Vietnam banking regulations for transfers over 500 million VND

According to regulations from the State Bank of Vietnam, money transfers valued at 500 million VND or more are processed through the interbank electronic payment system. This requirement has changed how large transactions are handled by commercial banks.

Previously, some banks automatically split amounts exceeding 500 million VND into smaller transactions to utilize 24/7 fast transfer methods. While the State Bank does not prohibit splitting orders, Pham Anh Tuan, Director of the Payment Department, stated that banks must clearly notify customers and receive confirmation for each split order to ensure transparency and prevent disputes.

Some banks have reintroduced this feature, allowing customers to confirm multiple smaller orders to maintain 24/7 processing. However, banks that do not support this mechanism may process large transfers via the interbank system, which can take at least four hours. Transactions made after 4:00 PM, on weekends, or during holidays may not be completed until the next business day. Users are advised to verify their bank's specific processing methods for large transfers to avoid delays.