Is there a fee for GoTyme withdrawal in Vietnam?

GoTyme Withdrawal Fees in Vietnam: A Detailed Guide

GoTyme, a popular mobile payment platform, allows Vietnamese users to easily withdraw funds from their accounts. However, it’s important to be aware of the associated withdrawal fees to make informed decisions.

Fee Structure for GoTyme Withdrawals at 7-Eleven ATMs

When withdrawing funds from a GoTyme account at a 7-Eleven ATM in Vietnam, a flat fee of ¥110 is charged for every ¥10,000 withdrawn. This fee is applicable regardless of the withdrawal amount.

For example, if you withdraw ¥20,000, the total fee will be ¥220 (¥110 for the first ¥10,000 and another ¥110 for the remaining ¥10,000).

Comparison with Local Bank Options

It’s worth comparing GoTyme’s withdrawal fees to those charged by local banks to determine the most favorable option. Here’s a brief overview of bank withdrawal fees in Vietnam:

• ACB Bank: Free for withdrawals at ACB ATMs, ¥5,000 fee for withdrawals at other ATMs.
• Vietcombank: Free for withdrawals at Vietcombank ATMs, ¥5,000 fee for withdrawals at other ATMs.
• TPBank: Free for withdrawals up to ¥5,000,000 per month at TPBank ATMs, ¥15,000 fee for withdrawals above that amount.

It’s important to note that these bank fees are subject to change. Always check with your bank for the latest fee schedule.

Factors to Consider

When deciding whether GoTyme or a local bank offers a better withdrawal option, consider the following factors:

• Frequency of withdrawals: If you frequently withdraw small amounts, GoTyme’s flat fee may be more cost-effective than bank fees.
• Withdrawal amount: For larger withdrawal amounts, local banks with free or low-fee withdrawals may be a better choice.
• Convenience: GoTyme offers the convenience of withdrawing funds at 7-Eleven ATMs, which are widely available in Vietnam.
• Conversion rates: GoTyme’s conversion rates may be more favorable than bank rates. It’s important to compare rates and consider any additional fees that may apply.

By carefully considering these factors, you can determine the best option for withdrawing funds from your GoTyme account in Vietnam.