Service fees related to banking in particular and service fees in general are always a concern for us as we want to know specifically where we spend our Money and to be in control of every expense we make. Understanding this concern, Timo always prioritizes fee transparency to make sure your digital banking experience is clear and trustworthy. Join us in finding out the true meaning of fee transparency at Timo in the article below.
Don’t have an account? Join Timo here to enjoy a transparent banking experience.
1. CHARGES OR NO CHARGES: ALL INFORMATION RELATED TO FEES IS PUBLIC AND ANNOUNCED TO CUSTOMERS
Every bank account holder has the right to know clearly the FREE fees and the charged fees at their chosen bank. This is why, at Timo, we demonstrate fee transparency through keeping uncharged fees and charged fees updated on all of our official communication channels, including: Facebook, website and emails sent to our customers.
For instance, you can clearly see the fees that are not charged with your Timo Debit card here. For Timo Mastercard, all the free fees and charged fees are clearly listed down here. For Fast Cash, the applicable interest rate will be sent to your registered email after you complete your application in the Timo app.
Don’t have an account? Join Timo here to enjoy a transparent banking experience.
2. FREE FEES AND CHARGED FEES FOR TIMO DEBIT CARD & TIMO MASTERCARD
To help you understand better about Timo’s current free fees and charged fees, here are the main fees not charged and charged associated with Timo Debit card and Timo Mastercard.
NO FEES
For Timo Spend Account and Timo Debit Card
– Card issuance fee: To get yourself a Timo Debit card, you only need to complete your online application here and pick up your Timo Debit Card at the nearest Timo Hangout without having to pay for any other fee.
– Annual fee: This is known as the annual maintenance fee that other banks usually charge at 50.000 VND to 100.000 VND per card. However, currently there is no annual fee associated with Timo Debit Card.
– ATM withdrawal fee: Currently it is free to withdraw money from your Timo Debit card at more than 17,000 ATMs in Vietnam.
– Money transfer fee: Moving money from your Timo Spend Account to more than 40 banks in the napas system is currently free.
– POS transaction fee: Currently it is completely free to swipe your Timo Debit card at any POS in Vietnam.
For Timo Mastercard
– Card issuance fee: Issuance fee for credit cards can vary depending on regulations of different banks. Each credit card type and its limit will have the corresponding issuance fees. However, there is currently no card issuance fee for Timo Mastercard.
– First year annual fee: Timo waives the first year’s annual fee for Timo Mastercard holders if within the first 30 days from the issuing date, a minimum of 3 transactions with a minimum value of 300.000 VND per transaction are made. If this condition is not met, you will be charged an amount of 440.000 VND.
– Interest for your first 45 days of use is currently waived.
– Card closure fee: 0
– Replacement of expired card fee: 0
– Monthly statement fee: 0
Find out more about Timo Mastercard’s fee schedule here.
CHARGED FEES
For Timo Spend Account and Timo Debit Card
– PIN & card reissuance: 55.000 VND per card or PIN
– Account balance confirmation: 30.000 VND
– Complaints about domestic money transfer transactions: 30.000 VND
Notes: The above fees are exclusive of VAT.
For Timo Mastercard
– Annual fee (from the second year): 400.000 VND per year
– Statement with official stamp: 80.000 VND
– Account confirmation per cardholder’s request: 50.000 VND
– ATM withdrawal fee: 4% (minimum: 50.000 VND)
– Late payment: 6% (minimum: 100.000 VND)
Notes: the above fees are exclusive of VAT. Find out more about Timo Mastercard’s fee schedule here.
Don’t have an account? Join Timo here to enjoy a transparent banking experience.
3. TIMO – NO HIDDEN FEE ASSOCIATED WITH ANY BANKING SERVICE AND PRODUCT
Fee transparency, specifically in clear announcements and updates about fees are our responsibility and goal. Additionally, to eliminate as many unpleasant experiences of customers as possible, Timo would always try to promptly communicate to our customers of any change in fees schedules.
If you would like to know more about fees Timo does not charge and those they do charge, you can easily find all the information you need via our official communication channels. All important information related to fees is publicized by us. If you need support, you can always contact our Timo Care Team at 1800 6788 (toll free) or via care@timo.vn.
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Did you know?
To help you save time and money so you can live your life instead of spending it at a bank, Timo digitalizes the majority of regular banking transactions so you can bank anywhere and anytime. Here are some of the highlights that you can look forward to:
Free ATM withdrawals/money transfer
Free annual fee for Timo Debit cards
Smart online saving tools with competitive interest rates
Convenient Timo Mastercard with attractive benefits
Get an overdraft loan within 30 minutes via the Timo app
Send a payment request, lock/unlock your cards, pay bills right within the app
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Timo
