Withdrawal fees at Vietnam ATMs to quadruple

Viets queuing at the banks (Library image)

Withdrawal fees at Vietnam ATMs are set to QUADRUPLE after the NATIONAL Payment Corporation of Vietnam (NAPAS) has proposed to increase the fee for money with action from August 1.

NAPAS sent a document to some commercial banks which are under its inter-bank connection system on the fee hike which would be from the current 2,200 dongs to 8,800 dongs (US$0.39), including tax.

Accordingly, the fee rise would be applied to credit institutions which issue cards but do not have ATM machines. Fees for banks that have their own ATM machines would be kept unchanged.

NAPAS said the fee increase was aimed at ensuring benefits of relevant parties and encouraging development of ATM network.

Currently, banks have focused on issuing cards but not investing in the ATM network due to high investment and operation costs, it said.

NAPAS is operating and managing an inter-bank connection system with 16,800 ATM, 220,000 POS, 90 million domestic cards of 43 domestic commercial banks and foreign banks operating in Vietnam.

NAPAS also provides e-commerce services to more than 200 merchants of airlines, telecommunications, hotels, tourism and other electronic payment services.

NAPAS is the first and unique intermediary payment service provider being granted a licence by the State Bank of Vietnam (SBV) of providing switching and electronic clearing and settlement services in Vietnam. – ANN

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