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Cash Deposit Restrictions?

From reading this forum, it sounds like it's hard for foreigners to deposit cash in banks. I'm American but I also have a Vietnamese passport. If I bring US dollars over, can I just open a bank account using my VN passport then deposit the cash? Are there cash deposit restrictions for Vietnamese?

Thanks!

Gday Vinh,
GRRRR,  Yogi's up early isn't he.  Nothing like a 4  hour time difference to start the day with.

Anyhow,  since you've brought the  foreign currency into Vietnam , you can usually just go into your bank and have them convert it into VND and credit your local account.   

You can also open a USD account and put it in there also.    When you withdraw you have the option of taking the USD or dong.   The advantage of taking the USD is you can change it at the gold shops for a better rate, but it's really not that much of a difference unless your changing large amounts.

The main concern they have is foreigners depositing VND from possibly wages that haven't had TAX deducted.   They think we are all here working for peanuts and washing the dong thru a local account .

As for the amount you can bring into Vietnam....the last time I looked at the import restrictions it was $5000 USD undeclared.  Over that you need to declare on arrival.  Just google the restrictions.

If Yogi wanted to work for cash and not pay Tax on it.....I could think of more prosperous places than this joint to do it.😆😆

..as if...

..that even a (barely) famous bear would want to be caught working..?

The mind boggles      :blink:

Thanks Yogi

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