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Vietcombank's fees in international payment
Transcript of Vietcombank's fees in international payment
1. Pham Khanh Hoa
2. Phung Thi Minh Hien
3. Nguyen Thi Huong
4.Trinh Thi Tho
5. Le Thi Huong Giang
6. Tong Thi Linh
in international payment
is the cost customer has to pay to the bank for their international transactions
Fees in international payment
International service has become the significant source of bank's profit.
- A payment method
- The exporter authorizes the bank to collect money from the importer based on shipping docs.
- The bank only hand the docs to the importer when the importer pays or accepts to pay the B/E.
2 types of collection
in documentary credit
The intermediary to collect payment from buyer
The one responsible for wordings in
Vietcombank's fees for L/C (compared to Eximbank)
Fees for documentary credit of banks are nearly the same, based on the banks' prestige.
Documents presented at the bank are free of charge.
Negotiating fee is not fixed.
Vietnamese banks are now reducing the fees for L/C.
Remittances are funds transferred from migrants to their home country.
Remittances give countries the ability to fund development in their own way.
Bank's draft/ bank's check
Customers get best services with reasonable cost
International payment encourages the exchange, and promotes the domestic currency.
Changeable fees impact negatively on international transactions.
The cost is still a concern to the low-income customers
Sometimes, the increase of cost doesn't fit the increase of service quality.
The bank get extra revenue from off-balance sheet transactions
Reasons to choose Vietcombank
and compare to Eximbank
Best bank for international payment
for 1,450 banks and financial institutions
in 90 countries
- 6 consecutive times
modern banking system (international standard)
experience in international payment
in international payment
Rewarded by HSBC
Two banks are ranked in world top 1000 banks
Import and export payment (2012):
VND 38.81 billion
VCB faced the competitiveness of strong foreign banks
Import & export payments were made primarily by FDI enterprises
- not the key customers of VCB
Policies for customer and price; cooperation in cross-selling were not flexible
FLEXIBLE CUSTOMER POLICY
More attention to price, fee, exchange rate
=> Increase service quality and market share
COMPETITIVE FEE LEVELS
For variety of customers
"Best Vietnamese Trade Bank"
By Trade Finance Magazine