Saturday,  Mar 28, 2020,16:55 (GMT+7) 0 0
Banks cut interbank money transfer fees
The Saigon Times
Thursday,  Mar 26, 2020,12:30 (GMT+7)

Banks cut interbank money transfer fees

The Saigon Times

Customers transact at a Sacombank office in HCMC. As many as 37 commercial banks have lowered fees for interbank transfers of VND500,000 to VND2 million – PHOTO: THANH HOA

HCMC - As many as 37 commercial banks have lowered fees for interbank transfers of VND500,000 to VND2 million within the National Payment Corporation of Vietnam (Napas) system to encourage customers to make online transactions.

Some 98% of total transactions through the Napas system are eligible for money transfer fee cuts for the second period, according to Napas.

In the first wave from February 25, 32 banks joined an interbank money transfer fee reduction and exemption program to transfer sums below VND500,000.

Among the 37 participants, 13 banks have offered zero charges for interbank transfer services. They are Techcombank, TPBank, MB, VPBank, MSB, PVcomBank, Viet Capital Bank, OCB, BaoViet Bank, Hong Leong Bank, SeaBank, Eximbank and UOB. Customers of Shinhan Bank are exempt from fees for interbank transfers using the bank’s internet banking and mobile banking services.

Meanwhile, 23 others have adopted transfer fee cuts equivalent to those of Napas. Their fees have been reduced to VND1,000-VND10,000 per transaction, exclusive of value-added tax, depending on the transaction channel and customer category.

Public Bank Vietnam, Nam A Bank and VietBank collect the transfer fee at VND2,000 per transaction, while Vietcombank, Agribank and BIDV have charged customers VND5,000 for each transaction.

Napas told the local media that in March, the number of fast interbank transfer transactions valued at VND500,000 or below through the Napas system rose by 32% against the figure seen in February.

Apart from contributing to the limit on transactions at offices, the money transfer fee reduction programs are expected to help contain the spread of the coronavirus. The second fee cut program is set to run until December 31.

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