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?

Move money

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.

  • Important notes:

    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.

Pay bills

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.

Buy insurance

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.

E-wallets and digital banks are two of the most well-known technology products & services in the 4.0 revolution. While providing some common benefits and utilities to users, e-wallets and digital banks are two completely different products.

What is a digital bank?

Digital banks are built on the basis of allowing customers to carry out most banking transactions online via the internet. Instead of going to a bank branch or office to make the transactions, transactions via digital banks can be done simply and quickly via your phone application or the bank’s official website.

The concept of digital banks is becoming more popular and favored by people in Vietnam due to the fact that all usual procedures associated with banking transactions and even fees are minimized. This helps customers to save a lot of time and money.

What is an e-wallet?

Unlike traditional wallets, e-wallet is placed in your mobile application. Since it is a new trend of payment method favored by a large population of people in Vietnam due to its convenience, e-wallets are becoming more common and accepted as an an online and offline payment method in different sectors.  

Money in e-wallets can come from 3 main sources: money in your e-wallet account, bank account or bank card. Some of the most common features of e-wallets include:

– Phone top up

– Bill pay: You can use e-wallets to pay your shopping bills or bills at restaurants, coffee shops, bars, etc. if the service provider accepts this as a payment method.

– Online payment via e-commerce websites, such as Tiki, Lazada, Shopee, etc.

– Buy movie tickets at CGV, Lotte Cinema, etc.

Similarities & differences between digital banks and e-wallets

Similarities: online transactions and payment

Both digital banks and e-wallets allow you to pay bills (electricity, water, internet, etc.), top up your phone credit and settle online payments. Both products can be used as a replacement for cash.


Digital banks

1/ Provide you with a bank account and card for transactions

When using services provided by digital banks, you will be provided with a bank card and an account number to transact online and offline.

2/ Provide other banking services/products

The majority of digital banks offer a full range of banking products and services such as: different loan products, savings accounts, transferring and receiving money, etc. However, unlike traditional banks, most of the transactions associated with these services and products offered by digital banks can be carried out online via a website or a mobile application.


1/ Need to be linked with a bank account or card

In addition to depositing money into your e-wallet at an office of the e-wallets’ provider, you need to link your e-wallet with your bank account or card to be able to use it.

2/ Do not provide other banking services/products

Unlike digital banks, you can only use e-wallets for online payments and transactions. E-wallets do not provided other banking services and products as mentioned above.

Hopefully this article has helped you to clearly see that digital banks and e-wallets provide their own set of features. While Momo, ZaloPay & Moca are currently some of the most leading e-wallets in the market, Timo and Yolo are two of the most well-known brands in the digital banking sector.


Originated around the earlier 2000’s, digital banks have became a new trend in the banking industry across both developing and developed countries. Equally, digital banking is also considered the ideal solution to help radically improve the customer experience commonly associated with traditional financial institutions. However, the concept of digital banking is still somewhat alien to people in Vietnam.

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.

Digital banking is becoming more popular in Vietnam as all procedures and even fees associated with digital banking services and products are minimized. This helps customer to save a lot of time as they would only need a mobile phone with Internet connection to manage their bank account and make any bank transaction they need via the digital bank’s official website or mobile app. Unlike traditional banks, digital banks have little to no branches. However, there are still offices where customers can visit to collect their cards, deposit money into their accounts or get advice from banking representatives.

Benefits of digital banking

1/ All payments and transactions can be done conveniently

With either a phone or a laptop connected to the Internet, you can carry out any transaction with digital banks anytime and anywhere, whether at home, in the office or even abroad. All transactions from basic to extended levels, such as checking your account balance, transferring money, paying bills, opening savings accounts, etc., can easily be done on the digital bank’s official website or mobile app. You will not have to worry about arranging time to visit its office to carry out your transactions.

2/ Fees are minimized

Not only do digital banks help customers to save time and effort, fees are also minimized.

To enhance customer experience, many digital banks in the market have minimized different types of fees associated with banking, such as: money transfer fees, ATM withdrawal fees, account maintenance fees, etc with the aim of encouraging transactions online.

3/ High accuracy

Built on the foundation of internet and information technology, digital banks handle and record transactions more quickly and accurately. All activities that arise from the process of a transaction being made would be handled quickly and fully recorded in the system with absolute accuracy.

4/ High security

As a digital bank is built on the basis of letting customers perform most transactions via the Internet, information and account, careful attention is paid to security of digital banks. This is also why most mobile apps provided by digital banks are built with multiple layers of protection such as OTP/iOTP, instant notifications of transactions, etc, to ensure all transactions made are authorized and secure.

Ngày nay bạn có thể chọn đầu tư bảo hiểm ngay trên ứng dụng Timo

Do you find yourself taking charge of paying the bill on an evening out, to split it amongst the group later? Only that later comes with excuses like “I don’t have enough cash on me at the moment” or “I’ll get you next time” and of course who can keep track of all the IOU’s. With the payment request feature by Timo, you can immediately send collection reminders to your friends. Here are some ways you can use Timo’s payment request feature.

Benefits of Timo’s Payment request

Payment request is a very handy feature that was introduced by Timo and is the first bank that has this feature. We always are in need for cash, whether for day to day needs like paying utility bills, phone top up or for savings, investing in business and even loaning to friends. Whenever you need to remind your friends to pay your bills, or to remind your customers to pay for their purchases, they are a little “shy” because asking for money owed is always a delicate issue. The best way to do this is with certain messages that won’t offend your Friends. That’s where Timo’s payment request reminder comes to the rescue.

How to use this feature:

To use this feature, you must fulfill the following conditions:

  • You must be a Timo member (Have received your Timo Debit card and use the Timo app).
  • The person you want to remind is also a Timo member (as this feature is only available on the Timo app).


Try it now:

  • First, Sign into the Timo App
  • Choose PAYMENT at the bottom of the screen
  • Select PAYMENT REQUEST and follow these steps
    • Hit the + sign,
    • Add a new Timo Payee or choose from a existing Payee
  • You will see two sections: “OUTSTANDING” and “COMPLETED”.
    • OUTSTANDING is the payment request from the friend for you
    • COMPLETED is the section showing successful transactions after you’ve debuted
  • If you have a PAYMENT REQUEST reminder notice, and click it, there are two options for you: “PAY NOW” and “DELETE REQUEST”.
    • If you choose to PAY NOW, Timo will your Spend Account and will be transferred immediately to the Timo account of the receiver.