As a part of our commitment to complying with the SBV Regulations for Foreigners, we are updating our policies regarding using Money Pot accounts for individual foreign customers.
According to Cir 23, amended by Cir 16, issued by the State Bank of Vietnam, electronic payment accounts, including Money Pot, are not eligible for online registration to individual customers who are foreigners.
Please take a look at the cases below and respond as you find suitable:
1. For our foreign customers with active Money Pot accounts and balances:
- To continue using your Money Pot, visit a Timo Hangout by August 26, 2023, to request its continuation.
- If you no longer need the account, kindly transfer the balance to your primary account.
Please note that if no action is taken by August 26, 2023, your Money Pot balance will be automatically transferred to your primary account.
2. For foreign customers who have no balance in a Money Pot:
- Your Money Pot account will be automatically deactivated. If you wish to continue using this feature, please arrange a visit to a Timo Hangout to sign an additional request for use.
3. For foreign customers who have not activated the Money Pot feature yet:
- If you wish to use this feature, please arrange a visit to a Timo Hangout to sign an additional request for use.
4. For foreign customers who newly signed up with Timo Digital Bank account after August 26, 2023:
- During account opening, you will already have been provided with the required forms in order to enable the Money Pot feature and nothing further is required.
When visiting a Timo Hangout to request any service, please bring your original, valid identification documents, including:
• Passport AND, Visa, OR Temporary Resident Card (TRC), OR Permanent Resident Card (PRC).
We understand that these changes may have an impact on your banking experience, and we apologize for any inconvenience caused. Our customer support team is available to assist you, so if you have any questions or need further information, please contact us at 1800 6788 (toll-free) or email firstname.lastname@example.org.
Thank you for your understanding and continued support as we strive to provide compliant and reliable financial services to all our valued customers.