Techcombank delays restrictions for foreigners

Friday, Mar 20, 2020 17:38

Customers at a Techcombank branch. From May 31, foreign customers of the bank will have to conduct transactions at the counter. — Photo

Vietnam Technological and Commercial Joint Stock Bank (Techcombank) has delayed its plan to make all foreign clients process banking transactions at the counter. The new rules were originally scheduled to start on Sunday, March 22, but have been pushed back to May 31.

On March 13, foreign users of the bank were told: “Techcombank will no longer provide online remittance services via eBanking/ATM/CRM/eWallet by March 22,” in a message sent by the bank to comply with regulations on foreign currency and VND accounts.

However, two days before the dateline, the bank made an announcement on its website saying that the changes will be applied on May 31, 2020.

In the announcement on March 20, the bank said more time was given to clients because of the COVID-19 pandemic and to offer the support they might need for their VND-denominated payments and transactions.

Instead, “Techcombank will continue to render remittance online services through May 31st, 2020”, said the bank, adding that after May, 31, foreign and non-resident Vietnamese clients will be served at the counter.

According to the bank, such changes are to serve the State Bank of Viet Nam’s Circular No. TT16/2014/NHNN, to better manage remittances in the country.

Since the beginning of the outbreak in early Febuary, the Government of Viet Nam has encouraged the use of cashless payments to prevent the transfer of coronavirus through cash. — VNS

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