What are regulations on card fees and charges in Vietnam?
I have a question. What are regulations on card fees and charges in Vietnam? Thank you!
What are regulations on card fees and charges in Vietnam? - image from internet
Pursuant to Article 5 of the Circular 19/2016/TT-NHNN on bank card operations, which is issued by the Governor of the State bank of Vietnam, stipulating card fees and charges in Vietnam:
- Only card issuers are permitted to collect fees and charges from cardholders. Each card issuer must collect fees and charges according to its own schedule of card service fees and charges and must not collect any additional type of fees/charges not mentioned in the announced schedule of card service fees and charges. The schedule of card service charges must specify types of fees and charges applicable to every card and card services. The schedule of card service fees and charges of card issuers must comply with regulations of law, be posted publicly and provided for cardholders before its application and upon any change to this schedule. Types of notification and supply of information of those charges to cardholders must be specified in the agreement on card issuance and usage. A period of at least 7 days is required for the application of any change of the service charges from the date on which it is informed and such period must be specified in the agreement on card issuance and usage.
- The acquirer and the merchant may enter into an agreement on discount charges. The interchange fees between card issuers, acquirers, switching companies, clearing houses, and international card associations shall be agreed upon by the involved parties as prescribed by law.
To provide more clarity on this issue, Lawnet also provides you with information about the definition of the following terms:
+ Card issuer means a credit institution or a branch of foreign bank that is licensed to issue cards as prescribed by law.
+ Acquirer means a credit institution or a branch of foreign bank that is licensed to process card payments as prescribed by law.
+ International card association means an organization which is established in a foreign country under such country's regulations and law, and has agreements concluded with card issuers, acquirers and other involved parties to issue and make payments of cards bearing codes of card issuers granted by the international card association in accordance with Vietnamese law and international commitments.
+ Merchant means an individual or organization that accept cards as a form of payment for goods and services according to the card payment agreement concluded with an acquirer.
Above are regulations on card fees and charges in Vietnam.
Best regards!
