Knowledge about international payments
1. Some related concepts need thorough understanding
- People often see words like these when having problems with international payments but still not fully understood such as: Visa, Master, Debit, Credit, Prepaid, CVV, Card, Visa Debit Card, Visa Credit Card, Master Debit Card, Master Debit Card, Visa Prepaid Card, Master Prepaid Card, etc.They are explained as follows:
+ Visa: The name of the company with international payment service
+ Master: Name of the company with international payment translation
+ Debit: debit
+ Credit: credit
+ Prepaid: prepay
+ CVV: a secret code consisting of 3 characters usually located on the back of a certain card
+ Card: card
+ Visa Debit Card: Debit card with international payment service from Visa, account opening required
Bank. This can be "How much, how much."
+ Visa Credit Card: Credit card with international payment service from Visa, is required to open an account
Bank. This type can be "Prepaid, postpaid".
+ Master Debit Card: debit card with international payment service from Master company, required to open an account
bank account. This can be "How much, how much."
+ Master Credit Card: Credit card with international payment service from Master company, required to open an account
bank account. This type can be "Prepaid, postpaid".
+ Visa Prepaid Card: prepaid card with international payment service from Visa, but not required
open a bank account. The amount on the card is the spending limit
+ Master Prepaid Card: Prepaid card with international payment service from Master company, but does not require a bank account. The amount on the card is the spending limit
2. What kind of card should be made?
- When making an international payment card choose Visa or Master are both, because the service is the same.
- Credit or Debit Card type is safer than Prepaid Card, because Prepaid Card when cardholders lose the card can not redeem a new card and can not get back the lost money.
- Credit Card: should be for those with guaranteed income to prove the ability to spend "Prepaid, postpaid"
- Debit Card: This type "How much, how much it", this type is most popular and easy to use for everyone
===> Come here, make sure you understand that when you want to pay internationally, you should make a card that is right for me.
3. How to open Visa / Master card
- Currently, most banks in Vietnam have Visa / Master card service very easy, the procedure is very simple, almost just ID card is sufficient, if needed, it will be a Household Registration Book.
- When opening a bank account, if we do not require international payment, then the bank will provide us with a local card called Local for convenience when withdrawing at ATMs. If we require international payment, the bank will not make this domestic card but the Visa or Master card we choose. This Visa or Master card, both for withdrawal at ATMs and for international payment functions. It means that if you go to your countries, where there is support ATM with Visa, Master, we can withdraw money, or pay online as well. In this case we only have one card for all purposes.
- If opening a bank account, we do not need international payment, the bank will make us a domestic card. Time after that we have demand for international payment, we told the bank to make yourself a Visa or Master card also. In this case, we have 2 cards, but just using the Visa or Master card will replace the functions for the domestic card. So the domestic card is now called redundant.
- Note that, if we have 2 cards, 1 is domestic, 1 is international, but comes from the same bank account together. If the status of your bank account number is good, then both cards are fine, whereas if your bank account number problem, the two cards will have trouble right away.
- The fee for opening an account and making an international card is usually free or cost less than VND 100,000 depending on the bank.
- Card maintenance fees can range from a few thousand to tens of thousands of dong per year depending on the bank, but generally not very expensive.
- When opening a bank account that usually has Internet Banking service, you should register to use this service because it helps you manage and know transaction information via your mobile.
4. What is the content of Visa / Master card?
- Usually 1 card will have 2 sides, the front includes the full name without the cardholder's signature, the card number consists of 16 digits, the date of issue, the year of expiry. The back consists of the cardholder signature and a 3-digit CVV code sequence, these are 3 secret digits.
- All information on the front and back of the card are important information, so everyone should pay attention to keep the card carefully. Lost card must immediately notify the bank to immediately block accounts with lost cards to avoid losing money.
- When paying online, internationally, everyone should have 1 main account and 1 sub account, these 2 accounts should be connected to each other. Main account contains