Are ATM card holders restricted from withdrawing 5 million VND/day?

The draft Circular amending and supplementing Circular No. 19/2016 regulating bank card activities stipulates a maximum withdrawal limit of VND 5 million/day at POS machines for credit cards, but what about ATM cards?

According to commercial banks, because credit card holders need to withdraw cash at card acceptance points (POS machines), some commercial banks have signed contracts with large hotels, allowing credit card holders to withdraw money through POS machines.

Perhaps to comply with international practice of withdrawing cash at POS machines not exceeding 200 USD/day and to limit risks for consumers, the draft Circular amending and supplementing Circular No. 19/2016 of the State Bank stipulates that credit card holders can only withdraw cash at POS machines not exceeding 5 million VND/day.

For regular ATM card holders, this draft Circular does not stipulate the maximum amount of money that can be withdrawn in one day.

Currently, some banks restrict ATM withdrawals at night.

Statistics from the Bank Card Association show that by the end of the second quarter of 2017, more than 110 million bank cards had been issued in Vietnam, including international Visa and Master credit cards and regular ATM cards.

Accordingly, there are two types of credit cards: International Credit card - the money in the card belongs to the bank. International Debit card - the money in the card belongs to the cardholder. Both Credit and Debit cards can withdraw money at ATMs and POS machines.

Credit card holders withdrawing cash at ATMs or POS machines must pay the bank a fee of about 4% of the amount withdrawn, and the bank will charge interest immediately upon withdrawal because the cardholder has borrowed money from the bank. Debit card holders withdrawing cash at ATMs or POS machines of the bank that issued the card is free, but if withdrawing cash at ATMs or POS machines of other banks, they must pay a fee of 2%.

For regular ATM cardholders, when withdrawing money at an ATM, they have to pay a fee of 1,000 - 3,300 VND/transaction, and the maximum amount of money that can be withdrawn per day depends on the regulations of each bank. However, the most common withdrawal limit is 20 - 50 million VND/day and each withdrawal is from 2 - 5 million VND. Particularly during the period from 7 pm to 6 am the next day, some banks only allow ATM cardholders to withdraw a maximum of 5 million VND.

The leaders of these banks said that the withdrawal limit from the end of the previous day until the early morning of the next day is to prevent risks for both cardholders and the bank. Because, recently, many bad guys have stolen customers' information and often make withdrawal transactions at night.

According to Lao Dong Newspaper