For those who regularly use inter-bank transfers, the main question is always “How long will it take for the other party to receive the money?”.
To answer this, let’s get familiar with the various methods of money transfers that exist and which ones are the fastest.

Method 1: Transferring within the same bank

Intra-bank transfers are very fast, usually immediately. With Timo, you just need to enter 1 piece of the receivers information like the account number / card number / or even their email to find their account and transfer money instantly.


Method 2: Transferring with an ATM/ Debit card number

This is not a well-known method of transferring funds, but it is by far the fastest and most efficient way to transfer money within Vietnam today. It’s called Express transfer or Fast transfer and here’s how it works:

  • Enter the card number (number printed on the card) in the beneficiary account number field
  • This piece of Information is able to identify the recipient accurately
  • The recipient will receive the money instantly 24/7
  • Applicable for transfers across 43+ domestic banks on the NAPAS network like Vietcombank, ACB, Exim, OCB, Dong A, Agribank, TECHCOM, VIB, Tien Phong Bank, Vietinbank, …

Because it’s such an efficient method, naturally other banks charge customers anywhere from VND 9,900 upwards per transaction. But at Timo, this service is entirely fee free, no matter how many times you move money.

Method 3: Transfer to another bank using an account number

There are two types of transfers under this method.
A. Fast transfer
With this type of transfer, the recipient will receive the money instantly 24/7.  The sender just needs to input the account number of the Beneficiary and the Beneficiary Bank. The rest of the information will be populated automatically.
B. Normal Transfer
This is the most common method of bank transfers and has been in use from time immemorial. The uncertainty of this type of transfer though, has left many bewildered. Some common limitations are:

  • The requested information must be accurate and complete. If even 1 piece of information is incorrect, that’s enough to deny the transaction from going through.
  • If all information is correctly filled out, the next dilemma is knowing exactly when the recipient will receive the money.
  • The exact time the money will hit the recipient’s account largely depends on the working hours of the interbank transfer system of the State Bank of Vietnam (CITAD). The working hours are Mon to Fri – 8:30 AM to 3 PM..
  • It normally takes 1 working day to transfer funds, but sometimes this could be longer.
  • If you transfer in the morning of the working day with the correct beneficiary information, the beneficiary will receive the funds within that day. If the money still doesn’t hit the receiver’s account, you need to cross check the beneficiary’s information again.
  • If you transfer in the afternoon or near closing time with the correct beneficiary information, your transfer might be credited within the day or you may need to wait till the next working day.
  • The process to reverse a transaction or refund the transaction in case of providing incorrect information will depend on the regulation of the beneficiary bank, but it normally takes around 1-2 working day(s).

This method has been applied extensively across all banks and a service charge of about 3000-11000 VND is generally incurred. But at Timo this is completely Fee Free. The 2 key things to remember when using this method of bank transfers are:

  • Input the recipients banking information correctly
  • Always transfer money within the bank’s business hours (from 8 am to 3 pm daily / Monday – Friday. Avoid holidays and weekends)

The more you understand about bank transfers and how it works between banks, the more in control you are. Hopefully Timo has helped you understand this better and facilitates a quicker transfer so you can enjoy life.

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