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New regulations on payment services not through customer's accounts

From 19th February 2020, the Circular No. 38/2019/TT-NHNN issued by the State Bank of Vietnam to regulate all payment services not through customer accounts provided by public service providers officially takes effect in Vietnam.


Customers using money transfer services at Post Office and other service points of Vietnam Post

Consisting of 3 chapters and 10 articles, the Circular regulates the provision of non-cash payment services provided by public service providers, including: money transfer, Vietnamese cash collection and payment services not through the customer's accounts. In addition, the Circular also defines the rights, responsibilities of customers to use the services and of the service providers.

Accordingly, for money transfer services provided by public service providers, no later than 01 working day from the moment of receiving legal payment documents from customers, the service provider must process and complete money transfer for customers.

The service providers also can refuse or terminate payment services if customers fail to submit relevant legal documents as required by the law or violate the contract or agreement between two parties, violate the laws on money laundering and finance terrorism. These regulations are published at service points.

In addition, the Circular also specifies the deadline for customers to use the inquiry service for checking and explanation within a minimum period of 60 days from the inquiry date. The service provider must make payment to the customer and compensate for the damages due to its faults within 05 working days from the date of notification of inquiry settlement. In case of the expiration of the inquiry time, the reason of customer’s inquiry has not yet identified, the service provider must discuss with customer on suitable solutions within the next 15 business days.