Wednesday, November 21 2018

VietNamNews

Money withdrawal fees at ATMs to quadruple

Update: May, 15/2018 - 11:15
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. — Photo topbank.vn
Viet Nam News

HÀ NỘI — The National Payment Corporation of Việt Nam (NAPAS) has proposed to increase the fee for money withdrawal from its ATM network by four times for each transaction 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 VNĐ2,200 to VNĐ8,800 (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 Việt Nam. 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 Việt Nam (SBV) of providing switching and electronic clearing and settlement services in Việt Nam. NAPAS’ majority shareholders include SBV and 15 big commercial banks in Việt Nam. — VNS

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