New regulation on cash withdrawal at State Bank of VN
VGP – Credit organizations and branches of foreign banks are exempted from cash withdrawal fee in the month when the value of cash withdrawn via payment accounts is less than or equal to the value of cash not qualified for circulation, submitted to SBV at the same place where account is opened.
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Credit organizations and branches of foreign banks will bear a fee of 0.005% on the positive difference in the month between the value of cash withdrawn through payment accounts minus the value of cash not qualified for circulation and submitted to the State Bank at the same place where accounts are opened.
The Circular supplements the method of collecting fees for withdrawing money. Accordingly, every month, after calculating and collecting cash withdrawals fees of credit institutions, Exchanges, SBV branches in provinces, cities under the central Government’s management, based on collection vouchers according to the fee list, accounting of cash withdrawal charges according to the regulations on the system of accounting accounts and the operating manual of the core banking system, budget accounting and integration system.
The issuance of the new Circular is aimed at helping to ensure the quality of money in circulation, promoting non-cash payments, enhancing the application of IT in the reporting within the SBV, and stipulating the methods of collecting fees for withdrawing cash via payment accounts at the SBV.
The Circular takes effect since May 1, 2020.
By Thuy Dung
