Agribank has announced a fee increase for its SMS Banking service, effective immediately. The new fee (excluding VAT) is VND 13,200 per month per phone number, with no limit on the number of messages. This represents a VND 3,200 increase compared to the previous fee.
Additionally, Agribank will no longer send balance change notifications for transactions below VND 20,000.
According to Agribank, customers who no longer wish to use the SMS Banking service can cancel it by downloading the Agribank Plus or Agribank E-Mobile Banking app and opting to receive balance change notifications via OTT (over-the-top) messages. This alternative offers similar features but with improved cost efficiency and security.
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Bac A Bank has also informed its customers of an increase in SMS Banking fees starting June 1st. For individual customers, the fee will be based on the number of balance change messages sent to their phone number, with different tiers of pricing.
From 0 to 15 messages per month, the fee is VND 10,000; from 16 to 30 messages, it increases to VND 20,000; for 31 to 60 messages, the fee is VND 40,000; and for 61 or more messages, the fee reaches VND 60,000. These prices are exclusive of VAT.
Several other banks, including Sacombank, ACB, Eximbank, Vietcombank, VietinBank, VPBank, Nam A Bank, and OCB, have already implemented similar changes to their SMS Banking fee structures. Instead of a fixed monthly fee per account or subscriber, these banks now charge based on the actual number of messages sent each month.
Balance change notifications are an essential service for bank customers to monitor their transaction activities. While traditional SMS Banking has been the go-to method, banks are now offering OTT messaging services and electronic/digital banking apps as alternative channels. However, receiving OTT messages requires an internet connection and the installation of the bank’s app on the customer’s phone.
OTT messages offer additional benefits, such as promotional and reminder messages, unlimited character lengths, and full Vietnamese language support. Moreover, customers can receive balance change notifications even when traveling abroad, which is not possible with traditional SMS Banking. Most banks are currently offering OTT messaging services free of charge.
