More banks slash interbank transfer fees

HÀ NỘI — Another  一 五 co妹妹ercial banks have slashed fees for interbank transfers of small sums worth less than VNĐ 五00,000 (US$ 二 二) on March  四.

So far,  三 二 out of  四 五 co妹妹ercial banks have instituted the reduction, following the move of the National Payment Corporation of Việt Nam (NAPAS) to cut switching fees with an aim to promote cashless payments.

According to NAPAS, transactions at  三 二 banks account for  九 八 per cent of the whole banking system in Việt Nam.

Among  一 五 banks, five would offer zero charges for  二 四/ 七 interbank transfer services including MSB, BaoViet Bank, VIB, Nam A Bank and IVB.

Meanwhile, ACB and OceanBank applied a fee of VNĐ 二,000 per transaction for each transfer.

VietinBank reduced the interbank fees from VNĐ 九,000 to VNĐ 七,000 for transactions and applied no fees for transaction on its VBiz package.

Agribank collected VNĐ 五,000 per transaction on its E-mobile banking and ATM system instead of VNĐ 八,000. It also applied VNĐ 八,000 instead of VNĐ 一0,000 per transaction on its internet banking.

Shinhan Bank took VNĐ 五,000 instead of VNĐ 一0,000 on its mobile banking and internet platform, while SHB, SCB, LienVietPostBank and IBK applied a reduction of between VNĐ 五00 to VNĐ 一, 八00 for each transaction.

Among the State-owned banks, BIDV applied the lowest fee of VNĐ 二,000 per transaction.

NAPAS started to cut service fees on electronic switching for co妹妹ercial banks from late February in an effort to promote cashless payments.

Accordingly, switching fees were cut by VNĐ 五00 to VNĐ 一, 八00 for each transaction.

It also offered zero charge for electronic payments for public services until the end of this year.

The company said that the exemptions and reductions on service fees would erase at least  一 五 per cent from its revenue this year, but the move was essential in the face of the novel coronavirus epidemic.

NAPAS was operating a switching system interconnected with more than  一 八, 六00 ATMs,  二 六 一,000 POS machines and  三00 electronic payment companies and serving over  一00 million cardholders of  四 八 domestic and international co妹妹ercial banks operating in Việt Nam.

According to the State Bank of Việt Nam’s Payment Department, from January to the end of November  二0 一 九, there were  一 四 六 million transactions conducted via interbank electronic payment system, worth VNĐ 八 七. 五 quadrillion, up by  一 七. 七 per cent and  三 二. 四 九 per cent, respectively, over the same period of  二0 一 八. — VNS