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
Atm withdrawal fees
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
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