If you use a bank card, you want to know what fees are charged especially for ATM withdrawals. This concern is valid and completely relevant as many banks charge for this service and periodically raise the bank’s withdrawal fees.

Why are there ATM withdrawals fees from banks?

An ATM withdrawal fee is the fee collected by banks towards recovering cost incurred like manufacturing and setting up ATM at the onset,  as well as expected costs like maintenance of the ATM machine. A cash withdrawal through an ATM will cost the bank about 7,000 VND per transaction for infrastructure and maintenance. Theoretically, this type of charge is extremely reasonable. But withdrawal fees should be regulated with a view to protect customers from incurring high fees when using their bank cards.
Currently, most banks collect ATM withdrawals when their bank card is used at another bank. There are a few banks free that offer Fee Free ATM withdrawals outside their own bank like Timo, TP Bank… But in fact, these banks are absorbing the cost on behalf of customers. This is done to help shape the habits and drive customers to use more card services instead of cash. There is no guarantee that the fee free banking service will be long-term benefit.

How much do banks charge…?

It must be noted that the collection of cash withdrawal ATM fees of banks is currently being implemented as per the 35th Circular of the State Bank of Vietnam. This must be in full compliance with the law, however, each bank have different ATM withdrawal fees which confuse customers. Here is a summary of approximate ATM withdrawal fees from 10 major banks in Vietnam.

Techcombank VIB Maritime Vietcombank HSBC Sacom
Citibank Shinhan Vietin
1100 to 9900 ₫ 3,300to 11000  ₫ 1,100-
3,300 ₫
3,300 ₫
1,000 – 3,300 ₫ 0₫ * 3,300 ₫ * 1,100-
0 ₫
* min balance required *min balance required *min balance required

Some banks also split the fee limits for different types of cards or based on average balances.

Timo is one of the only banks that provides customers with the most benefits by offering free ATM withdrawals at over 17,000 + ATMS on the NAPAS network. So any banks ATM can be used as a Timo ATM without fees.

Tips on using ATMs without extra expenses

  • Find out about cash withdrawal fees from other banks around you
  • Plan and organize your monthly number of ATM withdrawals
  • All ATM machines will display the ATM withdrawal fee prior to processing the transaction. Pay attention to this fee and consider carefully before accepting
Phí rút tiền ATM khác ngân hàng là bao nhiêu? (Nguồn Internet)

How much…? (Source: Internet)

  • Wherever possible, pay for your utility bills like electricity, water, phone, groceries etc … with a ATM / debit card, make a bank transfer, use a banking application like Timo or via a mobile wallet or payment gateway.

The use of bank cards in Vietnam is no longer new, it has become a habit.  Especially when all transactions are encouraged by the State through bank cards. Your monthly salary needs to either be withdrawn or transferred for daily expenses and bills. Any saving on fees will go a long way. Find the bank that works best for you and your needs. Hopefully, with this article, Timo has helped you to make the best use of a bank’s services without pinching your pocket.
TIMO: What you can get

  1. Get a Domestic NAPAS ATM Debit Card
  2. It’s quick and easy to get with no minimum balance
  3.  Enjoy fee free withdrawals with the NAPAS ATM/ Debit Card across 17,000+ ATMS nationwide
  4. Lock your Card directly in App – So when you’re travelling all you need is access to WIFI And more