Vietcombank restores ATM services for foreigners
After a period of interruption, the Bank for Foreign Trade of Vietnam (Vietcombank) on November 19 resumed money transfers via automated teller machines (ATM) to non-residents and foreign residents in Vietnam.
Bank systems updated and decision of November 12 reversed.
Non-residents are foreigners who live in Vietnam for less than one year while foreign residents are those who live in this country for more than one year.
Vietcombank put on hold the money transfer service via ATMs and accounts or cards of non-residents and foreign residents in Vietnam in August last year.
On November 12, the bank announced on its website to suspend money transfers to non-residents and foreign residents. Transactions relating to transfer money from cards and accounts of other banks to Vietcombank foreigners’ accounts were also invalid.
The bank explained that the move was to comply with the existing regulations, as money transfer transactions via ATMs and cards and customer profiles were not properly checked.
According to the Foreign Exchange Ordinance and regulations of the State Bank of Vietnam, foreigners are allowed to open and use accounts in Vietnam dong at banks to transfer money of legitimate origins such as wages and consulting fees.
The ordinance also permits foreigners to use cards. ATM services are popular and legitimate for foreigners.
In reality, many more foreigners have come to Vietnam to live, work, study and travel and local banks have many foreign customers who have opened accounts in Vietnam dong to make transactions, including with ATMs.
Vietcombank has the biggest number of foreign customers in Vietnam. According to statistics of the Bank Card Association of Vietnam, Vietcombank’s sales from ATM debit cards had accounted for 20% of its total by end-June, the highest in the banking system. Total transactions via ATM debit cards exceeded VND141.8 billion and total sales from money transfer service amounted to over VND18.6 trillion. Foreigners account for 15% of the bank’s customers who hold Vietnam dong currency accounts.
