In today’s modern world, online transactions have become more well-known and favored by people due to its convenience. To keep up with the speed of people’s lives, Timo prioritizes online transactions to help you carry out your transactions quickly and easily.
What does “online transaction” mean?
Remember the days when you have to bring physical cash with you whenever you go out shopping? Or those days when you have to visit a bank branch to send or withdraw money? With the explosion of technology and the internet, having physical cash or visiting a bank branch are not significantly important anymore. This is because most banking transactions can now be done online via the internet or the bank’s mobile app. In short, online transaction is a payment method in which the transfer of fund or money happens online over electronic fund transfer.
Timo – Transaction online anytime & anywhere
What is a digital bank?
Most of us are probably familiar with the concept of traditional banks offering branches and transaction offices at different locations for customers to come and carry out their banking transactions.
Unlike traditional banks, digital banks allow customers to carry out the majority of regular banking transactions online via the Internet. Instead of having to visit a bank branch or office to make transactions, all transactions are digitized and can be done online, from applying for a new bank account to opening a savings account, getting an overdraft loan, etc.
What makes digital banks stand out?
The development of digital banks helps to solve several disadvantages of traditional banks. With a digital bank, you can carry out several transactions anytime and anywhere through the internet without having to worry about time and location. As many transactions can be done online, this helps digital banks to reduce a lot of costs and, therefore, several fees are waived for the customers.
What types of online transactions can be done with Timo?
As a digital bank, the first online transaction type we offer through the Timo app is move money. You can move money anytime and anywhere, even if it is midnight or you are abroad. The move money fee to 40+ banks in the NAPAS system is also waived.
When using Timo to move money, you only need to enter the payee’s account number or card number and the other details will be automatically updated for you to double check. Also, if it is a new payee, their information will be automatically updated in your Payees List to make it faster and more convenient for your next money transfers.
Open a savings account
In addition to move money, Timo also allows users to open savings accounts online without having to visit a bank branch.
To meet different needs, we offer different saving methods that suit different purposes. If you want to open a savings account to earn interest, you can use Term Deposit and its smart feature of splitting one Term Deposit into four to minimize the interest loss when you need to withdraw some of your savings amount ahead of time. If you want to save a particular goal in the future, you can use Goal Save and its smart feature of automatic recurring contribution to achieve your goals easily.
From 5th July 2019, foreign nationals are no longer eligible for Goal Save Accounts as stated in Circular no. 48/2018/TT-NHNN. For Term Deposit Accounts, foreigners with a valid document proving residential status in Vietnam with at least 6 months validity will be eligible to open Term Deposit Accounts with a Term NOT greater than the remaining of its validity. Existing Term Deposits opened before 5th July 2019 will be continued until its maturity.
To help you save the time that you would have to spend on visiting different places to pay different bills, the Timo app also allows you to pay several different bills, such as: electricity, water, internet, cable TV, etc. Whenever you want to settle a bill, go to the Bill List in the Timo app, choose the bill you want to pay and make your transaction.
To enhance the level of convenience for users, the Timo app provides several different insurance products to help you protect yourself better. Specifically, you can find all the information you need and buy personal accident insurance from Sun Life or international travel insurance from Liberty Insurance via the app. With Timo, protecting yourself better with the necessary insurance products can easily be done within a few swipes and taps.
Invest in an open-end fund
In addition to the insurance products, we also partner with VinaCapital to bring you the convenience of being able to invest in the open-end fund managed by VinaCapital right in the app. When investing with VinaCapital in the Timo app, you can choose between the VinaWealth Equity Opportunity Fund (VEOF) or the VinaWealth Enhanced Fixed Income Fund (VFF). You can easily own an investment account with VinaCapital with the minimum amount of 2.000.000 VND and a few swipes and taps in the app.