Reducing fees for financial switching and electronic clearing services

LE HANG

Reducing fees for financial switching and electronic clearing services

On 30 July 2021, the State Bank of Vietnam (SBV) issued Document No. 5517/NHNNTT on the policy of waiving and reducing fees for financial switching and electronic clearing services.

Accordingly, given the complicated developments of the Covid-19 pandemic and in implementing the government’s Resolution No. 63/NQ-CP dated 29 June 2021, the SBV has requested the National Payment Corporation of Vietnam (NAPAS) to continue the policy on waiving and reducing fees for financial switching and electronic clearing services in 2021.

Specifically, NAPAS is requested to reduce by 50 percent of the fees of financial switching and electronic clearing services for transactions via ATMs and POS; by 75 percent at the minimum for the fees of financial switching and electronic clearing services for 24/7 interbank account transactions. The effective period is from 1 August 2021 to 31 December 2021.

Also in this Document, the SBV has requested the credit institutions and the foreign bank branches to implement the following: reducing fees for transactions via ATMs and POS which are made via NAPAS, and the fees for the 24/7 interbank account transactions with the minimum reduction level equivalent to NAPAS’s adjustment level. Higher reduction levels are encouraged. For credit institutions and foreign bank branches already implementing the fee waiver policy, it is requested that the implementation be continued. The minimum effective period is from 1 August 2021 to 31 December 2021.

Chairpersons of the Boards of Directors, Board of Members and General Directors of the credit institutions and the foreign bank branches are responsible for the development and implementation of the policies on fee reduction at their respective institutions (types of reduced fees, levels of fee reduction, target customers, etc.); ensuring compliance with the requirements in Point 1 of this Document; reporting on the types of reduced fees, the levels of fee reduction and the effective period to the governor of SBV (via the Payment Department) before 15 August 2021 for information and supervision.