Central bank urges ATM withdrawal limits at nightThe Saigon Times Daily Clients withdraw cash at ATMs of Vietnam Prosperity Bank, or VPBank – PHOTO: VNA HCMC – The State Bank of Vietnam (SBV) has asked credit institutions and banks to impose limit on cash withdrawal at their automatic teller machines (ATMs) at night, in a bid to protect themselves and their clients. In a written request to local credit organizations and branches of foreign banks on Tuesday, the SBV asked credit institutions to take preventive measures in card payment activities. The SBV told the agencies to strictly comply with the laws and regulations of the central bank, as well as strengthen the internal inspections and audits of card payment activities, both in number and quality. Such agencies should review their entire procedures of card payment activities, and fully carry out risk prevention measures in each stage, in a bid to prevent crime. They also should make their clients more aware of … [Read more...] about Central bank urges ATM withdrawal limits at night
Chase atm deposit limit
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
Sacombank ATMs offer free overseas remittance to customers
A man withdraws cash at an ATM booth of Sacombank. — VNA PhotoViet Nam News HÀ NỘI — For the first time, Sài Gòn Thương Tín Commercial Joint Stock Bank (Sacombank) is offering customers free remittance receipt services at its ATMs. To avail this service, customers do not need to have a Sacombank account number or card. As soon as the sender completes the remittance procedures, Sacombank will send a receipt code via SMS to the recipient’s mobile number. Within 10 days of receiving the code, a customer can go to any Sacombank ATM any time to get the money by following a few simple steps. The customer has to press 9 at the ATM and choose the transaction language and receiving remittance service. He/she will then need to enter the receipt code and the citizen identification number or passport number. After that, the customer needs to enter the withdrawal amount, which is a maximum of VNĐ10 million per transaction, followed by … [Read more...] about Sacombank ATMs offer free overseas remittance to customers
Short-term deposits hit 5.5 percent cap chasing long-term highs – Banking & Finance – Economy
The Hanoitimes - After pushing long-term rates to a two-year high of 8.38 percent, some commercial banks continue to raise short-term deposits to the 5.5 percent cap. Currently, the central bank sets the cap of 5.5 percent per year only for short-term deposits of below six months while it floats the rate for medium- and long-term deposits.It is estimated that 13 banks list the ceiling rate for short-term deposits. Most of them are small and medium size. Ocean Bank lists the 5.5 percent rate per year for 5-month deposits. A lower rate between 4.9 percent and 5.45 percent is quoted by the bank for 1 to 4 month terms.The cap rate is also applied at VietBank for 3, 4 and 5 month terms while the bank’s rates for 1 and 2 month deposits are 5.4 percent per year. Viet A Bank and BaoVietBank also applies the ceiling rate for their ‘Online Saving’ and ‘EZ Saving’ with terms of 1 to 5 months while the 5.4 percent to 5.45 percent rate is applied for other … [Read more...] about Short-term deposits hit 5.5 percent cap chasing long-term highs – Banking & Finance – Economy
ATM cards more popular, although number of users remains limited
The number of Vietnamese using debit and credit cards has grown to 900,000, or only one percent of the country's population, according to VISA International. The popularity of the cards in Vietnam, however, has soared in the past 10 years, as the country's economic growth rate averaged 7 percent each year, with a record 8.44 percent growth last year. The cards are used in the increasing number of shopping malls that carry luxury or world-class brands of consumer goods. The number of card holders is much higher in other Asian countries, with 5 million in Malaysia or 20 percent of the population, and 3.08 million or 68.5 percent in Singapore. In Thailand, 6.9 million or 10.6 percent of the population, hold cards, according to Truong Minh Ha, VISA International's chief representative in Indochina area. Hong Kong has one of Asia 's highest percentages, with multiple cards owned by individuals. The number of cards is double the territory's population. Still, most Vietnamese continue … [Read more...] about ATM cards more popular, although number of users remains limited