Business
New limitation of foreign currency withdrawal for Vietnam's credit card holders
Credit card holders are not allowed to withdraw cash worth more than VND30 million for foreign currency per day.
The new regulation would go into force from March 3, 2018.
Specifically, a card holder can withdraw a maximum amount of cash in foreign currency equivalent to VND30 million (US$1,300) per day. For cash withdrawal at domestic card accepting units, each card holder can withdraw maximum VND5 million in one day.
This is in line with newly-issued Circular 26 by State Bank of Vietnam (SBV) concerning bank card operation.
For the withdrawal of cash by cards abroad, to limit the use of cash as foreign currency spent for improper purposes that are not permitted by the law, the circular stipulates that cash withdrawal transactions will be subject to a daily cap limit
Specifically, a card holder can withdraw a maximum amount of cash in foreign currency equivalent to VND30 million (US$1,300) per day. For cash withdrawal at domestic card accepting units, each card holder can withdraw maximum VND5 million in one day.
This is in line with newly-issued Circular 26 by State Bank of Vietnam (SBV) concerning bank card operation.
For the withdrawal of cash by cards abroad, to limit the use of cash as foreign currency spent for improper purposes that are not permitted by the law, the circular stipulates that cash withdrawal transactions will be subject to a daily cap limit
The circular also states, in case of issuing credit card with collateral asset, the credit line will not exceed 80% of the asset’s value, which is not over one billion VND.
In case without mortgage asset, credit limit granted to the cardholder is VND500 million.
Besides, the circular also broaden age range for the main owner of credit card, debit card to 15-18.
SBV also supplements regulations on the issuance of cards to foreigners to prevent the case where foreigners enter the country for a short period and then exit the country to carry out criminal activities by using the credit cards issued by institutions in Vietnam.
