Fee hikes threaten cashless planRecent surges in transactions and withdrawal fees at a number of commercial banks went against the State Bank of Vietnam’s (SBV) initial policy roadmap for a seamlessly cashless society. For the past few months, a number of joint stock banks have continuously increased service charges, including SMS Banking fees, electronic transaction fees and interbank charges. Vietcombank also increased mobile banking charges from VND8,800 to VND11,000 per month since March 1. This is seen as the ceiling price for most banks’ charges, which so far has yet been breached. Nonetheless, commercial banks should focus on other services to offset losses, rather than increasing ATM charges, said Tuan.

Source: VietNamNet News May 11, 2018 01:52 UTC