen Tri Hieu said the limit isrelatively low as prices in some foreign countries are 20-30 times higher than Vietnam.
The limit is also low if compared with the ratestipulated in the country’s immigration policy. Under the current regulation, aperson can bring into Vietnam 5,000 USD or other currencies equal to 15million VND without declaring it.
Circular No 26 also stipulates for cashwithdrawals at domestic card accepting units, each cardholder can withdraw amaximum of 5 million VND per day.
According to the circular, in case of issuance of credit cardswith security assets, the credit limit granted to the cardholder shall notexceed 80 percent of the value of the security assets, which is valued at amaximum of 1 billion VND.
In case of credit card issuance without security assets, thecredit limit granted to a cardholder is 500 million VND.-VNS/VNA
VNA