Vietnam State bank orders stop ATM fee hike

Three big banks Agribank, Vietinbank and Vietcombank stopped ATM fee hike plan after the State Bank of Vietnam ordered to stop ‘fee hike’ race.

The three banks announced the increase of service fees for ATM cash withdrawals from VND1,100 to VND1,560 even at ATMs run by these same banks.
After hearing the announcement of the three banks, the State bank of Vietnam liaised with the Vietnam Bank Association to cease the plan in order to calm down the public.
Additionally, the State Bank of Vietnam ordered a transparency in collecting ATM fee to let customers understand more about the regulation.
The Vietnam Bank Association also exchanged with representatives from the three banks about balancing between their benefits with customers’ rights and interest who are using financial services and to create harmony between service providers and service users.
The three banks agreed to cancel their plan.
As per the Vietnam Bank Association’s statistics, 38.73 million people are using ATM cards of the three credit institutions in circulation, accounting for over 50 percent of Vietnam’s total. Fee hike of the three banks are within the road map plan as per the central bank’s circular No. 35/2012/TT-NHNN.
Theo circular stipulates that ATM holders must pay VND100,000 for issuance of the card, annual fee of VND60,000 per card yearly and ATM fee service.

By DANG TUAN – Translated by UYEN PHUONG

Other news

Most view


VNPT & SeABank cooperate to enhance connections

The Vietnam Posts and Telecommunications Group (VNPT) and SeABank just co-signed cooperation agreement, aiming to develop the two sides’ economic, business and investment potential.


Self - introduction

VNPT targets to be leading digital service provider in Vietnam

The grand opening ceremony of the VNPT-Information Technology Company (VNPT-IT), a new member of the Vietnam Posts and Telecommunications Group (VNPT), was held yesterday in Hanoi. With thousands of IT engineers and the focus on developing state-of-the-art technological products related to Artificial Intelligence (AI), Bigdata, and Blockchain, the new company is considered the main force to help VNPT fulfill the goal of becoming a leading digital service provider in Vietnam and an important Digital Hub of the neighborhood as well as the world.

Stock market