Several commercial banks reduce transfer fees

By March 26, nearly 40 commercial banks have exempted or reduced transfer fees for their clients, accounting for 98.9 percent of total transfer money transactions through the National Payment Service Vietnam (NAPAS).
14 commercial banks reduced their transfer fees to zero. Of which, Techcombank, TPBank, MB, VPBank, MSB, PVcomBank, Viet Capital Bank, OCB, BaoViet Bank, Hong Leong Bank, SeaBank, Eximbank, and UOB exempted fees on all channels. Other commercial banks applied an average fee from VND1,000 to VND10,000, not including value-added tax.

Public Bank Vietnam, Nam A Bank, and VietBank applied the minimum fee of VND2,000 per transaction. Vietcombank, Agribank, and BIDV applied the fee level of VND5,000 per transaction while Vietinbank charged VND7,000 per transaction.

The representative of NAPAS said that in March this year, the total volume of small-value interbank money transfers through the service increased by 32 percent compared to that in February. This shows that people have shifted from cash to non-cash payment channels to limit the impacts of the Covid-19 pandemic.

By Nhung Nguyen – Translated by Thuy Doan

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