From April 21st, transactions of 500 million VND or more will be switched to regular bank transfers to enhance risk control and ensure system security.
New announcement from Vietnam Export Import Commercial Bank Eximbank announced that it will discontinue the automatic order splitting feature when making transfers via the Napas system 24/7. This adjustment is aimed at complying with the State Bank of Vietnam's regulations under Circular 40/2024 and related documents.
Previously, to ensure fast transactions, many banks adopted the solution of Chia large sums of money into multiple orders of less than 500 million VND. Thanks to this, even with large total transfer values, the money was processed almost instantly through the 24/7 system, including outside of business hours.
However, with the new regulations, this mechanism will no longer be applied. Transactions of 500 million VND or more will be switched to regular bank transfers, in accordance with the Capital limits of the Napas system.
This means that if customers still want the money immediately, they need to proactively make multiple separate transactions, each not exceeding 500 million VND.
Transactions of 500 million VND or more will only be processed through the standard transfer channel. (Illustrative image)
Not only Eximbank, but also some other banks such as Vietnam Prosperity Commercial Bank VPBank and Tien Phong Commercial Joint Stock Bank (TPBank) have also announced the complete discontinuation of the "automatic order splitting" feature.
The tightening of regulations on large-value transactions via express transfer channels is seen as an attempt to enhance risk control and ensure the security of the electronic payment system.
When switching to the conventional method, transaction processing time will depend on the interbank system's operating hours. If processed during business hours, the funds may arrive within a few hours. Conversely, transactions made in the evening, at the end of the day, or on holidays will be processed on the next business day, potentially extending the waiting time to 24 hours.
This change requires users to be more proactive in planning money transfers, especially for large transactions, to avoid impacting their work and personal financial plans.
