Illustrative image (Photo: VNA) Hanoi (VNA) - Seventeenout of 45 commercial banks slashed the fees for interbank transfers of smallsums worth less than 500,000 VND (21.5 USD) following the move of the NationalPayment Corporation of Vietnam (NAPAS) to cut switching fees with an aim topromote cashless payments.
Among them, ten would offerzero charges for 24/7 interbank transfer services, namely Techcombank, MB,VietCapital Bank, VPBank, TPBank, OCB, Pvcombank, SeABank, CIMB and UOB.
BIDV, Kienlongbank, SaigonBankand CoopBank reduced their fees by up to 90 percent to below 2,000 VND pertransaction.
Vietcombank reduced theinterbank fees from 7,700 VND to 5,500 VND for transactions conducted onVCB-iBanking, VCB-Mobile Banking, VCBPay and ATM booths.
Eximbank offered zero chargesfor interbank transfers on its internet banking and mobile banking services.For offline interbank transactions, Eximbank would reduce its fee to 8,800VND, compared to the old fee equivalent to 0.03 percent of the transactionvalue, minimum 10,000 VND and maximum 90,000 VND.
Sacombank cut its fee from 12,000VND to 10,000 VND and collects 2,500 VND per transaction conducted on SacombankPay app.
More commercial banks wereexpected to cut interbank transfer fees in the coming days.
NAPAS started to cut servicefees on electronic switching for commercial banks from February 25 in an effortto promote cashless payments.
Accordingly, switching fee wascut by 500 VND to 1,800 VND for each transaction.
It also offered zero charge forelectronic payments for public services until the end of this year.
The company said that theexemptions and reductions on service fees would erase at least 15 percentfrom its revenue this year, but the move was essential in the face ofthe novel coronavirus epidemic.
NAPAS was operating a switchingsystem interconnected with more than 18,600 ATMs, 261,000 POSmachines and 300 electronic payment companies and servingover 100 million cardholders of 48 domestic andinternational commercial banks operating in Vietnam.
According to the State Bank of Vietnam’sPayment Department, from January to the end of November 2019, there were 146million transactions conducted via interbank electronic payment system, worth 87.5quadrillion VND, up by 17.7 percent and 32.49 percent, respectively, over thesame period of 2018./.
Among them, ten would offerzero charges for 24/7 interbank transfer services, namely Techcombank, MB,VietCapital Bank, VPBank, TPBank, OCB, Pvcombank, SeABank, CIMB and UOB.
BIDV, Kienlongbank, SaigonBankand CoopBank reduced their fees by up to 90 percent to below 2,000 VND pertransaction.
Vietcombank reduced theinterbank fees from 7,700 VND to 5,500 VND for transactions conducted onVCB-iBanking, VCB-Mobile Banking, VCBPay and ATM booths.
Eximbank offered zero chargesfor interbank transfers on its internet banking and mobile banking services.For offline interbank transactions, Eximbank would reduce its fee to 8,800VND, compared to the old fee equivalent to 0.03 percent of the transactionvalue, minimum 10,000 VND and maximum 90,000 VND.
Sacombank cut its fee from 12,000VND to 10,000 VND and collects 2,500 VND per transaction conducted on SacombankPay app.
More commercial banks wereexpected to cut interbank transfer fees in the coming days.
NAPAS started to cut servicefees on electronic switching for commercial banks from February 25 in an effortto promote cashless payments.
Accordingly, switching fee wascut by 500 VND to 1,800 VND for each transaction.
It also offered zero charge forelectronic payments for public services until the end of this year.
The company said that theexemptions and reductions on service fees would erase at least 15 percentfrom its revenue this year, but the move was essential in the face ofthe novel coronavirus epidemic.
NAPAS was operating a switchingsystem interconnected with more than 18,600 ATMs, 261,000 POSmachines and 300 electronic payment companies and servingover 100 million cardholders of 48 domestic andinternational commercial banks operating in Vietnam.
According to the State Bank of Vietnam’sPayment Department, from January to the end of November 2019, there were 146million transactions conducted via interbank electronic payment system, worth 87.5quadrillion VND, up by 17.7 percent and 32.49 percent, respectively, over thesame period of 2018./.
VNA
