Citibank Vietnam Account Management Fee

https://www.citibank.com.vn/english/sta … 072014.pdf

Monthly Account Management Fee
(Covers services marked as “free”)

VND 165,000

Fred wrote:

https://www.citibank.com.vn/english/static/pdf/Leaflet_Banking_Tarriff_31072014.pdf

Monthly Account Management Fee
(Covers services marked as “free”)

VND 165,000

there's no such thang as 'free' or 'free lunch'.

I think the fee has been around since 2016 or even earlier, but during 2017 the balance required to avoid the fee increased.  I know it used to be 50 million but now I think it is 100 million.

My wife has a small loan out to one of her brothers who deposits the interest in our account religiously at the beginning of every month.  I noticed a few months ago that the fee stopped and we seem to be a little over 100, hence my suspicion that the threshold is 100 million now.

It seems that 100 million VND ($4300) is a lot to be leaving in the bank at close to 0% interest.  We keep our account open mostly for the ability to transfer funds US to VN if needed.  I will let you do the math but it might be better to keep a lower balance, suffer the fee, and have a 100 million VND account at higher interest somewhere else.  Even the CD accounts at Citi VN are below 1% in keeping with rates worldwide.

Thanks. I think Citibank and other banks have below maintaining balance fee, which is different from this account management fee.

From our 31 Dec 16 statement:  "PHI DV account management fee 0000012201 165,000.00."   Citi VN describes it as a fee on all accounts that is waived if the balance is above a certain level.  That way they can simply change the waiver level without having to tell the government that they have changed their fees.  You can see that there is a subtle distinction between that and charging a fee on some accounts and not others.  As far as whatever you want to call it, feel free.