From July 1, 2025, many major changes in banking services

From July 1, 2025, business households, organizations, and enterprises using accounts at banks such as Vietcombank, BIDV, Agribank, Techcombank, VPBank, etc. will have their money transfer, withdrawal, and electronic payment transactions temporarily suspended if they do not complete the update of biometric information (STH) of the legal representative, chief accountant, or authorized person using the account.

Accordingly, customers must update their valid identification documents (chip-embedded citizen identification cards, passports, visas for foreigners) before January 1, 2025. At the same time, customers must supplement STH data before July 1, 2025 to avoid transaction interruptions. This regulation is aimed at enhancing security, reducing the risk of financial fraud and preventing the use of "ghost" business accounts for fraudulent purposes.

Another major change that will take effect from July 1, 2025 is that all ATM cards using magnetic stripe technology (cards with a magnetic stripe on the back) will officially stop being used in the entire Vietnamese banking system.

Customers need to complete the conversion to chip cards before July 1, 2025 to avoid transaction disruptions. Currently, most banks are offering free conversion of magnetic cards to chip cards for customers. In addition to the changes applied to the entire Vietnamese banking system, some banks will also make major adjustments to their services in July.

In particular, from July 15, 2025, BIDV officially stopped supporting transactions for payment accounts with a length of 14 digits. Customers must use a shortened account (3-8 or 10 digits) for money transfers to/from BIDV. Transactions to 14-digit accounts may be rejected on all payment systems. This change does not affect the rights and obligations between the bank and the customer. Customers need to notify the shortened account number to the partner to avoid transaction interruption...

TRUC HUYNH

Source: https://baobinhduong.vn/tu-ngay-1-7-2025-nhieu-thay-doi-lon-trong-dich-vu-ngan-hang-a349282.html