Cash withdrawals to be charged

Customers might have to pay 0.05 percent the total value of cash withdrawals from their bank accounts, according to a draft circular announced by the State Bank of Vietnam.
The fee will be charged on both cash deposited and withdrawn from the State Bank.
Banks will be entitled to decide the fee level of only withdrawn cash. However the charge will not exceed 0.05 percent of the sum of withdrawn money and must be publicly posted up.
The circular aims to limit cash payment in the economy, contributing to save social spending related to cash use and developing card payment services.

By Ham Yen – Translated by Hai Mien

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