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Vietnam’s Vietcombank ceases transfer transaction for foreign cardholders

Tuesday, November 17, 2015, 14:01 GMT+7
Vietnam’s Vietcombank ceases transfer transaction for foreign cardholders
Customers are seen at a Vietcombank transaction office in Ho Chi Minh City.

Vietcombank, Vietnam's top listed lender by market value, has put an end to the ATM and money transfer services for foreign cardholders due to difficulty in overseeing these transactions, the lender said last week.

Vietcombank customers are now not allowed to transfer money via ATMs if the recipients are foreign cardholders, the bank said on its website on November 13.

Transactions to send money from an account or card of another bank to a Vietcombank account of a foreign cardholder have also been made invalid, according to the announcement.

In Vietnam, foreign individuals and organizations are permitted to open accounts in local banks to receive money from legal sources, according to the State Bank of Vietnam.

Vietcombank said it had to halt services regarding foreign cardholders because “the customer profiles are not checked in the case of transfers made via ATMs or cards.”

The changes took effect on November 12, and are expected to cause multiple troubles for foreign Vietcombank cardholders.

The bank is Vietnam's largest listed lender with a $4.4 billion market value.

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