ATM withdrawal amount

Ciambella wrote:

OceanBeach92107 wrote:

My financial advisor who does business in Vietnam out of Singapore, told me to "reject the exchange rate offered by the ATM/Bank" and allow Schwab to complete the exchange.

Have you seen the ATM offer its own exchange rate before?

If so, did the machine allow you to refuse in favor of settlement by Schwab?

No, we've never seen that.  The only thing all machines asked was whether we would accept the transaction fee, which we've always said yes.

Earlier this month, out of laziness, we used an ATM from BIDV instead of Sacombank which is our favourite.  Aside from ATM fee and an outrageously high transaction fee (90K for 3M), the bank tagged another 10% for VAT.  We're waiting for end-of-the-month statement to see if Schwab picks up the VAT.  Either way, we'll never use BIDV again.

The only thing all machines asked was whether we would accept the transaction fee, which we've always said yes.

Not all ATMs. Most do though!

For example, I've personally experienced VIB Bank neither asking if I accept the fee nor issuing a receipt. I complained to my card issuer in UK and they refunded the ATM fee out of goodwill. Also complained to the Vietnam state securities commission, but no reply.

MB Bank (military bank) also didn't ask if I accept atm fee, issued a receipt and on it had nothing beside 'fee', but had added 30k VND to the overall amount. So, it said 3,030,000 for the amount withdrawn. Eventhough it only dispensed 3,000,000 VND. Wierd huh? It's as if MB bank had short-changed me. Luckily I checked. I suppose some foreigners don't even ask for the receipt, so they take money out, spend, then find out when they check their bank statement. It's like the MB bank is preying on those unsuspecting foreigners.

Earlier this month, out of laziness, we used an ATM from BIDV instead of Sacombank which is our favourite.  Aside from ATM fee and an outrageously high transaction fee (90K for 3M), the bank tagged another 10% for VAT.

BIDV is really Bad. I've heard horror stories of foreigner arriving in Vietnam then walking to the first ATM they see in airport. (it's almost by habit, because that's what we do when we travel within Europe - walk to the nearest atm take cash out). That ATM just so happen to be a BIDV ATM. Foreigner is stung with 3% ATM fee, which is what it showed last time when I tried BIDV. Needless to say I hit 'cancel' transaction and ran a mile, to the nearest Agri ATM which charges 22k VND per 3Million VND pull.

By the way, what do you mean by 'ATM fee and an outrageously high transaction fee (90K for 3M)'. I think the ATM fee is charged by BIDV (it's 3% of transaction or 50k VND, whichever is higher). The transaction fee is something your bank may/may not charge depending on the kind of card you have. I would have thought you'd have a schwab card that has no transaction fees on foreign withdrawals. Otherwise, it would defeat the purpose of Schwab refunding ATM charges (because the transaction fees would still add up to quite a bit).

We're waiting for end-of-the-month statement to see if Schwab picks up the VAT.

Did schwab pick-up the VAT?

 

Either way, we'll never use BIDV again.

Is this out of loyalty to Schwab (because you don't want them to pay too much ATM fees) or some other reason?

I would have thought the ATM fees schwab pay to BIDV would be a pittance in comparison to the value of having you as a customer.

HenryJo wrote:

By the way, what do you mean by 'ATM fee and an outrageously high transaction fee (90K for 3M)'. I think the ATM fee is charged by BIDV (it's 3% of transaction or 50k VND, whichever is higher).

It's outrageous because Sacombank charge 30K fee for the same 3M.  BIDV's fee is triple the amount,  and that's 90K, not 3% or 50K whichever is higher.

HenryJo wrote:

The transaction fee is something your bank may/may not charge depending on the kind of card you have. I would have thought you'd have a schwab card that has no transaction fees on foreign withdrawals. Otherwise, it would defeat the purpose of Schwab refunding ATM charges (because the transaction fees would still add up to quite a bit).

Schwab doesn't charge any fee.  The 90K is all from BIDV.

HenryJo wrote:

Did schwab pick-up the VAT?

They did.

HenryJo wrote:

Is this out of loyalty to Schwab (because you don't want them to pay too much ATM fees) or some other reason?

I would have thought the ATM fees schwab pay to BIDV would be a pittance in comparison to the value of having you as a customer.

I know 90K fee for 3M withdrawal is not even pocket change to Schwab, but out of my own principle, I refuse to do business with someone who charges 3X more for the same service that other equally good or better providers charge.  Just because I'm worth the expense and someone else picks up the bill doesn't mean I would head to the most expensive restaurant in town.

Ciambella wrote:

HenryJo wrote:

By the way, what do you mean by 'ATM fee and an outrageously high transaction fee (90K for 3M)'. I think the ATM fee is charged by BIDV (it's 3% of transaction or 50k VND, whichever is higher).

It's outrageous because Sacombank charge 30K fee for the same 3M.  BIDV's fee is triple the amount,  and that's 90K, not 3% or 50K whichever is higher.

I think you mean just 'outrageously high ATM Fee', not '..ATM fee and an outrageously high transaction fee...'. BIDV does not charge you a transaction fee. I doubt schwab does either.

Also, 3% of 3M is 90k VND. If you withdraw 100,000 VND from BIDV ATM, they will charge you 50k VND ATM fee. If you withdraw 500,000 it's still 50k VND (because minimum fee is 50k VND), if you withdraw 2M VND it's 60k (because they will charge you 3%).    That's what I mean by 3% or 50k (witchever is higher).

Not confusing at all, right?...(I think with most ATM's it's a fixed fee. e.g. 22k (agri), 50k (Vietcom bank) etc..none of this 3% or 50k)

BTW, This is what the BIDV ATM screen says:

Cash withdrawal Fee: 3% of transaction amount, min 50,000 VND (not include 10% VAT and fee charged by issuing bank)

atm fee is applied to :
- International card (not include cards issued by BIDV)
- VISA/Mastercard: Cards issued by members outside Vietnam

Press ENTER to Accept,
Press CANCEL to Exit.

I've stopped asking for a receipt because an ACB ATM charged me a receipt fee when I checked my balance on my ACB Prepaid Visa Debit Card.

Also, I believe VietinBank added an amount for a receipt, but lumped it in with total fees so I couldn't tell for certain.

So it's my suspicion, but I've decided I don't need the paper receipt.

In all my years of ATM banking, I have never, ever needed a receipt, except to balance my checkbook.

Now, my Schwab account updates instantly in the app, so I'm starting to think I may never print another receipt again.

Nor will I check balances on an ATM, as all charge for that and Schwab does NOT rebate charges for checking balances.

OceanBeach92107 wrote:

I've stopped asking for a receipt because an ACB ATM charged me a receipt fee when I checked my balance on my ACB Prepaid Visa Debit Card.

Also, I believe VietinBank added an amount for a receipt, but lumped it in with total fees so I couldn't tell for certain.

So it's my suspicion, but I've decided I don't need the paper receipt.

In all my years of ATM banking, I have never, ever needed a receipt, except to balance my checkbook.

Now, my Schwab account updates instantly in the app, so I'm starting to think I may never print another receipt again.

Nor will I check balances on an ATM, as all charge for that and Schwab does NOT rebate charges for checking balances.

I never check my UK credit card balance on vietnamese ATM's. No point. Balance can be checked a multitude of other ways. Online banking, smartphone APP, phone banking (hardly use it).

When I check my Vietnamese Bank account (HD Bank) balance on a HD bank atm, it always warns me 'we charge x VND for the receipt'. Anyway, I've never asked for the balance printed on a receipt. If I make a withdrawal, HD bank ATM asks 'do you want a receipt' and is provided free of charge.

For withdrawals using my UK credit card  on Vietnamese ATM, I always always ask for a receipt. If there is anything untoward, I can show my bank/credit card company the receipt. It also serves to 'hard-copy' record, in addition to the online banking etc. In time, I get rid of all the old receipts.

In all my years of ATM banking, I have never, ever needed a receipt, except to balance my checkbook.

You are probably right!. A Charles Schwab customer was once charged €2.50 fee + €14.00 commission (which was not disclosed) by an ATM. Schwab bank refunded the €2.50, but didn't refund the €14.00. It seems s(he) had kept the receipt.  See:

https://www.caminodesantiago.me/communi … ost-619009

Also, I believe VietinBank added an amount for a receipt, but lumped it in with total fees so I couldn't tell for certain.

Viettin Bank is one of the borderline sketchy banks (alongwith donga bank) when it comes to atm fees. Rather than tell you the ATM withdrawal fee in figures, they say 'refer to our website' or 'Banknet will charge off us Transaction fee as issuer's policy'.

(not replying to anyone in particular)

The Citibank ATM at Vincom Plaza, District 1, HCMC had a 6 million limit today, using my Schwab Visa debit card; 60,000 fee (which Schwab will rebate at end of month).

A Vietcombank ATM on Phú Quốc was only allowing 2 million per withdrawal last week

I've routinely been able to get 5 million per withdrawal limit from MB bank ATMs all over Vietnam (from Hà Nội to Phú Quốc)

I've encountered a software glitch in some of the recently upgraded MB bank ATMs recently:

After choosing English, the following screen is still in the Vietnamese language.

However the default button highlighted is for obtaining cash, so if you choose it, all remaining screens will be in English.

A Vietcombank ATM on Phú Quốc was only allowing 2 million per withdrawal last week, just as Vietinbank routinely does.

Sacombank and Agribank usually limit me to 3,000,000 per withdrawal

Oh the ANZ days. They use to allow 10m. Just for those. With halfziemers like me that do not know. If by chance you make a  withdrawal and forget to take the money, don’t panic. After a short bit the ATM realizes somehow an idiot walked off without the money. Just contact your bank and they go back to the ATM bank and verify your an idiot and once the checks are made you will get a credit. Lately I have gotten more credits then money from the ATM slot. Anyone know why folks call it an “ATM machine anyway “. ATM means Automatic Teller Machine. So now some call it an automatic teller machine machine. Somewhat like hemorrhoids  and astroids I suppose. Those two words seem a bit backwards.

I can get as much as 13 million dong in a single transaction at TPBank ATMs using my CapitalOne debit card.  No fees.  14 million did not work.

Why chase all over Saigon, or what ever city you live in trying to find an ATM that only gives out a few million dong at a time? Just take your debit card and passport to the bank,  just about any bank these days, hand them to the representative and request as much as your cards limit is. Sure it'll be 3% bank change and 3% charge by Visa/Master charge company, but in most circumstances its the same charges you incur using a ATM. To easy.
Rick

Bidv will give 5 million every time I have drawn up to 15 million one after the other .Vung Tau

The fees can be an exercise in mental gymnastics. I remember a day when we had no ATMs and banks charged no fees for most things. Seems though that no one mentions the largest part of these fees is the the type of card your bank issues, be it a Visa or MasterCard among many. It is them that charges bot a transaction fee and an exchange rate fee. Perhaps here in VN it is just part of the expat tax for living cheaply. And we have so many of those fees e.g. 2m vnd to send your child to “free” public schools. Or the pocket money when pulled over. But many of these are charged to locals alike and they never complain. But us expats have a lot of extra time on their hands and need to do something. But how to beat bank fees....lI do not know. Me I have never checked any bank fee. Schwab  does rebate some though.

Diazo wrote:

The fees can be an exercise in mental gymnastics. I remember a day when we had no ATMs and banks charged no fees for most things. Seems though that no one mentions the largest part of these fees is the the type of card your bank issues, be it a Visa or MasterCard among many. It is them that charges bot a transaction fee and an exchange rate fee. Perhaps here in VN it is just part of the expat tax for living cheaply. And we have so many of those fees e.g. 2m vnd to send your child to “free” public schools. Or the pocket money when pulled over. But many of these are charged to locals alike and they never complain. But us expats have a lot of extra time on their hands and need to do something. But how to beat bank fees....lI do not know. Me I have never checked any bank fee. Schwab  does rebate some though.

In addition to occasional coffee money, expats 'pay' enough already for living in a country with terrible noise and air pollution, bad healthcare, 'rules' that change overnight...the list goes on.

For those who may get preoccupied while withdrawing money ( or have their head in a dark place) and walk away leaving the 5m vnd in the money slot. Have no fear, like your card , the ATM will quickly take back the money/.Simply contact your bank.. They  in-turn contact the bank of the ATM you used to confirm the machine indeed snatched the money. Your bank they refunds. Works like a charm. Wish I had known it before I walked a pissed off and never got the money back.

Diazo wrote:

The fees can be an exercise in mental gymnastics. I remember a day when we had no ATMs and banks charged no fees for most things. Seems though that no one mentions the largest part of these fees is the the type of card your bank issues, be it a Visa or MasterCard among many. It is them that charges bot a transaction fee and an exchange rate fee. Perhaps here in VN it is just part of the expat tax for living cheaply. And we have so many of those fees e.g. 2m vnd to send your child to “free” public schools. Or the pocket money when pulled over. But many of these are charged to locals alike and they never complain. But us expats have a lot of extra time on their hands and need to do something. But how to beat bank fees....lI do not know. Me I have never checked any bank fee. Schwab  does rebate some though.

Schwab refunds all my fee's ATM, wire transfer the lot!! Recently because of the situation here I was checking what my banks here in Vietnam charge for overseas ATM charges...........UP TO 8% WTF  one told me!!