Central bank asks for cut in electronic fund transfer fees
The State Bank of Vietnam (SBV) on March 31 issued a directive to reduce the fees for transactions via interbank electronic payment system by 50 percent for local banks.
Hanoi (VNA) - TheState Bank of Vietnam (SBV) on March 31 issued a directive to reduce the feesfor transactions via interbank electronic payment system by 50 percent forlocal banks.
The reduction took effect from April1 to the end of this year, aiming to support production and business toovercome difficulties caused by the COVID-19 pandemic and encourage cashlesspayments.
Under the Circular04/2020/TT-NHNN, the central bank asked credit institutions and branches offoreign banks in Vietnam to review their payment services fees to cut the feeson customers.
The fee reduction for customersmust be equal to or higher than the reduction rate offered by the central bankfor local banks.
Local banks must report thereduction of payment fees to the central bank before April 15.
The National PaymentCorporation of Vietnam recently slashed the switching fees for local bankstwice, which made local banks cut fees on customers for fast fund interbanktransfer of sums worth 2 million VND or less./.
Seventeen out of 45 commercial banks slashed the fees for interbank transfers of small sums worth less than 500,000 VND (21.5 USD) following the move of the National Payment Corporation of Vietnam (NAPAS) to cut switching fees with an aim to promote cashless payments.
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Illustrative image (Photo: baodansinh.vn) 
