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Tuesday, May 24, 2022

SMS Banking fee set at VND11,000 per month

The Saigon Times

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HCMC – Commercial banks and telecommunications companies have agreed to offer a full-package SMS Banking service at VND11,000 per user per month after users have long complained about the high fee.

Customers of some banks such as Vietcombank, BIDV and Techcombank recently reported that the SMS Banking fee for account balance enquiry increased by five to seven times compared to the pre-Lunar New Year holiday period.

The banks said the new service fee policy was announced at the end of 2021, following which the SMS Banking fee was revised up to VND77,000 per month, but it was enclosed with another message, so many customers might not be aware of the notification.

“Commercial banks and telecommunications companies now offer the full-package service at VND11,000 per user per month, including value-added tax, without any limitation on the number of messages. The new fee is welcomed by many users, meeting their increasing demand for cashless transactions,” said Tran Duy Hai, deputy director of the Telecommunications Department under the Ministry of Information and Communications.

The Telecommunications Department estimated that telecommunications companies would lose 20-30% of their revenue from SMS Banking services after introducing the new fee.

However, reasonable fees will help foster cashless payments and e-commerce. The banks have also encouraged customers to register for notifications via the app, which is currently free.

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