14:26 | 13/07/2016 Economy
The minimum cash limit per withdrawal at automated teller machines (ATMs) for banks other than the card issuer will be raised from VND2 million (US$90) to VND3 million.
The minimum cash limit per withdrawal at automated teller machines (ATMs) for banks other than the card issuer will be raised from VND2 million (US$90) to VND3 million. — Photo vnexpress.net
The news was announced in a circular released by the State Bank of Viet Nam on June 30.
The increase will help ATM users save on fees, as they are currently charged VND3,300 (value added tax included) per withdrawal at ATM booths belonging to banks other than the one that issued their card.
"It will be more convenient for ATM users when withdrawing cash at the ATM booths of different banks," said Nguyen Thi Nga, a teacher in Ha Noi. "A higher cash limit means fewer withdrawal transactions and lower charges," Nga said. "Still, I expected a higher minimum limit."
For cash withdrawals conducted at the ATMs of the same bank that issued the card, Circular 20/2016/TT-NHNN, which came into effect at the beginning of July, said credit institutions were not permitted to set an ATM cash limit per withdrawal at less than VND5 million for internal transactions, the same as the current limit.
Transaction fees for internal ATM transactions are VND1,100 per cash withdrawal.
The circular also said ATM services must be available 24/7 and each ATM booth must provide the contact details of the operating agency, so users can contact them when they encounter problems or have complaints./.