Benefits of using an ATM card

In modern life, ATM cards are playing an increasingly important role and are gradually replacing cash in daily transactions. So, what are the benefits of using an ATM card?

What is an ATM card?

ATM cards are cards that comply with the ISO 7810 standard, used to perform automated transactions such as withdrawing or transferring money, checking account balances, paying bills, buying phone cards, etc., from ATM machines. ATM cards include prepaid cards, debit cards, and credit cards.

Based on the customer's financial resources, ATM cards are divided into 3 types:

But Prepaid cards : With this type of card, customers don't need to open a physical account. However, if the card has a positive balance, customers can use it for payments, money transfers, or cash withdrawals at ATMs.

But Debit card: This is the most common type of card on the market. Users simply need to deposit money into their account to perform transactions such as receiving money, transferring funds, making payments, and withdrawing cash. Customers are only allowed to make payments within the card's payment limit.

ATM cards offer many benefits to users. (Illustrative image)

But Credit cards : These are cards that customers can use even when they don't have money readily available in their account. This form of payment is similar to customers taking an advance from the bank to spend, and then repaying it at the end of the term.

Benefits of using an ATM card

Using ATM cards offers customers many benefits in conducting transactions and managing finances, such as:

But Better financial management : Paying salaries via ATM accounts saves businesses time, optimizes costs, and reduces risks compared to using cash.

But Fast withdrawal: Customers can withdraw money at any ATM, not only in cities but also in rural areas.

But Minimize cash risks: Customers don't need to carry large amounts of cash and can withdraw money from their ATM cards anytime. This helps them avoid unforeseen situations.

But Faster transactions: Most banks offer banking services that allow customers to conduct transactions through internet-connected devices. This makes the transaction process more flexible and convenient for customers.

Conditions for opening an ATM card

To open an ATM card, customers need to meet the following basic conditions:

- Must be 18 years old or older (however, some banks require the minimum age for opening a card to be 15 years old).

- Must be a Vietnamese citizen or a foreigner residing in Vietnam.

- Possess full legal capacity

- Must have a valid ID card/citizen identification card/passport.

- Other conditions may apply depending on the regulations of each bank.

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