Commercial banks have to adjust the limit of cash withdrawals in foreign currency abroad to the maximum equivalent of 30 million VND (some 1,300 USD) per day for international credit and debit cards from early this year to meet a central bank regulation.
The State Bank of Vietnam (SBV) has required credit institutions and branches of foreign banks in the country to limit cash withdrawal at their automatic teller machines (ATMs) at night.
After two months postponing the increase in service fees for ATM cash withdrawals as required by the central bank, some commercial banks have now resumed the plan, announcing that a new service fee framework will apply from the middle of this month.
The total value of transactions via the automatic teller machines (ATMs) and points of sale (POS) last year surged sharply by 34 percent against the previous year.
As demand for cash withdrawals at ATMs doubles or triples around the Lunar New Year (Tet) holiday, banks are recommending customers use electronic payment or scan their cards at POS machines or use quick response (QR) codes instead of withdrawing cash at ATMs.
Credit card holders will not be allowed to withdraw cash at card readers of domestic points of sale (POS) from March this year, said the State Bank of Vietnam (SBV).
The SBV has asked the relevant agencies to ensure all automatic teller machines (ATM) are operational in the months approaching Tet holiday, when there is high demand for cash transactions.
Credit cardholders will not be allowed to withdraw cash worth more than 5 million VND for domestic transactions and no more than 30 million VND for foreign currency.
Total transaction value paid via the system of the National Payment Corporation of Vietnam (NAPAS) reached 320 trillion VND (14.1 billion USD) in 2016, nearly doubling from 2015.
The English language news website VietNamNet Bridge on April 18 reported
that banks have had to inject their money into government bonds as
credit gets stuck.
Banks in Ho Chi Minh City are ensuring that all ATMs will operate
smoothly during the Tet (Lunar New Year) holidays to meet demand for
cash withdrawals.
The State Bank of Vietnam (SBV) has pledged sufficient cash to cater the
demand which often skyrockets on the approach of the traditional Lunar
New Year (Tet).
With the demand for cash at ATMs often tripling during the Tet (lunar
New Year) shopping season, commercial banks are taking measures to
ensure ATM networks and systems are working well during the holidays.
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