In modern life, ATM cards play an increasingly important role and gradually replace cash in daily transactions, so what are the benefits of using ATM cards?
What is an ATM card?
ATM cards are ISO 7810 standard cards, used to perform automatic transactions such as withdrawing money or transferring money, checking accounts, paying bills, buying phone cards... from ATMs. ATM cards include prepaid cards, debit cards and credit cards.
Based on the customer's financial resources, ATM cards are divided into 3 types:
- Prepaid card : With this card, customers do not need to open the card directly. However, if the card has a positive balance, customers can use it to pay, transfer money or withdraw cash at ATMs.
- Debit Card: This is the most popular type of card on the market. Users only need to deposit money into their account to be able to make transactions such as receiving money, transferring money, paying, and withdrawing cash. Customers can only pay within the card's payment limit.
- Credit card : This is a type of card that customers can use even when they do not have money available in their account. This form of payment is similar to the customer advancing a sum of money from the bank to spend and then repaying it at the end of the term.
Benefits of using ATM card
Using ATM cards brings customers many benefits in the process of making transactions and managing finances such as:
- Better financial management : Paying salaries via ATM accounts helps businesses save time, optimize costs and limit risks compared to using cash.
- Fast withdrawal: Customers can withdraw money at any ATM, not only in cities but also in rural areas.
- Cash Risk Limitation: Customers do not need to carry too much cash but can flexibly withdraw money from ATM cards at any time. From there, customers limit unfortunate situations from happening.
- Faster transactions: Most banks support Banking services that allow customers to make transactions through devices with internet connection. Thanks to that, the customer transaction process also becomes more flexible and convenient.
Conditions for opening ATM card
To open an ATM card, customers need to meet the following basic conditions:
- 18 years of age or older (however, some banks require the card opening age to be 15 years of age or older).
- Be a Vietnamese citizen or a foreigner living in Vietnam.
- Have full civil capacity
- Have valid ID card/CCCD/Passport.
- Some other conditions depending on the regulations of each bank.
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