Vietcombank switches from free to collect and raises service fees.

DNHN - Vietcombank has announced that effective July 1, 2023, the card product fee schedule will change. This is a significant change because Vietcombank has rarely raised service fees in recent years.

In the past, activation at the counter and direct deposit fees were complimentary for all personal card products. However, beginning July 1, Vietcombank will charge a card fee of 20,000 VND (not including VAT). Additionally, Vietcombank increased fees for two types of international credit card services. The termination fee for international credit cards issued in physical form is increased from VND 50,000 to VND 100,000. The fee for non-payment of the minimum payment amount remains unchanged at 3%, but the minimum fee has increased from VND 50,000 to VND 100,000.

Vietcombank does not currently charge a fee for maintaining a magnetic debit card or for canceling a physical international debit card. However, beginning on July 1, 2023, the bank will assess a monthly fee of VND 10,000 for magnetic technology debit cards and a termination fee of VND 50,000 for physical international debit cards. Vietcombank also noted that this regulation is inapplicable to non-physical cards and if customers switch from magnetic to chip cards. The purpose of this fee regulation is to encourage customers to switch from magnetic to chip cards.

Notably, Vietcombank has eliminated chargeback fees for domestic debit cards, which were previously 45,454 VND per transaction.

This is an unusual increase in service fees for Vietcombank over the past few years. To attract customers, this bank has recently provided a variety of free services, particularly digital banking services such as account opening, account maintenance, and money transfers.

PV (t/h)