Banks reduce ATM withdrawal fees
Napas will reduce up to 150 VND per transaction for the bank, equivalent to 10% of the fee this unit enjoys.
The National Payment Corporation of Vietnam (Napas) has just announced that it will start reducing ATM withdrawal fees for payment banks from March 1, 2018, 4 months earlier than previously planned.
The maximum reduction is 150 VND per transaction, equivalent to 10% of the fee Napas enjoys. In addition, the company said it will not collect ATM withdrawal service fees from payment banks from March 1, 2021.
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Napas plans to not charge bank transaction fees by March 2021. Photo: PV. |
Regarding POS transaction fees, Napas will also reduce fees for payment banks from March 1. The fee after reduction will be 0.025% of the transaction value. The current fee is 0.05% of the transaction value.
Napas is managing and operating a switching system connecting more than 17,000 ATMs, 270,000 POS machines, 300 electronic payment enterprises in the fields of aviation, telecommunications, hotels, tourism; serving more than 100 million cardholders of 46 domestic and international commercial banks operating in Vietnam.
Currently, for off-network withdrawal transactions, meaning that ATM cardholders of this bank withdraw money at ATMs of other banks, payment banks collect 3,300 VND per transaction (including VAT), of which Napas receives half.
A bank leader said that the fee reduction from Napas cannot immediately affect the fee for withdrawing money from other banks. According to him, the current break-even cost for an ATM transaction is over 7,000 VND, soThe fee of 3,300 VND per transaction is too low, not enough to cover the costs that banks have to pay. Not to mention, many banks also offer free off-net withdrawals for customers and are losing heavily.
