Banking Before Holidays: Long Queues Amidst Cash Preference
On April 26, several banks in Ho Chi Minh City witnessed considerable customer traffic, with people waiting to conduct transactions. At Vietinbank on Nguyen Dinh Chieu Street (District 3), nearly 20 individuals were seen waiting at 3 PM.
“I came to withdraw money for a trip but have been waiting for over 30 minutes. I cannot use the ATM because I need to withdraw a large sum of 20 million VND, which would require multiple withdrawals and incur withdrawal fees of 2,000 VND each time,” said Ms. Thu Quynh (a resident of District 10).
Customers patiently await service before bank branches close for the five-day holiday.
Upon inquiring about the bank’s closing time from a security guard, it was confirmed that it would be 3:30 PM on the last working day of the month. However, the bank assured that it would continue to assist existing customers beyond the deadline. At the time of the query, the branch remained crowded.
Earlier, Vietinbank’s Nơ Trang Long branch (Binh Thanh District) also had a significant number of waiting customers. “I arrived at the bank at 11 AM but there were more than ten people in line. I had to leave because I was afraid of being late to pick up my child. I came back in the afternoon and still had to wait behind almost ten people,” said Ms. Như (a resident of Nguyen Xi Street, Binh Thanh District).
Customers experience longer wait times due to the influx of visitors.
ACB Bank on Kinh Duong Vuong Street (Binh Tan District) also had a substantial crowd. “I have been waiting for a long time, but I am patient because I need cash. Many establishments do not accept electronic transfers nowadays, so I must have physical money on hand,” said Mr. Hoang (a resident of District 8).
According to Tien Phong reporters, several businesses are refusing electronic payments and only accepting cash. For instance, a gas station at the intersection of Vo Thi Sau and Pham Ngoc Thach streets (District 3) has a notice stating that it does not accept mobile payments, such as momo, and only takes cash. This policy applies to both cars and motorbikes. The gas station staff explained that they had been scammed several times, with customers claiming to have transferred payments but no actual funds being received. Employees are personally liable for any financial losses incurred.
Additionally, many food and beverage vendors are also declining online transfers due to difficulty in verifying payments.
Banks have established a deadline for accepting new customers, but will assist all those present before that time.
Vietnam’s public holiday from April 30 to May 1 this year will last for five days (from Saturday, April 27 to Wednesday, May 1). Consequently, several services and functionalities provided by banks will be temporarily suspended during this period.
Many banks have announced the suspension of loan application/disbursement registration or online overdrafts after 12 PM on April 27. Applications submitted after this time will be processed on May 2, the first business day after the holiday.
Online passbook transfer via websites/apps will also be unavailable from 12 PM on April 27 to May 1.
Interbank money transfers (via websites and apps) will be suspended from 4 PM on April 26. Transactions after this time will be processed on the first business day after the holiday (May 2). Therefore, customers making online money transfers during the holiday are advised to use the 24/7 fast transfer service instead of interbank transfers.
