As non-cash payments are the next new thing in Vietnam, will it be necessary for banks to increase service fees for ATM maintenance? Vietcombank, VietinBank, Agribank, and BIDV are increasing service charges to finance their ATM networks. Photo: nhipsongkinhte.vn Banks increase service fees once again Four giants, including Vietcombank, VietinBank, Agribank, and BIDV, last week announced hiking ATM transaction fees from VND1,100 ($0.04) to VND1,560 ($0.06) (including VAT) from July 15. Previously, in early May, the banks also announced increasing banking service fees. However, afterwards, the State Bank of Vietnam (SBV) directed them to halt the price hike to safeguard customers’ benefits. According to data released by SBV, the four banks hold 63 per cent of all bank cards on the market. If the plan to increase service fees is carried out, 49 million cards will be impacted. SBV has once again directed banks not to increase ATM transaction service charges to ensure … [Read more...] about Price hikes for ATM maintenance may be behind the times
Atm withdrawal fees
SBV directs banks to keep ATM cash withdrawal fee unchanged
SBV directs banks to keep ATM cash withdrawal fee unchangedThe Saigon Times Daily A man is seen withdrawing cash from an ATM. This is the second time in the past two months that SBV has thwarted plans to raise the cash withdrawal fees at ATMs – PHOTO: VGP HCMC – The State Bank of Vietnam (SBV) has asked commercial banks not to raise charges on cash withdrawals from automated teller machines (ATMs) after some banks announced their plans to hike the fees from the middle of this year. Bank for Foreign Trade of Vietnam (Vietcombank), Vietnam Bank for Agriculture and Rural Development (Agribank), Vietnam Bank for Industry and Trade (Vietinbank) and Bank for Investment and Development of Vietnam (BIDV) had all announced plans to hike the ATM cash withdrawal fees by 50% to VND1,650 per transaction on their systems later this month. This is the second time in the past two months that SBV has thwarted plans by banks to raise the cash withdrawal fees at ATMs. On May 9, the … [Read more...] about SBV directs banks to keep ATM cash withdrawal fee unchanged
Central bank puts brake on ATM withdrawal charges
This is the second time the central bank has requested Agribank, Vietcombank, and Vietinbank and BIDV to postpone a rise of ATM withdrawal fee as the four banks announced plans to elevate service fees for ATM cash withdrawals from VND1,100 to VND1,560 per transaction from July 15. In May, these banks announced to lift fee of ATM withdrawal. However the central intervened to mitigate a public backlash. The central bank said fee rise must get consumers' consensus after they all are informed it. Moreover, banks must ensure transparency in activities to guarantee the benefit of two sides. Whereas banks said they suffer losses; accordingly they raise charge as compensation. As per the Vietnam Bank Association's figure, 77 million various bank cards nationwide has 70 million being ATM cards. The three credit institutions collectively have about 45.5 million ATM cards in circulation, accounting for nearly 65 percent of Vietnam’s total. Therefore fee hike will affect a large … [Read more...] about Central bank puts brake on ATM withdrawal charges
Banks told not to raise ATM cash withdrawal fees
Some commercial banks had plans to raise fees from July 15. — Photo nld.com.vnViet Nam News HÀ NỘI — The State Bank of Việt Nam (SBV) on Tuesday directed commercial banks not to increase ATM fees after some commercial banks announced plans to hike fees from the middle of this month. The move comes after Vietinbank, Vietcombank, BIDV and Agribank announced they would increase service fees for ATM cash withdrawals from VNĐ1,100 to VNĐ1,650 for each transaction from July 15. This is the second time the SBV has thwarted plans to raise fees in the past two months. On May 9, banks were instructed to cancel their plans for fee hikes after a public backlash. If the plan has been approved nearly 49 million ATM card holders would have been affected as the four banks currently account for 63 per cent of the country’s total ATM market share. According to an SBV representative, the bank has framework for ATM cash withdrawal fees and commercial … [Read more...] about Banks told not to raise ATM cash withdrawal fees
Banks to hike service fees this month
Vietcombank will officially increase service fees for ATM cash withdrawals from VNĐ1,100 to VNĐ1,650 for each transaction in its system from July 15. - Photo plo.vnViet Nam News Earlier, commercial banks had to cease their plans to hike service fees as required by the State Bank of Việt Nam (SBV). The SBV on May 9 directed commercial banks to stop increasing ATM cash withdrawal fees at that time after the public expressed their disagreement over increased fees on ATM transactions and e-banking services at many banks. According to SBV, it regulates a fee framework for ATM cash withdrawals and commercial banks must follow it to set their own fees. The banks’ recent fee hike doesn’t violate the SBV’s regulation. The central bank’s Circular 35, which came out in 2012, allowed banks to collect ATM fees from March 2013. The maximum fee of VNĐ3,300 for each transaction has been permitted since 2015 but most banks have kept their fees at either … [Read more...] about Banks to hike service fees this month
SBV tells banks to stop ATM fee hikes
SBV tells banks to stop ATM fee hikes - report Some commercial banks are told to stop hiking ATM cash withdrawal fees – PHOTO: THANH HOA HCMC – The State Bank of Vietnam (SBV), or the central bank, has told commercial banks to stop hiking ATM cash withdrawal fees as multiple banks have been rushing to revise up ATM card and Internet Banking service charges. News website BizLIVE on May 9 quoted a source from the central bank as saying that currently there is a fees framework set by the central bank, so banks can use it as a basis to decide their own fees. But for any fee adjustments, banks should look into the interests of customers to ensure a balance between the two sides. Vietnam Bank for Industry and Trade (VietinBank) and Bank for Investment and Development of Vietnam (BIDV) have adjusted up transaction fees for ATM and Internet Banking services. BIDV has hiked its ATM cash withdrawal fee to VND1,650 per transaction, with value-added tax included, for each … [Read more...] about SBV tells banks to stop ATM fee hikes
Banks agree to delay fee hikes
Banks agree to delay fee hikes HCMC – Member banks of the Vietnam Banks Association have agreed not to revise up card service fees for now as requested by the association. A representative of the association told news website Dan Tri last week that the fee collection is following the road map executed since 2012 and within the fee framework set out by the central State Bank of Vietnam. However, the fee hike must ensure the benefits of all parties involved. Many big banks have recently raised their charges on cash withdrawals from ATMs to VND1,560 per transaction with ordinary cards and VND2,200 with Gold cards. Inter-bank money transfers are now charged VND11,000 per transaction. Commenting on the recent fee rises at many banks, Dao Minh Tuan, chairman of the Bank Card Association of Vietnam, said Vietnam started to offer banking services in 1996. Regulations on services with charges are mentioned in the central bank’s Circular 35 issued in 2012. According to Tuan, … [Read more...] about Banks agree to delay fee hikes
Banks raise fees, e wallet to be preferred
While numerous banks raise service fees on online and mobile banking as well as ATM withdrawals, more and more people choose e-wallet apps for comfort and freedom. Over 20 e-wallets have been licensed in Vietnam Nguyen Dong (Nha Be district, Ho Chi Minh City) said he uses e-wallet MoMo to pay online for utilities, internet, and his mobile phone bills every month. He even uses this app to pay when going out with friends or family. Recently, when numerous banks have been adjusting service fees, he uses e-wallet more frequently. “The e-wallet provides several integrated services, such as buying movie tickets, air tickets, taking up consumer loans, and insurance policies. We can collect points and receive discounts just by using the e-wallet. Some e-wallets even give bonus e-money to users who invite friends,” said Vu. Pham Minh (Hoan Kiem district, Hanoi) uses the Vi Viet app to pay her bills online. It is very comfortable and free of charge for all transactions. … [Read more...] about Banks raise fees, e wallet to be preferred
Money withdrawal fees at ATMs to quadruple
The fee rise would be applied to credit institutions which issue cards but do not have ATM machines. Fees for banks that have their own ATM machines would be kept unchanged. — Photo topbank.vnViet Nam News HÀ NỘI — The National Payment Corporation of Việt Nam (NAPAS) has proposed to increase the fee for money withdrawal from its ATM network by four times for each transaction from August 1. NAPAS sent a document to some commercial banks which are under its inter-bank connection system on the fee hike which would be from the current VNĐ2,200 to VNĐ8,800 (US$0.39) (including tax). Accordingly, the fee rise would be applied to credit institutions which issue cards but do not have ATM machines. Fees for banks that have their own ATM machines would be kept unchanged. NAPAS said the fee increase was aimed at ensuring benefits of relevant parties and encouraging development of ATM network. Currently, banks have focused on issuing cards but not … [Read more...] about Money withdrawal fees at ATMs to quadruple
Clients fret over ATM and Internet banking fee hike
Clients fret over ATM and Internet banking fee hike Customers withdraw cash from Vietcombank’s ATM machines in HCMC. Customers of Eximbank and Agribank have said they are shocked to learn of higher transaction fees for ATM and Internet banking services - PHOTO: THANH HOA HCMC – Customers of two local banks, Eximbank and Agribank, have said they are shocked to learn of higher transaction fees for ATM and Internet banking services, Nguoi Lao Dong newspaper reports. Some Eximbank customers told the HCMC-based newspaper that they have received a notice on the monthly Internet banking fee of VND11,000. Earlier, Eximbank collected this fee on an annual basis, but it now follows in other commercial banks’ footsteps to charge it monthly. As such, Eximbank ATM card holders have no way but to pay a total of VND33,000 if they use SMS, Internet and mobile banking services simultaneously. A customer in HCMC’s District 9 said she had just transferred money to a … [Read more...] about Clients fret over ATM and Internet banking fee hike