The rising demand for small changes to donate to temples or give out as lucky money during Tet has created a boost in unregulated currency exchange services.
Money exchange service near Hoang Bay Temple
The providers often operate near temples or relic sites.
Currency exchange services can be found anywhere along the way from the parking lot to Ba Chua Kho Temple in Bac Ninh Province. Dozens of shops near Huong Pagoda in Hanoi also incorporated this service and raked in high profits.
Money exchange services can also be found on internet with attractive advertisements. The providers even offer free delivery for their customers.
In order to change VND50,000 into VND10,000 notes, customers have to pay VND5,000 in fee. The service fees get higher with smaller value notes. Many providers offer to get 80% of total money worth in exchanging for VND500 banknotes.
"VND200 and VND500 notes are harder to come by because the government has already set a limit for printing new small banknotes. The fees for exchanging these notes will be higher than previous years," said a provider.
Small banknotes are often donated to temples during worship with hope that they will bring luck to benefactors. At Ba Chua Kho Temple, small banknotes can also be used to make flower or tower offerings to the goddess.
In December 2013, the governor of State Bank of Vietnam asked the Ministry of Industry and Trade and Ministry of Public Security to deal with unregulated money exchange issues but the services still boom when Tet comes.
