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
Citibank atm cash deposit
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
Banks to increase ATM fee in mid-July
Banks to increase ATM fee in mid-JulyThe Saigon Times Daily Many people are in line to withdraw cash from automated teller machines in HCMC – PHOTO: THANH HOA HCMC – Major commercial banks are set to raise charges on cash withdrawals from automated teller machines (ATMs), starting July 15, reported the local media. Bank for Foreign Trade of Vietnam (Vietcombank) said in a statement that the bank would increase its ATM cash withdrawal fee by half to VND1,650 from the current VND1,100 for each transaction in its system from the middle of this month. The interbank transfer fee at ATMs will still be capped at VND3,300 per transaction. Meanwhile, the cash withdrawal fee for Vietcombank card holders at other banks’ ATMs is kept unchanged at VND3,300 per transaction, while the money transfer fee beyond its system is at VND5,500. Vietnam Bank for Agriculture and Rural Development, Vietnam Bank for Industry and Trade and Bank for Investment and Development of Vietnam … [Read more...] about Banks to increase ATM fee in mid-July
Vietnam State bank orders stop ATM fee hike
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 … [Read more...] about Vietnam State bank orders stop ATM fee hike
Long queues at ATMs ahead of Tet
ATMs at industrial parks in Hanoi are crowded with workers who have to queue up to withdraw money. The situation is seen at Thang Long Industrial Park where many ATMs face technical problems or run out of cash and workers have to wait for up to one hour to withdraw their money. A long queue before an ATM at Thang Long Industrial Park On the afternoon of February 11, two out of three ATMs at the industrial park’s Gate A faced such problems, leaving many people cashless, and causing further delays at other ATMs. Nguyen Van Dai, a worker at the park, said that “At this time of every year, we often have to wait at ATMs.” Workers have to wait for up to one hour to withdraw their money The State Bank of Vietnam (SBV) has demanded commercial banks to ensure their ATM services remain in operation throughout the Tet period. According to Pham Tien Dung, head of SBV’s Payment Department, commercial banks are required to frequently check … [Read more...] about Long queues at ATMs ahead of Tet
Central bank tackles ATM overload at industrial zones
Long lines of workers and people on February 11 wait for their turn to withdraw cash from ATMs in Binh Duong province, where many industrial parks and processing zones are based (Photo: VNA) Hanoi (VNS/VNA) - To better prepare for Tet (Vietnamese Lunar New Year), the biggest holiday of the year, the State Bank of Vietnam (SBV) and authorities where industrial zones locate have taken several solutions to deal with ATM overload. According to data collected by commercial banks, about 80 percent of transactions at ATMs are cash withdrawals. As people often receive wages and bonuses before Tet, the rising demand for cash can lead to crippling burdens for ATM machines in the days prior to the holiday. Nga, a resident of Dong Da district, Hanoi, told the Nong thon Ngay nay (Countryside Today) newspaper that to avoid the long queue of people waiting to do transactions, she had to withdraw money earlier, from February 8. Meanwhile, ATMs in Bac Thang Long Industrial Zone, Dong Anh … [Read more...] about Central bank tackles ATM overload at industrial zones
Banks urged to ensure ATMs have enough cash for Tet
The State Bank of Vietnam (SBV) has asked commercial banks to ensure their ATM services remain in operation throughout the Tet period. According to Pham Tien Dung, head of SBV’s Payment Department, commercial banks are required to frequently check their ATM system, particularly those installed at industrial parks, export processing zones and residential areas. ATMs frequently run out of cash during holiday periods. Under the SBV's Decree 96, which imposes administrative penalties on the banking sector, banks will be fined VND15 million (USD700) if their ATM machines run out of cash. Banks will be fined for poor ATM service The SBV will also impose a fine of VND10 million (USD469) to VND15 million (USD700) on banks that suddenly suspend ATM operations without at least 24 hours prior notice. Pham Trung Kien, deputy head of Agribank’s representative office in the southern region, said that the bank has prepared cash and technical staff for the Tet … [Read more...] about Banks urged to ensure ATMs have enough cash for Tet
SBV not to print small currency notes for Tết, says cash only for payment, not offerings
The State Bank of Viet Nam (SBV) has announced it will not be printing small currency notes for Tet (the Lunar New Year) this time too, the sixth straight year it has desisted from doing so.Speaking to the media on Monday, central bank officials said the decision not to issue new notes in denominations such as VND5,000 (22 US cent) and less is meant to cut costs and prevent the use of currency notes for any purpose other than payment.Traditionally during Tet people give away new small banknotes to pagodas and temples to wish for luck.Since the SBV stopped printing new notes for Tet in 2013 it has saved VND2.2 trillion, including VND280 billion this year alone, Pham Bao Lam, director general of the central bank’s issue and vault department, said.The bank has urged relevant agencies and organisations to closely monitor note exchange services and impose fines in case of wrongdoing.Illegal exchanges will be fined VND20-40 million under Decision 96 of the Government.When asked about … [Read more...] about SBV not to print small currency notes for Tết, says cash only for payment, not offerings
U.S. dollar deposit rate maintained at 0%
U.S. dollar deposit rate maintained at 0% HCMC – The State Bank of Vietnam (SBV) will continue keep the interest rate on U.S. dollar deposits at 0% despite proposals for raising it to 0.25-0.5% a year, Tuoi Tre newspaper reports. At a meeting between SBV and SBV’s HCMC branch on Tuesday, Nguyen Hoang Minh, deputy director of the SBV’s HCMC branch, said the U.S. Federal Reserve (Fed) had hiked the rate three times but the 0% rate on U.S. dollar savings in Vietnam has been maintained for more than two years. Therefore, many enterprises and experts have proposed increasing the rate, saying the Fed might increase the rate further, causing some negative impacts including foreign currency outflows. The hike is indispensable to attract U.S. dollar holders as many of them have withdrawn their deposits from banks to invest overseas. These firms and experts agreed that the policy to keep the U.S. dollar deposit rate at 0% had effectively helped the country … [Read more...] about U.S. dollar deposit rate maintained at 0%