VietNamNet Bridge – The bank’s doors have been opened more widely to people, who need to buy dollars, since the short supply has been improved. Meanwhile, the black market’s exchange rates have come closer to the commercial exchange rates quoted by banks.
Lan Anh, who lives on Ho Tung Mau street in Hanoi, said that one month ago, when she came to Techcombank’s headquarter on Ba Trieu street to purchase dollars, the bank refused to sell dollars to her. However, on April 20, after working with the officers of the bank’s international payment division, she was told that she would be able to purchase 1000 dollars if she can show necessary documents.
An officer of Vietcombank’s branch on Ngo Quyen street in Hanoi, said that Vietcombank has recently raised the limit on the volumes of dollars to be sold to individual clients. Previously, an individual could buy 100 dollars at maximum, while he now can buy up to 500 dollars to bring with himself on trips abroad for studying, traveling, business or for healthcare services.
However, the officer admitted that Vietcombank will not provide cash if clients purchase more than 500 dollars. In this case, clients are advised to use cards. If transferring 10,000 dollars, a client will have to pay a fee of 33 dollar.
Banking officers all admit that the mode of money transfer will only be useful for the individuals who travel abroad to study or have healthcare services. Meanwhile, keeping cash proves to be the best solution for those who go abroad for other purposes like going on business or touring.
The banking officers admit that they do not know how to advise clients, if they need to purchase the amounts of dollars which exceed the amounts the banks can offer. “The common answer that we give in this case is that clients should purchase dollars from different banks,” an officer said.
According to VnExpress, some other commercial banks have also lifted the limits on the amounts of dollars to be sold to individual clients.
An officer of VP Bank’s branch on Le Thai To street, in Hanoi, said that if individuals can meet the requirements, they can buy up to 5000 dollars. The officer stressed that individuals still have to wait for the bank’s credit division to consider necessary documents. There is high possibility that clients can buy dollars, because the bank’s foreign currency supply has become more profuse. The exchange rate quoted at 10 am of April 20, was 20,935 dong per dollar.
Meanwhile, people are whispering in each other’s ears that if wanting to buy dollars at this moment, one just needs to come to banks and try to contact the people who come there to sell dollars to banks. If he can negotiate with bank officers, he can easily purchase dollars.
Observers say the dollar supply of commercial banks has become more profuse, since people now tend to sell dollars to banks instead of selling dollars on the black market. Especially, big export companies, which have earnings in dollars, have also begun selling dollars to banks. Since banks now have more dollars to sell, more people have the opportunities to buy dollars and the amounts of dollars they can buy have become bigger.
The observers also say many commercial banks now have high positive position of foreign currencies, while banks mainly use the dollars they purchase to resell to clients. Banks do not want to sell dollars to the State Bank at this moment because of the low prices.
Tran Phuong Binh, General Director of Dong A Bank, also said that dollars have become more easily accessible now for people, because banks have enough dollars to satisfy people’s demand.
Binh said, that in principle, banks only can sell foreign currencies when they can buy foreign currencies from individuals and businesses. If people find it more profitable and safer to sell dollars to banks than selling on the black market, they will choose to sell to banks. If so, banks will have enough dollars to satisfy all the demands.
The interbank exchange rate announced by the State Bank on April 20 was 20,728 dong per dollar; a five dong per dollar decrease in comparison with April 19.