No. They are supposed to be on the soil of the state where your license is. I do of course know several doctors who aren't aware of this, continue to practice, and nothing happens to them because it's really only something where everyone looks the other way....UNLESS this is going to be a case reviewed by a 3rd party that may question WTF? You saw them outside your state license?
Can it happen? Unlikely but yes it can. Especially if the case is not routine and a high risk patient. Such examples are if the patient complains about you to your state medical board, a higher up in your organization, the patient's insurance company annually asks for notes from a provider to make sure you're doing the minimum, or if you are sued.
Add to the frustration that many patients such as college students can't easily find psychiatrists in their area while in school or at home and your license only covers one of those areas. So if you tell them you won't see them this leaves the patient in a bad position unless they can easily find another provider of at least adequate quality.