Nguyen Van Binh, Governor of State Bank of Vietnam, on December 28 issued a circular on ATM charges for on-us transactions, or those made on machines of the same bank that issued the ATM card.
As per the circular, from next March, banks will be allowed to charge ATM users for on-us transactions, or those made on machines of the same bank.
From March 1 to December 31, 2013, customers will be charged a fee of VND1,000 fee for on-us transactions. From January 1 to December 31, 2014, the fee will increase to VND2,000 and from January 1, 2015 the fee will be VND3,000.
Customers are charged a VND3,000 fee when conducting transaction at ATM booths of other banks; VND100,000 for issuance of an ATM card and annual fee of VND60,000.The circular allows banks to collect fees for money transfer at a maximum rate of VND15,000 per transaction.
However, the Governor did not allow banks to impose a maximum withdrawal limit of VND2,000,000 from ATM’s as that rule will inconvenience customers and they will also have to pay on-us transaction fees on every withdrawal.
Low-income ATM cardholders are already saddened by transaction fees, and this new fee on cash withdrawals from ATM machines will exacerbate their woes even more.