Why people have to queue up to withdraw money from ATMs during Tet
While there are ATMs with long lines of people waiting tiredly to withdraw money, there are still ATMs next to them that are deserted.
During the weekend (February 10-11) in Hanoi, not only did ATMs in industrial parks witness long lines of people waiting to withdraw money, but the same situation also occurred in the inner city and large urban areas.
While some ATMs have people queuing for a long time to withdraw money, not far away, many other ATMs are still operating normally but with few people. This situation is happening in some urban areas such as Trung Hoa - Nhan Chinh, Cau Giay, My Dinh I, II...
Worry about losing transaction fees with other banks
At around 3 p.m., more than a dozen people were still standing in line in front of an ATM on Duy Tan Street, Cau Giay District. Some people said they had to wait quite a long time to withdraw money, because many people withdrew large amounts of money.
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Many people are willing to queue up to withdraw money at the bank that issued their ATM card, because they are worried about losing transaction fees. Photo:QT. |
“On Sunday, the transaction office is closed, so I have to withdraw many times to get enough money to go shopping for Tet,” said Ms. Nguyen Thi Xuan (Cau Giay district, Hanoi).
Ms. Xuan said she had to wait nearly an hour to withdraw money. Many people like Ms. Xuan had to make multiple transactions to withdraw money from ATMs because banks were closed on weekends.
“Today is still quiet, the previous days the line of people coming to withdraw money stretched out to the sidewalk. Although there was no chaos, from morning until now there have always been about 10-15 people standing in line waiting to withdraw money, one person leaves and another comes,” said Ms. Ngo Thi Lan, a water seller nearby.
About 500 meters away on Duy Tan Street, there are two ATMs of two different banks on both sides of the street. However, in contrast to the image of long lines of people waiting to withdraw money, these two ATMs are deserted.
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Many ATMs on the same street have no one coming to withdraw money. Photo:QT. |
Ms. Lan added that along Duy Tan street there are about 5-6 ATMs of different banks, but for some reason people only concentrate on withdrawing at one point, while the other ATMs are still operating normally.
Mr. Duy Manh (32 years old, Cau Giay district) said that there are many ATMs of different banks in the surrounding area, but he thinks that withdrawing money at the ATM of the same bank where he opened his account will be more convenient and free of fees.
“People say that withdrawing money from other banks will incur fees, so I just go to the bank's ATM and withdraw money, even if it takes a little longer,” Ms. Xuan added.
A similar incident occurred on Nguyen Co Thach Street, when a large number of people gathered to withdraw money from an ATM while more than 10 ATMs of different banks were still operating normally without anyone coming to withdraw money. The main reason, according to people, was because they were from different ATMs and were worried about losing transaction fees.
How much does it cost to withdraw from another bank's ATM?
The collection of ATM cash withdrawal fees by banks is implemented according to Circular 35/2012 of the State Bank, the transaction fee is regulated at about 3,000 VND/transaction. However, each bank will have different ATM cash withdrawal fees.
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At Agribank, the transaction fee for each cash withdrawal from another bank's ATM card is 3,300 VND/transaction for domestic ATMs and 44,000 VND for transactions abroad. Vietinbank, SeABank... also charge a transaction fee for other bank ATMs of 3,300 VND/transaction.
Other banks such as BIDV, Sacombank, Techcombank, ACB... charge a transaction fee of 3,000 VND/transaction for ATM withdrawals from other banks.
And unlike transactions at the counter, people withdrawing money at ATMs must comply with the bank's regulations of a maximum of 3-5 million VND/transaction. Thus, if people have a large withdrawal need, they will have to make many transactions and pay fees many times.
However, there are also some banks that offer free ATM cash withdrawals from other banks such as TPBank, VIB, OceanBank, Dong A..., and even free money transfer fees.
