Vietnam: Transaction limits for operation of payment agents from July 01, 2024

Transaction limits for operation of payment agents from July 01, 2024

Specifically, the Principal shall adopt measures to manage balance and transaction limits of the Agent and other organizations. To be specific:

- The maximum transaction limit (including cash deposit and withdrawal transactions) applicable to an individual client is 20 million dong/client/day;

- The Agent may only conduct transactions for clients within the balance of their checking account opened at the Principal for performance of the Agent’s appointed professional operations as prescribed in clause 4 Article 7 of Circular 07/2024/TT-NHNN of the State Bank of Vietnam and the maximum transaction limit applicable to each payment agent’s point is 200 million dong/day and 05 billion dong/month.

Operation of Principals and Agents from July 01, 2024

Operation of Principals and Agents from July 01, 2024 is specified as follows:

1. The appointment of agents and acting as agents by commercial banks, cooperative banks, foreign bank branches, people’s credit funds and microfinance institutions must comply with the License for establishment and operation or Establishment license or Decision stipulating their organization and operation issued by a competent authority and documents amending the License or Decision (if any).

2. The people’s credit fund is entitled to act as an Agent for the cooperative bank with regard to members and clients of such people’s credit fund.

3. The microfinance institution is entitled to act as an Agent for the bank with regard to clients of such microfinance institution.

4. Another organization which is a lawfully established enterprise is entitled to act as an Agent under the agreement with the Principal.

5. A commercial bank, cooperative bank, foreign bank branch or microfinance institution is entitled to act as an Agent for multiple Principals. Another organization may only act as an Agent for 01 Principal.

More details can be found in Circular 07/2024/TT-NHNN, effective from July 1, 2024.

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