Gold buyers urged to prepare cashless payments under new rules

Gold buyers urged to prepare cashless payments under new rules

Gold traders have advised customers to prepare suitable non-cash payment methods in advance and check each company's requirements for transferring and receiving funds to avoid difficulties during transactions.

Customers buying gold products at a store in Hà Nội. — VNS Photo Ly Ly Cao

Several gold traders in Việt Nam have announced new cashless payment requirements for gold purchases and sales worth VNĐ5 million (US$193,500) or more per customer per day, following the implementation of Government Decree No. 390/2026/ND-CP on October 16.

Under the new regulation, gold transactions with a total daily value of at least VNĐ5 million for an individual customer must be settled through non-cash payment methods in accordance with the law.

Bao Tin Minh Chau Company Limited said transactions involving gold purchases and sales totalling VNĐ5 million or more per day must be paid for through cashless methods. The company has asked customers to take note of the new requirements when visiting its stores.

Bao Tin Manh Hai Jewellery JSC has also notified customers of the change in payment procedures, recommending that they prepare suitable cashless payment methods in advance to ensure transactions are processed conveniently, quickly and in compliance with the law.

Saigon Jewellery Company (SJC) has issued its own guidance, setting out requirements for bank transfers and the handling of refunds.

For payments by bank transfer, SJC requires customers to use bank accounts registered in their own names. The account details must match the information on their citizen identification cards or passports, as well as the order and invoice details.

SJC said it would process refunds within seven to 15 working days from the date a request is received in cases where customers make payments from accounts not registered in their own names or use transfer descriptions that do not comply with the company's requirements.

For customers selling gold back to SJC or exchanging gold, transactions with a total daily value of VNĐ5 million or more will be paid by bank transfer into the customer's own bank account, the company said.

Similarly, Phu Quy Group announced that it will apply cashless payment methods to transactions worth at least VNĐ5 million per day. The requirement covers all products bought and sold at the company, including gold, silver, jewellery and other products.

The company requires customers to conduct transactions through bank accounts registered in their own names. It will not accept payments through e-wallets and has advised customers against using bank accounts belonging to other people or securities accounts to settle transactions.

Ancarat Precious Metals JSC has likewise notified customers of the new requirements, urging them to prepare appropriate payment methods when buying or selling gold worth VNĐ5 million or more in a day.

The announcements from the companies highlight the need for customers to check payment requirements before visiting stores, particularly the rules governing the accounts used to transfer or receive money. 

Although the new regulation establishes a common value threshold, individual businesses have also specified procedures for bank transfers and other payment-related matters.

Customers should pay attention to how the threshold is calculated. The VNĐ5 million limit applies to the total value of transactions conducted by one customer in a day, rather than solely to the value of each individual payment.

As a result, customers whose separate transactions collectively reach the threshold during the day must also comply with the cashless payment requirement. 

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