ELECTRONIC FUND TRANSFER FEES TO BE CUT BY AT LEAST 50 PER CENT

The State Bank of Việt Nam on Tuesday issued a directive to reduce the fees for transactions via interbank electronic payment system by 50 per cent for local banks.

The reduction took effect from today to the end of this year, aiming to support production and business to overcome difficulties caused by the COVID-19 pandemic and encourage cashless payments.

Under the Circular 04/2020/TT-NHNN, the central bank asked credit institutions and branches of foreign banks in Việt Nam to review their payment services fees to cut the fees on customers.

The fee reduction for customers must be equal to or higher than the reduction rate offered by the central bank for local banks.

Local banks must report the reduction of payment fees to the central bank before April 15.

The National Payment Corrporation of Việt Nam recently slashed the switching fees for local banks twice, which made local banks cut fees on customers for fast fund interbank transfer of sums worth VNĐ2 million or less.

Source: VNS