Waiving and reducing fees for financial switching and electronic clearing services

Accordingly, under the complicated developments of the COVID-19 pandemic and to implement Resolution No. 63/NQ-CP dated June 29, 2021 of the Government, 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% of the fees of financial switching and electronic clearing services for transactions via ATMs and POSs; to reduce by 75% at the minimum for the fees of financial switching and electronic clearing services for the 24/7 interbank account transactions. The effective duration is from August 1, 2021 to December 31, 2021.

Also in this Document, the SBV has requested the credit institutions and the foreign bank branches to implement the following substances: reducing fees for transactions via ATMs and POSs, 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, with higher reduction levels encouraged. For those credit institutions and foreign bank branches already implementing the fee waiver policy, it is requested that the implementation be continued. The minimum effective duration is from August 1, 2021 to December 31, 2021.

The Chairpersons of the Boards of Directors/Members and the 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 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 duration to the SBV Governor (via the Payment Department) before August 15, 2021 for information and supervision.

Le Hang