Financial Markets Banks cut interbank money transfer fees The Saigon Times Thursday, Mar 26, 2020,12:30 (GMT+7) Banks cut interbank money transfer feesThe Saigon Times Customers transact at a Sacombank office in HCMC. As many as 37 commercial banks have lowered fees for interbank transfers of VND500,000 to VND2 million – PHOTO: THANH HOA HCMC – As many as 37 commercial banks have lowered fees for interbank transfers of VND500,000 to VND2 million within the National Payment Corporation of Vietnam (Napas) system to encourage customers to make online transactions. Some 98% of total transactions through the Napas system are eligible for money transfer fee cuts for the second period, according to Napas. In the first wave from February 25, 32 banks joined an interbank money transfer fee reduction and exemption program to transfer sums below VND500,000. Among the 37 participants, 13 banks have offered zero charges for interbank transfer services. They are Techcombank, TPBank, MB, VPBank, MSB, PVcomBank, Viet Capital Bank, OCB, BaoViet Bank, Hong Leong Bank, SeaBank, Eximbank and UOB. Customers of Shinhan Bank are exempt from fees for interbank transfers using the bank’s internet banking and mobile banking services. Meanwhile, 23 others have adopted transfer fee cuts equivalent to those of Napas. Their… Read full this story
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