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Bank to sell foreign currency to travellers
DongA Bank will sell foreign currencies of destination countries to individual customers travelling abroad, beginning on Mar 23. In case the particular currency was not available, the bank would sell them the euro equivalent, said the bank's General Director Tran Phuong Binh.
The bank would also encourage customers to use its short-term international credit cards (Against commensurate dong deposits used as collateral) for their trips if their need was higher than the limits the bank had set for currency sales to individual customers, he said.
The use of such credit cards was safer than carrying cash, he added.
Binh said the bank's latest move was a response to recent public complaints about commercial banks not meeting their demand for US dollars when travelling overseas.
Currencies available included the US, Australian, Hong Kong, Singapore and Canadian dollars, Japanese yen and the British pound, he said.
The prices for foreign currencies would be based on rates stipulated by the State Bank, he said, adding that the selling price would ensure some profit for the banks while remaining reasonable for buyers.
For a working trip or tour of less than seven days the bank would sell foreign currency worth US$300 per person and for longer visits, $600.
For a visit being made for medical treatment, the bank would sell $600 worth of foreign currency per person for stays of less than seven days and $1,000 per person for longer periods.
For students going to study in another country, foreign currencies worth $7,000 would be sold (Apart from credit cards – also against dong deposits – that were typically used to cover their food, accommodation and tuition costs).
Binh advised customers to contact his bank at least seven days prior to their departure to ensure their demands are met.
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