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Currently, international debit cards are offered by many banks and are familiar to many customers, but not everyone understands this type of card. Let's read on to understand what an international debit card is.
Most banks are developing various types of cards.
1. What is a debit card?
A debit card (also known as a Debit card) is a type of plastic payment card that allows the cardholder to make payments anytime, anywhere without the need for cash. It functions similar to a credit card, but the funds are directly withdrawn from the cardholder's bank account. The value of the debit card is based on the balance of the linked payment account. To use a debit card, the cardholder needs to deposit money into the payment account. If the user only uses the account for online transactions, it may not necessarily be a debit card account.
2. What is an international debit card? Advantages and disadvantages
Domestic debit cards are used for payments within the country, while international debit cards allow you to make payments not only domestically but also in countries worldwide. Therefore, customers traveling or working abroad can withdraw money and use banking services with this card.
Common types of debit cards
International debit card types such as JCB Debit, Visa Card Debit, MasterCard Debit ... all of these cards are well-known and familiar to users. Despite being issued by many providers, debit cards function similarly.
Debit cards have advantages such as:
- Able to withdraw money from any linked ATM worldwide.
- Easy payment of utility bills.
- Convenient for online transactions.
- Quick foreign currency withdrawal with favorable exchange rates at overseas ATMs.
- Easy payment at stores and shopping centers worldwide.
3. Quick process to open an international debit card
* Requirements for opening an international debit card
Most banks in Vietnam provide card services and issue international debit cards such as BIDV international debit card, Vietcombank international debit card, Techcombank, Vietinbank, SHB ... And to make it easier for customers to open a card, many banks have simplified the criteria for card opening. If customers meet the following criteria, banks will open a card for them:
- Vietnamese citizens or foreigners residing in Vietnam over 18 years old.
- Must have an ID card/residence card.
* Procedure for opening a debit card
Once you meet the conditions and criteria above and wish to open a card, you need to visit the branch/transaction office of the bank you desire to open the card with:
- Step 1: Fill in the necessary information on the debit card application form according to the bank's template.
- Must have an ID card/residence card.
- Step 2: Present your ID card/residence card (original and copy), bank statement, and other documents.
- Step 3: The transaction officer will receive your application. Verify and review your information.
- Step 4: Once the procedures are complete, the transaction officer will proceed to open an international debit card for you.
+ The transaction officer will input your information into the management system, schedule a date for card collection, and provide you with information.
+ The transaction officer will ask you to sign on the receipt and authenticate the sample signature.
- Step 5: Customers come to collect the card.
* Fees for opening an international debit card
Depending on the bank and type of card, the fee for opening an international debit card varies, it may be free or chargeable. For this type of card, you need to pay a fixed annual maintenance fee, ranging from 100,000 to 200,000 VND for regular cards.
When using the card, you can accumulate points from the bank and receive the benefits offered by the bank as well as withdraw foreign currency without the need for exchange and at a reasonable exchange rate, with discounts.
With the above sharing about international debit cards, hope you have gained useful information and understand more about this type of card, as well as consider using it. If you often travel abroad for business or leisure, using an international debit card is very useful.
Using credit cards for spending is a common form of consumption nowadays. If you are not familiar with what credit cards are, you may fall into a spending trap. Therefore, you need to understand how cards work to use them appropriately and effectively.
