Multiple banks cut fees for interbank money transfer service

Specifically, 10 banks, including Vietnam Technological and Commercial Joint Stock Bank, VietCapital Bank, Vietnam Prosperity Joint Stock Commercial Bank and Tien Phong Bank, have offered the service at no charge, while Bank for Investment and Development of Vietnam, Kienlongbank, Saigon Bank for Industry and Trade and Cooperative Bank of Vietnam have charged a maximum of VND2,000 per transaction.

The Bank for Foreign Trade of Vietnam has also reduced the fee from VND7,700 to VND5,500 per transaction.

Meanwhile, Saigon Thuong Tin Commercial Bank has reduced the fee from VND12,000 to VND10,000 for each transaction carried out through Internet banking and mobile banking channels, and collected VND2,500 for each transaction conducted through its Sacombank Pay app.

Vietnam Export Import Bank has exempted the fee for customers transferring money through Internet banking and mobile banking channels and collected VND8,800 for each transaction conducted at the bank’s offices.

The move is aimed at encouraging the use of noncash payments amid the spread of Covid-19.

According to the National Payment Corporation of Vietnam, from February 1 to 24, the number of fast interbank money transfer transactions through the corporation doubled those seen in the same period last year.