The State Bank of Vietnam has recently addressed concerns regarding the 24-hour waiting period for money transfers exceeding 400 million dong. According to the bank, this requirement is not applicable to all transactions, as outlined in Official Letter No. 6190.

The new regulation mandates that payment service providers implement a system allowing individual customers to register transaction limits and waiting times before funds are transferred to recipients. Banks are expected to complete this implementation by March 1, 2027.

Importantly, the 24-hour waiting period will only apply to online transfers to new beneficiary accounts or transactions that exceed the limits set by customers themselves. Pham Anh Tuan, Director of the Payment Department at the State Bank, emphasized that this regulation differs from current practices by empowering customers to take proactive steps in preventing online transaction fraud.

Rather than imposing a uniform mechanism for all customers, the new rules allow individuals to choose transaction limits and waiting times that align with their usage needs and risk tolerance. This serves as an additional layer of protection for high-value or potentially risky transactions.

Specifically, the minimum 24-hour waiting period applies to transfers made to beneficiary accounts that have not received amounts equal to or exceeding the registered limit in the past year. Customers can actively select the transaction limits that will trigger this waiting period.

If customers do not register, payment service providers will apply a default limit of 400 million dong and a minimum waiting period of 24 hours. Customers still have the option to adjust their limits based on their needs or choose not to register for this service.

Pham Anh Tuan also noted that the choice of transaction limits and waiting times should reflect each customer's actual transaction needs and risk acceptance. The State Bank does not impose a one-size-fits-all limit.

When selecting transaction protection limits, customers should consider three key factors:

• Actual transaction needs: Individuals who rarely make large transactions to new accounts may opt for lower limits to enhance protection. Conversely, those who frequently transfer large sums for business should choose higher limits to avoid payment disruptions.
• Technology proficiency: Older individuals or those less familiar with online banking may want to set appropriate limits to increase their protection against fraud. Family members can assist in setting up and managing security features.
• Account usage purpose: Customers with multiple accounts should establish different limits for various purposes, such as daily spending versus savings, to improve risk management.