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Banks promote free digital services

From January 1, 2022, major banks including Vietcombank, BIDV and VietinBank simultaneously deployed free transaction services on digital channels and applications. Before that, in May 2021, Agribank also made free online money transfer and some other fees for all customers using digital banking channel. Thus, the "zero fee" race of banks has been officially joined by the "Big4" group in the industry of Banking.


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 Customer experiencing the digital banking services on smartphones


According to many bank branches in the province, the exemption of all maintenance fees and regular transaction fees of customers on this digital channel is implemented without any requirements for registration of service packages or maintaining a minimum balance, making it convenient and easy to transact on digital banking.

 

Ms. Duong Ngoc Thao Trang, Head of Customer Service Department of VietinBank, Branch of Bien Hoa Industrial Zones, said that from 2020, VietinBank has applied a policy of "0 fees" when waiving most transaction fees: fees of transfer within and outside the system via iPay, account management fee, etc. for customers participating in the payment account package. On that basis, from January 1, 2022, VietinBank extended the "unconditional" free policy to all customers.

Specifically, VietinBank waives all fees on VietinBank iPay digital banking channel. Customers do not need to join payment account packages or maintain a minimum balance in their accounts to enjoy these attractive offers. Specifically, 0 fees apply for services such as: internal and external transfer transactions via VietinBank iPay; maintaining a payment account/paying account plan; maintaining VietinBank iPay service; maintaining the service of account balance fluctuations via OTT; issue domestic/international debit cards, etc.

 

Similarly, a representative of BIDV, Bien Hoa Branch, said that from the beginning of 2022, the BIDV system will waive all transfer fees for beneficiaries at BIDV; transfer fees to beneficiaries at other banks in Vietnam applicable to both regular and fast money transfers 24/7; account management fee of 1 default payment account on Smart banking; Smart banking maintenance fee and issuance fee and lifetime free of charge when issuing non-physical cards on BIDV's Smart banking, etc.

 

According to Vietcombank Dong Nai branch, from January 1, 2022, Vietcombank system is free to register and maintain VCB Digibank service, transaction fees on VCB Digibank such as charity money transfer, transfer between banks customer's account, transfer money to beneficiary at Vietcombank, transfer to beneficiary at another bank in Vietnam via the State Bank, 24/7 quick transfer to beneficiary at another bank in Vietnam, transfer money to recipients in cash at Vietcombank, send lucky gifts to beneficiaries at Vietcombank, as well as beneficiaries at other banks in Vietnam, pay domestic tax, etc.

 

Many conveniences

In order to waive the transaction fee for customers, banks will have to accept a reduction in service revenue, but this "zero fee" policy is expected to bring benefits to both customers and banks. According to representatives of many bank branches in the province, one of the goals of the "zero fee" strategy of banks is to attract customers to use more other services, promote payment deposits, demand deposits (Casa source) with low interest rates.

 

The reason for the increase in demand deposits is because this type of deposit has a very low interest rate (usually only 0.1-0.5%/year). With the same amount of deposits, a bank with a high proportion of demand deposits will create a great competitive advantage in the interest rate race as well as help improve profit growth potential, etc.

Mr. Pham Quoc Bao, Deputy Director of the State Bank of Vietnam, Dong Nai Branch, said that the exemption and reduction of service fees on the bank's digital platforms and applications will contribute to promoting the cashless payment activities, promoting digital banking facilities and services. At the same time, contributing to reducing pressure in cash withdrawal, thereby supporting banks to save operating costs, human resources to operate ATMs, etc. Moreover, this fee exemption and reduction will help banks attract further idle and demand deposits from customers.

                                                                                                 Phan Anh

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