Where do you bank if you're an expat?

HSBC. I have no problem transfer funds through online banking. Also HSBC accounts can use Techcom ATM's without a penalty. You can also have a USD HSBC account and VND HSBC if needed. You only need to have $150 in your account at all times.

Citibank is horrible last I check. They required $5,000 from me just to open up an account here. Apparently Citibank in VN is different from Citibank in US.

Hey Joey,

The key point here is sending money to your US account.  If that is a must to you, it is going to be tough, unless whatever it is that you are doing is well-documented. 

You can open an account at almost any bank, as long as that is not your requirement.  Sending dollars out of Vietnam raises all kinds of red flags.

Joey, HSBC there is one in Phu My hung..

Thanks for the suggestions so far?  What's it like transferring money to US accounts?  I know in Bien Hoa (where I used to live), I had to have my passport, contract, payroll sheets with stamps and signatures, and I think that's it.  What are the requirements here?

Hey Joey,

My financial advisor is my Yoda. He's an expert on all things related to money in VN. You don't have to be rich to talk to him.
He'll be happy to meet with you and discuss your situation. He prevented me from making some simple but possibly very costly mistakes in terms of trying to move money around. I'm not supposed to advertise here, so send me a message if you want his contact info.

I just closed my UOB account yesterday, and they charged me 450, 000 VND! Actually, the counter staff bullied my Viet wife, so when she told me this, I asked to speak to the Singaporean bank manager. The counter staff promptly returned my nearly half million VND. Imagine that, a Singapore bank trying to cheat its own customer, a Singaporean! Shame on you, OUB Saigon.

Hi Joey,

There is no such thing as a checking account here. Opening an account is relatively easy with any bank. But deposits are a bit of a hassle becuase they ask you for your travel documents even for foreign banks.

As long as you have the paperwork to support your overseas transfers there shouldn't be any issues.

Depending on your banking needs it's hard to advise you on what type of accounts or which bank you should bank with. Generally as a foreigner I would recommend HSBC as the have english speaking relationship managers and combined atm network with techcom bank.

HSBC also offers a decent phonebanking & internet banking service more importantly security.

All outgoing transfers must be done over the counter so don't expect to be doing any electronic transfers. Also don't expect to be making any domestic interbank transfers as they don't have the affiliate network.

Other foreign banks here like SCB & Citi don't have a good network and banking halls.

Banking is still relatively primitive here compared to what we may be accustomed to in our own countries but the vnd time deposit interest rates a very attractive. That's just about the only plus of the banking system here.

Hope the info helps