Exchange Rate

Hello VinnyVincent,

Welcome to Expat.com

This forum being very active, you will find that it won't take you long to gather all the information you need to decide on the best bank to choose.

All the best,

Cheryl

Expat.com team

    Hi all
Which bank in Vietnam give the best exchange rate in transferring money from one country to another.
For example I am from the UK I will be staying in Vietnam for a few months, so I will open up a Vietnam bank account and we'll be transferring money from my UK bank into Vietnam bank, Just looking for the best way of doing this where I get the highest return possible.
Many Thanks For Your Time On This Matter - Vincent
   

    -@VinnyVincent 

Apparently you have a plan already.

Given the restrictions of your plan, you've landed upon a good way to lose more money than necessary.

Good luck!

If your only here a few months it seems really unnecessary to open up a bank account here. Do you have any really trusted friends? If so probably the best route would be to use Wise to transfer to a friend who gives you cash or to your future VN bank account if you decide to get one. I actually thought you werent allowed to open a bank account in VN unless your visa is for 6 months minimum but I could be wrong.

I actually thought you werent allowed to open a bank account in VN unless your visa is for 6 months minimum but I could be wrong.
    -@jrharvey

An "international" account (such as the one TIMO Bank provides) can be opened on a tourist visa.

It only allows receipt of wire transfers from outside Vietnam.

It doesn't allow access to the "domestic" banking system, so you can't use it to transfer money to pay bills, or access payment systems such as MOCA (used with GRAB) or to pay at individual vendors.

TIMO reportedly DOES provide an electronic payments card, but that is limited to merchants within their pre-approved network, in effect having them act as your payments agent without letting you to directly access the domestic system.

"Domestic" accounts now require at least 1 year "permission to remain" in VN

    Hi all
Which bank in Vietnam give the best exchange rate in transferring money from one country to another.
For example I am from the UK I will be staying in Vietnam for a few months, so I will open up a Vietnam bank account and we'll be transferring money from my UK bank into Vietnam bank, Just looking for the best way of doing this where I get the highest return possible.
Many Thanks For Your Time On This Matter - Vincent
   

    -@VinnyVincent

Putting aside your plan for a moment, the cheapest POSSIBLE option for moving money to Việt Nam with the best exchange rate will depend on YOU and the banking system you use back in your home country.

You will save the most money and get the best legal exchange rate if you search for an ATM/Debit card that has the following features:

1. No foreign transaction fees

2. No out of network fees

3. All ATM withdrawal fees rebated or refunded

4. No foreign exchange fees

5. International Mid-Market exchange rate (always refusing an exchange rate offered by the bank in Việt Nam)

One such card is available to UK citizens through the Schwab International account (minimum balance required).

With such a card, it will ALWAYS be cheapest overall to withdraw your cash from an ATM.

    Hello VinnyVincent,
Welcome to Expat.com

This forum being very active, you will find that it won't take you long to gather all the information you need to decide on the best bank to choose.

All the best,

Cheryl
Expat.com team
   

    -@Cheryl

No he wont because with the information he has given he will be very lucky to get any bank to open an account for someone as he said "planning to stay here for a few months" I just have to admire OB's patience to even bother with posts like this guy made, personally as a long standing Vietnam ex pat & forum member I would not even bother answering him.

        Hello VinnyVincent,Welcome to Expat.com This forum being very active, you will find that it won't take you long to gather all the information you need to decide on the best bank to choose.All the best,CherylExpat.com team        -@Cheryl


No he wont because with the information he has given he will be very lucky to get any bank to open an account for someone as he said "planning to stay here for a few months" I just have to admire OB's patience to even bother with posts like this guy made, personally as a long standing Vietnam ex pat & forum member I would not even bother answering him.
   

    -@goodolboy

😌

🙏

I often answer for the sake of lurkers & casual readers who stumble across these threads.

I'm 🔖bookmarking 🔖 my last response to save the tedious effort of repeating & repeating & repeating this info.

            Hello VinnyVincent,Welcome to Expat.com This forum being very active, you will find that it won't take you long to gather all the information you need to decide on the best bank to choose.All the best,CherylExpat.com team        -@CherylNo he wont because with the information he has given he will be very lucky to get any bank to open an account for someone as he said "planning to stay here for a few months" I just have to admire OB's patience to even bother with posts like this guy made, personally as a long standing Vietnam ex pat & forum member I would not even bother answering him.         -@goodolboy

😌
🙏

I often answer for the sake of lurkers & casual readers who stumble across these threads.

I'm 🔖bookmarking 🔖 my last response to save the tedious effort of repeating & repeating & repeating this info.
   

    -@OceanBeach92107

You are an absolute  forum hero OB & I mean that