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Vietnam banks add cooling-off period for big transfers

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Photo courtesy of Viet Nam News

HANOI: Vietnam's central bank has ordered commercial banks to build a cooling-off period into large online money transfers, giving customers extra time to cancel a payment if they suspect fraud, according to a directive from the State Bank of Vietnam (SBV) reported on Monday.

Banks and foreign bank branches operating in Vietnam must now let customers set their own transaction threshold and waiting period before an online transfer goes through, covering transfers made via internet and mobile banking.

How the delay works

The waiting period runs from the moment a customer confirms a transfer until the money actually reaches the recipient's account. It applies to domestic transfers at or above a customer's chosen threshold, when the receiving account has not previously received a transfer of that size from the same customer in the past 12 months.

Customers who do not set their own threshold will automatically be covered by a default rule: transfers of VND400 million (about US$15,200) or more will carry a minimum 24-hour delay. During that window, banks must verify the customer's details and let them cancel or suspend the transfer if they suspect fraud or simply change their mind.

Banks are also required to clearly explain the terms of the service, including thresholds and customer rights, and must get explicit confirmation that a customer has read and understood the rules before a covered transfer proceeds. Full transaction logs must be kept for tracing payments and handling disputes.

Why it matters for foreigners banking in Vietnam

The rule applies to foreign bank branches operating in the country as well as domestic banks, so expats and foreign residents using local or international banking apps in Vietnam will see the same delay on qualifying transfers. Online banking scams, including impersonation and investment fraud, have been a growing problem in Vietnam, and this cooling-off window is designed to give victims a chance to stop a transfer before the money is gone.

Anyone moving larger sums, such as paying for property, school fees or a big purchase, should expect an automatic delay of at least 24 hours unless they have registered their own threshold in advance.

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21 July 2026

That sounds A LOT more sensible than what the Thai banks are doing, setting limits by themselves that the customer cannot override in some cases.

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