Starting from July 15th, 2018, the ATM network withdrawal fee for major banks nationwide will increase from 1,100 VND to 1,560 VND.
Banks collectively raise ATM network withdrawal fees
Understanding ATM Network Withdrawal Fees
The policy of increasing ATM Network Withdrawal Fees is not new. Two months ago, some banks had already started raising these fees. However, due to widespread opposition and directives from the State Bank of Vietnam in May, banks ceased these operations.
However, to offset significant losses in the ATM card sector, starting this July, more banks have increased ATM Network Withdrawal Fees.
While some major banks are implementing policies to raise ATM Network Withdrawal Fees, others continue to offer free ATM withdrawal policies to attract and retain customers. Banks offering free ATM withdrawals for both network and external transactions include TPBank, VIB, LienvietPostbank, Oceanbank, and more.
Specific adjustments to ATM network withdrawal fees for banks are as follows:
Alongside ATM network withdrawal fees, some banks are beginning to adjust various service fees such as Internet Banking transfer fees, SMS fees, and more.
In 2012, the State Bank of Vietnam issued Circular 35 allowing banks to charge ATM network withdrawal fees and outlined a fee increase schedule. By 2013, the highest ATM withdrawal fee applied by banks was 1,000 VND, which later increased to 2,000 VND, and after 2015, domestic ATM withdrawal fees increased to 3,000 VND. However, in reality, the ATM network withdrawal fees applied by banks have only ranged around 1,100 VND.
Here, we have updated ATM network withdrawal fees for banks to help readers understand the withdrawal fees of their respective banks and make the most appropriate transactions.
In addition to ATM network withdrawal fees, Mytour also updates the July 2018 bank interest rates to provide readers with the most useful information on July 2018 bank interest rate tables. This will help you make the most effective decision on which bank to deposit your money into.
