What is an ATM Card?

Registering for and using ATM cards for payments and financial transactions is an essential task in the era of Industry 4.0. So, what is an ATM card? Some basic information about ATM cards in the content below will help you find the answer for yourself.

What type of card is an ATM card? Learn about the functions, benefits, and how to obtain ATM cards at various banks such as Vietcombank, Agribank, BIDV, Sacombank, Vietinbank, and more.

1. What is an ATM Machine?

ATM stands for Automated Teller Machine or Automatic Teller Machine, a bank device for automated transactions with customers, allowing account checking, cash withdrawal, transfers, and payment for goods and services. 

Currently, ATM machines are divided into 2 main types: basic ones for cash withdrawal and account balance inquiry, and advanced ones with additional features such as bill payments, interbank transfers, ....

* Functions of ATM Machines

The most basic functions of Automated Teller Machines (ATMs) include:

- Withdrawal, Account Balance Inquiry: The primary function of ATMs is to allow quick cash withdrawal and account balance inquiry, eliminating the need to visit a bank branch and go through a series of procedures.

- Transfers: Users can transfer money to accounts within the same bank or to other banks but with a fee.

What is an ATM Machine? Explore information about Automated Teller Machines (ATMs)

2. What is an ATM Card?

An ATM card is a type of card measuring 10 cm x 6 cm, used to perform transactions such as checking accounts, withdrawing cash, transferring funds, paying bills, etc., through Automated Teller Machines (ATMs). This type of card is also accepted as a cashless payment method at POS machines or payment points that accept cards.

* Structure of ATM Cards

ATM cards are typically pieces of plastic made from plastic material, specially designed according to the pattern of each bank and contain the following information:
- On the front of the card: Contains the cardholder's personal information, card number, card expiry date, card name, issuing bank, expiry date,...

- On the back of the card: A black-encoded magnetic stripe (for chip cards) and a chip (for chip-based ATM cards), the cardholder's signature, the logo of the domestic switching organization,...

* Classification of ATM Cards

- Based on the territorial scope of card usage, cards include: domestic cards and international cards. Specifically, domestic cards are used to withdraw cash or pay for goods, services, and use other services domestically, while international cards (Visa, MasterCard) are used to withdraw cash or pay for goods, services, and use services both domestically and internationally.

- Based on the financial source characteristics on the card, ATM cards are classified into prepaid cards, debit cards, and credit cards. Specifically:

+ Prepaid cards resemble phone SIM cards, requiring only topping up and using the amount loaded onto the card. No bank account opening is necessary, and the card can be gifted to others.

+ Debit cards are the most common type, equipped with basic banking features. Features include money transfer, cash withdrawal, bill payment, mobile top-up, balance inquiry, etc. Note that you need to have sufficient funds in the card account to use it.

+ Credit cards allow spending first and paying later. Simply put, the bank extends a certain amount of credit each month, which you must repay within 45 days. However, remember, a credit card is essentially a bank loan, so you must responsibly repay it. Late payments incur relatively high interest rates.

What are accounts and ATM cards? How to differentiate the various types of ATM cards available today

3. Advantages of ATM Cards

Below are some benefits of using ATM cards:

- Quick cash withdrawal: Simply insert your ATM card into an ATM machine for faster transactions compared to visiting the bank.
- Easy account balance check: Conveniently check your account balance at the ATM machine.
- Recent transaction details: Quickly receive detailed information about recent transactions when using an ATM card. Note: Information is limited to the last 8 to 10 transactions.
- Faster money transfer: Transfer money directly at ATM machines instead of going to the bank. Many banks offer Internet Banking services, allowing transfers within or across banks from your home, phone, or computer with an Internet connection.
- Reduced risk: Avoid the risk of carrying cash by using your ATM card for purchases or travel. ATM machines are widely available, minimizing concerns about running out of cash.
- Additional benefits: Use ATMs for mobile top-up, employee salary payments, supermarket purchases, and more.

4. Requirements for Opening an ATM Card at Banks

- As a Vietnamese citizen or a foreigner residing in Vietnam, aged 18 or above, with full civil and legal responsibilities

- Possess a valid ID card/passport with remaining validity

5. How to Obtain an ATM Card

If you need to open an ATM card at Vietcombank, Agribank, BIDV, Sacombank, Vietinbank, etc., you should go to the branch or banking office of your chosen bank and request assistance from a teller to open the ATM card.

However, before proceeding with the card opening, you need to consider the following issues:

- Identify the type of card needed: Based on the nature and usage requirements of each card, you can choose the appropriate type of card.

- Choose the bank: After selecting the type of card you want, the next step is to determine which bank you want to open the card with. Each bank will have its own regulations regarding card opening fees, benefits, and card usage. To obtain this information, you can contact the bank's hotline for assistance. Some reputable banks often chosen for ATM card opening include BIDV, VietcomBank, MBbank, Techcombank, Vietinbank, Agribank, etc.

- Prepare necessary documents: Each ATM card may have different requirements regarding personal documents. Typically, if you're opening a debit card, you only need to bring your ID card/passport with valid expiration. However, if you want to apply for a credit card, you'll need to provide additional documents related to your employment contract, salary statement, etc.

The article above from Mytour has just explained what ATM is and what an ATM card is. Additionally, if you have any questions or need clarification, readers can leave their comments below the article.

If you're using a Vietcombank ATM card, you can explore the capabilities of this bank's card, as the Vietcombank ATM card can be used to withdraw money from many other banks.

In case you forget your ATM card PIN, Mytour will guide you through detailed steps to resolve and manage when forgetting your ATM card PIN, making your work more convenient.