Tuesday,  May 22,2018,03:25 (GMT+7)

Banks want higher ATM transaction fees

The Saigon Times Daily
Wednesday,  Apr 26,2017,21:33 (GMT+7)
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Banks want higher ATM transaction fees

The Saigon Times Daily

HCMC - A number of commercial banks have asked the State Bank of Vietnam for permission to raise the charge on ATM transactions to cover part of ATM operating costs, Nguoi Lao Dong newspaper reports.

Banks charge a maximum of VND3,000 on an ATM transaction, exclusive of VAT, according to Circular 35/2012 issued by the central bank to stipulate charges of the inland debit card service, taking effect from March 2013.

However, a deputy general director of a joint stock bank in HCMC said that banks had suffered losses because for every VND3,300 imposed on an ATM transaction, the bank receives only VND1,650 while the balance goes to the intermediary payment agency. Meanwhile, the average cost of an ATM withdrawal is VND7,000.

Meanwhile, many ATM card holders have shown disagreement with the proposal, saying they already pay many other fees when using ATM services such as messaging, billing statement, and SMS Banking.

According to experts, banks should not increase the ATM transaction fee. They can recover costs by offering more products and services or encouraging ATM card holders to pay via Points of Sale (POS) terminals.

A representative of the central bank also agreed that it is not the right time for banks to increase the ATM transaction fee because Circular 35 is still valid. Data of the central bank shows that there are about 13 banks applying a same-bank withdrawal fee of VND500 to VND3,000 a transaction.

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Giấy phép Báo điện tử số: 321/GP-BTTT, cấp ngày 26/10/2007
Deputy Editor-in-Chief: Pham Huu Chuong
Managing Editors: Nguyen Van Thang, Huynh Cam Tung
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