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Can't deposit cash into my account?

raymerjacque :

You cannot deposit from a bank to paypal in vietnam....

You can withdraw from paypal to bank.

Is your Paypal account in VN a business account. Their website asks for bank account details in the business name.

no, not a business account. just a normal account. After i created the account i verified it, once that was done, i added my BIDV bank card, and then i added my BIDV bank account.  ( your paypal account name MUST be the same as your name is listed on your bank account else it will not link, i remember i initially had issues with the name not being the same, but paypal fixed that for me same day. I also remember i had to send copy of my passport to paypal, they requested it. this was 2 years ago  ).

So i can use paypal to pay for items and it will pull money from my BIDV account or card ( i have bought many items on ebay using my paypal and it pulls the cash from my BIDV account ), and i can withdraw from paypal to my BIDV bank account. it works both ways. I can also transfer money from my South African paypal to my Vietnamese Paypal or from Vietnam Paypal to SA Paypal.

Now they request a bank account in a business name according to the link you sent. Maybe PayPal changed the rules.

well, it was 2 years ago. So maybe its changed since then or maybe thats why they requested my passport. i dont really remember. All i know is i was told by paypal that i needed to open a vietnam paypal, which i did. Then i got stuck linking my bank account, but paypal helped me through that process as well and after that everything worked just fine.

The problem with paypal is their fees.  I wanted my paypal to be in US$ (even my Vietnam one, due to payments in US$ by AirBNB and others).  Then, I found that Paypal will NOT deposit US$ into my US$ bank account at Vietcombank or OCB.  They say the law requires them to put it into my VND account, and they take a ridiculous exchange fee (looks like almost 5%) when they do that.  I am not ok with a 5% fee just to put MY money into MY account.  If it was between unrelated parties, well that **might** be a bit different. 

Regardless, I found an amazing work around using a new US based banking service. No exchange cost between any currencies worldwide.   I won't broadcast it here, since I do not want to be promotional in the forum.  But if anyone wants to use it just send me a private message and I will share it. 

Basically, it would be good to avoid Paypal completely so if anyone has other options to bring money in and out of Vietnam (which sounds a lot like money laundering, but its not since its my money!) please let us all know.

This is not an endorsement, just a sharing of facts: 

My BoA Travel Rewards doesn't have annual fee, doesn't charge foreign transaction fees, comes with never-expired points (between 10% and 75% of purchases.)  Points can be used for miles or hotels, but I mostly use them as cash back ($60 towards last month's payment.)  I've been using it for years in Europe, Asia, North and South America, and online transactions everywhere.

My daughter banks with First Republic.  No foreign transaction fee, plus ATM withdrawal fees are refunded from other banks worldwide.

Ciambella :

This is not an endorsement, just a sharing of facts: 

My BoA Travel Rewards doesn't have annual fee, doesn't charge foreign transaction fees, comes with never-expired points (between 10% and 75% of purchases.)  Points can be used for miles or hotels, but I mostly use them as cash back ($60 towards last month's payment.)  I've been using it for years in Europe, Asia, North and South America, and online transactions everywhere.

My daughter banks with First Republic.  No foreign transaction fee, plus ATM withdrawal fees are refunded from other banks worldwide.

What bank / country are these cards from?

Both BofA (Bank of America) and First Republic are US banks, although the last time we were in Torronto, I saw a BofA building in the name Banque d'Amérique du Canada.

A: don't worry, you can transfer funds by regular wire. I've done it countless times . Yesterday, I managed to deposit 26 M, no questions asked. (In the past, this required the contract to show sources of funds). *** Today, I am told that I will get the contract.

WU does bank accounts, but alas, they insist on cash, rather shady if you ask me  ;)

FYI, I managed to withdraw cash with my cc at Vietin Bank for a 4% flat rate fee (10 M). The nonsense at ATMs with the 2M limit? No, thank you. With your VIETCOM BANK having the lowest fees I found.

Chris

I have called at Vietcom,HSBC and BIDV banks and cannot deposit cash.
Before I arrived in Vietnam I transferred money from the Uk to my Vietnamese wife,s account here in Hcmc.None of the banks will allow a transfer of money from her account to a account opened in my name without" documents" where the money has originated....which I do not have.
Absolutely pathetic situation
Ok ...it is more accountable for tax purposes but this situation encourages illegal activity also .

China is the same, I think most of Asia is the same... They do not make it easy to manage money for foreigners...

hs0zfe :

A: don't worry, you can transfer funds by regular wire. I've done it countless times . Yesterday, I managed to deposit 26 M, no questions asked. (In the past, this required the contract to

Yes I understand that, but wire is expensive!  My goal is always to move money around almost for free - no big fees, no stupid currency exchange rip offs, etc.  Its all electronic - why should we have to pay huge fees or have big hassles?  I don't accept it.

Gareth Uk :

I have called at Vietcom,HSBC and BIDV banks and cannot deposit cash.
...
Ok ...it is more accountable for tax purposes but this situation encourages illegal activity also .

it also encourages people (visitors, expats, etc) to travel or live with large amounts of cash on them.  That is ridiculous and unsafe.  Anyway, I now have a perfect (basically free) workaround.... and so finally I am out of this mess. VN should change their bank rules on this.  It is stupid.

Exactly! I mean I pay about 30€ (not dollars!) in fees every single time I transfer money to my landlord for rent + I pay 6$ every time I withdraw 2.000.000 VDN. That's about twice a week. 48$/month + the rent transfer that nearly 100$ just for fees. Not acceptable.

j_jrules :

Exactly! I mean I pay about 30€ (not dollars!) in fees every single time I transfer money to my landlord for rent + I pay 6$ every time I withdraw 2.000.000 VDN. That's about twice a week. 48$/month + the rent transfer that nearly 100$ just for fees. Not acceptable.

Can you get a VN bank account, it will save a lot in fees.

I've opened an account with timo, all done online then you go into the shop and get your card on the same day. It's a division of VP bank and for transferring money to other Vietnamese accounts there's no charge or anything like that. Doesn't cost anything so is a complete no brainer.

I use globalwebpay to move money from abroad into Vietnam, cost £1 per transaction so its a lot more cost effective than using your foreign account to get money out.

Wow thanks for sharing that!

j_jrules :

Exactly! I mean I pay about 30€ (not dollars!) in fees every single time I transfer money to my landlord for rent + I pay 6$ every time I withdraw 2.000.000 VDN. That's about twice a week. 48$/month + the rent transfer that nearly 100$ just for fees. Not acceptable.

I've got good news for you. Check out the ATM fees at VIETCOM BANK. I found those much lower (20,000 d but that was last year).

You can go and make a withdrawal with your passport and take out like 10,000.000 d at a time inside a branch. That 2 M limit is most annoying.
...
Amounts of less than $ 1,000 shouldn't be treated like the proceeds from the sale of a house.

RCrash :
hs0zfe :

A: don't worry, you can transfer funds by regular wire. I've done it countless times . Yesterday, I managed to deposit 26 M, no questions asked. (In the past, this required the contract to

Yes I understand that, but wire is expensive!  My goal is always to move money around almost for free - no big fees, no stupid currency exchange rip offs, etc.  Its all electronic - why should we have to pay huge fees or have big hassles?  I don't accept it.

HSBC UK charges 4 GBP per wire - not sure about the cost at the Vietnamese end. Make sure to  o n l y  send GBP or else you will encounter "forex hell". They are shameless in ripping off customers with their exchange rate "deals". 

VN friends told me about a "we ship" website allowing Ebay purchases. And TBH, I do want to ask locals to make payments on my behalf with their VISA cards. Going to the bank is no longer appealing. Even though I succeeded in getting a wire sent vs the usual "Western Union" cash nonsense.

Just to revert back to my earlier point RE GlobalWebPay & Timo - with GWP you process the transaction, then pay for it, if you don't pay for it, it doesn't happen is the best way of looking at it. Best way to do it is, once you've checked out, pay for the transfer with your debit card :- Make sure the beneficiary name is the one that matches your passport & visa (not initials, I made that mistake) and its transferred over within 24hrs.

Can't really go wrong, Timo is great as well, you can pay your bills on here, you just type in your customer reference number and it brings up your outstanding Water, electric, Internet bills so on and so forth. Its so easy. If anyone has any questions more than happy to help.

And no, I don't work for either of these firms, I'm just incredibly happy with the services and feel like people should know about them.

I tried to sign up with GlobalWebPay but it appears you need to be a UK resident. Great solution IF you are a UK resident.

For me there are more advantages than disadvantages to have a Vietnamese bank account.

I pay about VND 24k per month for a Vietnamese bank account with VISA card and e-banking.
I can tranfer money to another Vietnamese bank account up to VND 500M per day.
I can withdraw money at ATMs up to VND 10M a day for a fee of VND 1k.
I can pay up to VND 50M per day by the VISA card.
I can transfer CHF from my Swiss bank account to my Vietnamese VND bank account (automatically convert). The fee is CHF 24 (OUR (sender pays costs)) independent of the amount. Only if you tranfer small amount the fee of CHF 24 is high.
The currency rate fluctuation is a big deal if your home country bank accounts are not in US$. For example, during the last 5 months the CHF-VND change from about VND 24'000 to VND 22'000 and back to VND 24'000. In case you transfer about 1 Billion Dong, you could lose or win a lot of money (this is more important than the fees).
Therefore I am thinking about to open an US$ bank account. Then I can tranfer from VND to US$ account depening on the currency.  :lol:

I have additional to the Vietnamese bank account a saving book with a interest of between 4.5% and 7.3% (depending on how much you withdraw the interest).

The only disadvantages I experenced is that there are problems to transfer money without complicate declarations from my wife's account to my account, as some other expats already post here.

I have also a non-Vietnamese (DKB) VISA card without fee.
But the Vietnamese ATM fees you must pay anyway (between VND 20'000 to 60'000).
Only the HSCB ATMs don't charge this fee if I use the DKB VISA card.

But some weeks ago, my wallet was stolen and I lost all credit cards.
And you can believe me, I was more than happy to have a Vietnamese bank account in this situation. 3 days later I got my new VISA card.

This thread is about problems expats have depositing cash into Vietnam banks.

lagunacat :

This thread is about problems expats have depositing cash into Vietnam banks.

Indeed. However you can feel free to give me as much as you want and I’ll deposit the full amount to my account  ;)

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