It is difficult to replace SMS Banking, what are the options for users in the context of increasing fees?

Convenience, high security, and instant balance updates are the reasons why SMS Banking is still popular with many people, even though banking app services are becoming more and more popular in the digital age.

Difficult to replace SMS Banking

Running a stationery business, Ms. Minh Ngoc (37 years old, HCMC) registered for SMS Banking - a service that notifies balance changes via text messages, for easy tracking: "Every time there is a transaction, a text message will be sent to the phone immediately without having to check the app, both fast and convenient," Ms. Ngoc said.

In fact, although many banks have provided free SMS notifications of changes in payment account balances via applications (OTT messages), SMS Banking is still a service that is difficult to replace. The biggest advantage of SMS Banking is the instant update of changes in the account, helping to improve security and safety. Thanks to that, users can easily detect strange transactions and lock the card if necessary.

In addition, SMS Banking can work on any phone and is not dependent on the Internet connection on personal devices like when accessing the application. Therefore, users in remote areas, who do not have the conditions to use smartphones or the elderly who are not familiar with technology, can still quickly grasp the balance fluctuations in their accounts. Another advantage of SMS Banking is that it is not mixed with advertising and promotional notifications like OTT messages, helping customers easily keep track of their account balance, especially when there are a large number of transactions during the day.

SMS Banking allows users to update their bank account balance as soon as a transaction occurs. Illustration photo. Freepik

Banks "race" to increase fees , users struggle to find solutions

With the benefits that SMS Banking brings, the fee of around 20,000 VND/month was previously considered reasonable by many users. However, recently, when a series of banks announced changes in the way SMS Banking fees are calculated, this fee has become a financial burden for many people.

Accordingly, instead of a fixed monthly fee, customers will have to pay based on the number of actual messages sent to their phones, ranging from 600 - 800 VND/message. On social networking groups, many bank account holders said they were deducted several hundred thousand VND, even millions of VND in SMS Banking fees.

“Last month, I had to pay nearly 300,000 VND in fees, 4-5 times higher than before. At this rate, my income will not be much left,” said Tien Minh (22 years old, Hanoi), who is working as a delivery man, worried. According to Minh, there were orders he received for less than 20,000 VND while he had to pay 700 VND for a text message. Minh said he would cancel the SMS service and receive notifications via the banking app.

Similarly, Ms. Minh Ngoc also considered switching to receiving app notifications: “Although it is quite inconvenient, if there is no feasible solution, I will probably have to use the app if the cost is too high.”

SMS Banking fees of many banks have increased continuously recently. Illustrative photo.

In response to the need to maintain the use of SMS Banking, Viettel network pioneered the implementation of a preferential policy for this service for users of a number of partner banks from October 1, 2024. Specifically, the SMS Banking incentives provided by Viettel will include 3 fee levels as follows: starting fee from 11,000 VND/month for the first 20 messages; fee of 14,520 VND/month applied to the number of messages from 21 to 70; the highest fee is 22,000 VND/month calculated from the 71st message onwards, with no limit on the number of notification messages. [1] [2]

With this policy, Viettel not only helps users and partners reduce financial pressure, strives to stabilize SMS Banking prices, but also enhances competitive advantage and affirms the leading position of the unit in the telecommunications market.

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