Many banks have reduced or even waived fees for interbank transfers and ATM withdrawals for the rest of the year following similar cuts by the National Payment Corporation of Viet Nam to support customers hit by the latest COVID-19 outbreak.

The Bank for Investment and Development of Viet Nam (BIDV) said it would fully exempt online and ATM transfer fees and reduce ATM withdrawal fees by 5 per cent.

Its ‘Stay at home with you programme increases the interest rate on online savings by 0.2 per cent, refunds online payments by 6 per cent and 10 per cent when they pay at supermarkets.

The Bank for Foreign Trade of Viet Nam (Vietcombank) has cut intra-bank money transfer fees by 80 per cent and inter-bank transfer fees by 25 per cent, and other service fees by 33 per cent.

It has reduced cash withdrawal fees at non-Vietcombank ATMs by 17 per cent.

For institutional and corporate customers, it has cut inter-bank money transfer fees by 50 per cent.

The National Payment Corporation of Vietnam (NAPAS) announced a 50-75 per cent reduction in its service fees on electronic switching for credit institutions, which means the banks’ profits will not be affected by the cuts.

This is the second fee reduction by NAPAS this year. Last year it had made three cuts totally worth VND530 billion (US$23 million).

The central bank requires credit institutions and foreign banks based in Viet Nam to reduce transaction and transfer fees by the same rate as NAPAS.

NAPAS encourages large banks to reduce service fees by even higher rates. — VNS