This is a notable content of the Circular No. 15/2020/TT-NHNN on amendments to the Circular No. 26/2013/TT-NHNN on schedule for payment services made via State Bank of Vietnam, issued by the State Bank of Vietnam on November 20, 2020.
Article table of contents
According to Clause 3 Article1 of Circular No. 15/2020/TT-NHNN of the State Bank of Vietnam amending Section IV “Fees for international payment services” under Schedule for fees for payment services made via State Bank of Vietnam attached to Circular No. 26/2013/TT-NHNN:
According to the “Fees for international payment services”, Transaction Department of State Bank of Vietnam, branches of State Bank of Vietnam in provinces and central-affiliated cities will be the units that collect fees for remittance transactions abroad or receiving money from abroad in case of payment in Euro (EUR). Specifically, fees in case of payment in Euro (EUR) are as follows:
- 0.15% of the remitted amount: At least EUR 2/remittance instance; At most EUR 200/remittance instance;
- 0.05% of the remitted amount: At least EUR 1/remittance instance; At most EUR 100/remittance instance.
Concurrently, the State Bank of Vietnam still maintains the fee for remittance abroad and the fee for receiving money from abroad in case of payment in US Dollar (USD) as prescribed in Circular No. 26/2013/TT-NHNN with the rate:
- 0.15% of the remitted amount (At least USD 2/remittance instance; At most USD 200/remittance instance);
- 0.05% of the remitted amount (At least USD 1/remittance instance; At most USD 100/remittance instance).
In addition to supplementing provisions on fees for international payment services for payment in Euro (EUR), Circular No. 15/2020/TT-NHNN also supplements provision on maintenance fees for checking accounts making payments in foreign currency. Specifically as follows:
- State Bank of Vietnam shall collect maintenance fees for checking accounts making payments in foreign currency of State Treasury, credit institutions, branches of foreign banks at Transaction Department of State Bank of Vietnam. Maintenance fees for checking accounts making payments in foreign currency shall depend on actual balance amount, number of days the balance amount is maintained and conversion rate in form of %/year. The fees shall be decided by the Governor of State Bank from time to time.
- Collection of maintenance fees for checking accounts making payments in foreign currency shall be implemented as follows:
+ On a monthly basis, the Transaction Department shall calculate and collect maintenance fees for checking accounts making payments in foreign currency of State Treasury, credit institutions, branches of foreign banks as stated under Point b of this Clause.
+ Amount of monthly fees to be collected shall be calculated using following formula:
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Total monthly fees to be collected shall equal total daily fees in a month.
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Daily fees to be collected shall be calculated using following formula:
In which:
(i) Actual balance refers to deposit balance at the beginning of the day in checking accounts making payments in foreign currency of State Treasury, credit institutions, branches of foreign banks at Transaction Department of State Bank of Vietnam throughout the month for which maintenance fee is calculated;
(ii) Maintenance fees for checking accounts making payments in foreign currency according to Decisions of the Governor of the State Bank from time to time.
Thus, in order to meet practical needs, besides payment transactions in US Dollar (USD), Circular No. 15/2020/TT-NHNN of the State Bank of Vietnam has supplemented fees for international payment services in Euro (EUR) in accordance with the needs of conducting international transactions.
Thuy Tram
- Key word:
- Circular No. 15/2020/TT-NHNN
