The Bank for Investment and Development of Vietnam, or BIDV, is a trusted financial institution, having earned the title of “Model Retail Bank.” As a result, its diverse range of financial products and user-friendly services are widely utilized across the country. One of BIDV’s standout features is its straightforward cash withdrawal process, which we will explore in this article.
1. Understanding Cash Withdrawal at BIDV Bank
Documents You Need
Cash Withdrawal Request Form at BIDV
A crucial aspect of any financial transaction, be it a deposit or withdrawal, is having the proper documentation. This ensures a smooth and secure process and helps prevent potential financial losses. When visiting a BIDV branch to withdraw cash, ensure you have the following documents:
- A completed cash withdrawal form.
- The BIDV cash withdrawal request form, which you can obtain from the bank or download from their website.
- Valid identification documents, such as your national ID or citizen ID card, to confirm your identity and customer information.
- For term deposit transactions: Bring either your deposit certificate or a signed deposit agreement.
- For cash transactions: Provide a cash collection slip, which serves as a record of the transaction.
In cases where someone else is authorized to withdraw money on your behalf, they must present a legal power of attorney from you, along with their identification for verification.
Finding a BIDV Branch
BIDV Transaction Office
Convenience is key when it comes to banking, and BIDV delivers on that front. You can visit any BIDV transaction office or branch to perform cash withdrawals. Even if the branch you visit doesn’t have the authority to process your request directly, they will coordinate with an authorized branch to ensure your transaction is handled efficiently.
The Withdrawal Process
Cash Withdrawal at the Transaction Counter
At a BIDV transaction office or branch, you’ll be provided with a cash withdrawal request form. Fill out this form with your personal information and the exact amount you wish to withdraw. Don’t forget to sign the form with your registered signature. For large withdrawals, it’s advisable to inform the bank a day in advance to ensure a smoother and quicker transaction.
The bank officer will then process your request based on the completed form and your valid documentation. They may ask for additional identification, so be prepared to present other forms of ID if needed. Once the withdrawal is complete, you will receive the second copy of the transaction slip and any relevant certificates or agreements.
Before leaving the counter, double-check all the information on the documents and ensure you collect your ID. Should there be any issues with the transaction, report them immediately so that the bank can resolve them promptly. The best time to visit the bank for cash withdrawals is during working hours, between 8:00 AM – 11:30 AM or 1:00 PM – 4:30 PM, from Monday to Saturday.
Understanding Transaction Fees
No Fee for Withdrawals from Transfers Outside BIDV System
Domestic Currency Withdrawals (Minimum withdrawal amount: 10,000 VND)
- No fee is charged for withdrawals from accounts in the same province or city.
- A fee of 0.03% of the withdrawal amount (minimum 10,000 VND, maximum: 1,000,000 VND) applies for withdrawals from accounts in a different province or city.
- For withdrawals from accounts with deposits made within 3 working days (except savings accounts), a fee of 0.03% of the withdrawal amount is charged (minimum: 10,000, maximum: 1,000,000 VND).
- No fee is incurred for withdrawals from transfers outside the BIDV system.
- Additionally, a fee will be charged for cash withdrawals from accounts with recent cash deposits (within 3 working days) unless the customer is withdrawing and depositing savings with BIDV. This also applies to same-day withdrawals from transfers outside the BIDV system. The branch will collect this additional fee along with the standard withdrawal fee, if applicable.
Foreign Currency Withdrawals (Minimum withdrawal amount: 2 USD)
- Foreign currency withdrawals in VND, including domestic and international transfers, are free of transaction fees.
- For foreign currency withdrawals in USD, a fee of 0.15% of the withdrawal amount is charged, with a minimum of 2 USD and a maximum of 300 USD.
- For foreign currency withdrawals in other currencies, a fee of 0.35% of the withdrawal amount is applied, with a minimum of 3 USD and a maximum of 300 USD.
2. Online Cash Withdrawal with BIDV
Cash Withdrawal via BIDV Online Banking
With the advancement of Internet Banking applications, BIDV offers its customers the convenience of withdrawing money online. Here’s a step-by-step guide to navigating this process:
Step 1: Access your account by logging in to BIDV’s online banking system.
Step 2: On the BIDV Online homepage, locate the “Term Deposit Account” section and select the “Withdraw Term Deposit” option.
Step 3: Enter the details of your savings account, along with the amount you wish to withdraw, and then click “Confirm.”
Step 4: You will receive an OTP (One-Time Password) on your registered mobile number. Enter this OTP to verify your transaction.
Step 5: A confirmation screen will display the details of your withdrawal request, giving you a chance to review the information before finalizing the transaction.
It’s important to note that if you don’t withdraw your money by the maturity date, BIDV will automatically transfer the principal and interest to your payment account. While early withdrawals are possible, it’s advisable to avoid them, as the interest rate for such withdrawals will be calculated at a non-term deposit rate, resulting in a lower interest amount.
By following the outlined steps and ensuring you have the necessary documentation, you can efficiently navigate the cash withdrawal process at BIDV, making your banking experience smoother and more convenient.
