Opening a Bank account which have logical procedure

Hi guys ,

I really appreciate if you could guide me on this as well .

I read in the internet in many places about banking procedure, some of them don't make any sense , just like to make sure if those information  are correct or false

1, is possible to transfer money out of Vietnam to your family overseas (outward remittance)

2 is it possible to wire (inwards remittance) and how much is the charges

3,is there any thing like, let say your Visa expires , you are outside vn  ,since the Visa  got expired ,does  the bank cease or cancel account ,how does this work , is there anything like this

4,also can the inward remittance ,may be later on let say you have an emergency you want to send money to your family back home ,can you transfer it online

5 does the banks in Vietnam have an iban number

6 . Is it true you can't deposit money by cash to your bank ,let's say some one wired u on Wu
You can't deposit that


What is the best bank for an expat ,from what I read most of the answer and comments gives the  impress that most of this banks are shady when it comes to their procedure



Thanks hoping to listen on the above topic

Hello

I think you should go to the bank and ask those question than first, so they can help you to clear most of the problem.  I could say there is no best bank for an expat.  You can make any bank as a best for yourself.

I can answer a couple of your questions. It is possible to send money to VN, direct from bank to bank or via Western Union. It is possible to have an account in US dollars or Australian dollars (and quite likely other currencies as well), and you can transfer or deposit USD or AUD into them and withdraw in dollars or dong.

I use Vietcombank, as it has branches everywhere. Other friends use Vietinbank. As Colwing writes, you should ask the banks.

I bank with Timo, set it all up online, collect your card in one on their 'hangouts' on the same day, job done.

I use GlobalWebPay to move money into my Timo account, however, that won't work without a UK address & debit card.

Not found an efficient way of moving money out of Vietnam yet, PayPal may be the route I go down, I don't know.

Marlan123 :

Hi guys ,

I really appreciate if you could guide me on this as well .

I read in the internet in many places about banking procedure, some of them don't make any sense , just like to make sure if those information  are correct or false

1, is possible to transfer money out of Vietnam to your family overseas (outward remittance)

2 is it possible to wire (inwards remittance) and how much is the charges

3,is there any thing like, let say your Visa expires , you are outside vn  ,since the Visa  got expired ,does  the bank cease or cancel account ,how does this work , is there anything like this

4,also can the inward remittance ,may be later on let say you have an emergency you want to send money to your family back home ,can you transfer it online

5 does the banks in Vietnam have an iban number

6 . Is it true you can't deposit money by cash to your bank ,let's say some one wired u on Wu
You can't deposit that


What is the best bank for an expat ,from what I read most of the answer and comments gives the  impress that most of this banks are shady when it comes to their procedure



Thanks hoping to listen on the above topic

Hi Marlan

I have only been living in Vietnam for a few months.
Maybe other members can say more (or correct me  :D :-))

I decided for Sacombank because my bride has same :-) and they support e-banking and cash cards.

Why I open Vietnamese bank account?
If you need larger amounts of money (wedding, real estate, etc.) , it is not very convenient to withdraw money from the ATM.
And credit card from my homeland demands high ATM fees and currency exchange fees.

1.
The e-banking from Sacombank provide outward remittance. But I never use this function.
I read that for some banks you have to specify for what purpose the money is.
And I think there is also a daily, monthly or annual limit.

2.
Remittance fee from my homeland bank to the Vietnames bank is about 25$ when you use OUR (you pay all transfer charges) independent of the amount. No fee from Sacombank.
If you transfer large amount, this 25$ is not much.
In my case, the money is transfered within 24 hours. But I think it depends on your homeland bank.

I've tried a few different ways to find out where the fees are highest. And I can say that the exchange rate fluctuations have a bigger impact than the fees.

3.
At the moment I have only a 3 months visa (until I am married).
But nobody at the bank said anything about validity of visa.

4.
See 2.

5.
No.
(https://www.nordea.com/en/our-services/ … countries/)

6.
I can deposit cash at Sacombank. But I've never used it before.



I think other banks are similar.
Only the amount of fee and available services will be different.

1312j :

I bank with Timo, set it all up online, collect your card in one on their 'hangouts' on the same day, job done.

I use GlobalWebPay to move money into my Timo account, however, that won't work without a UK address & debit card.

Not found an efficient way of moving money out of Vietnam yet, PayPal may be the route I go down, I don't know.

Moving money out of Vietnam is problematic. You can take up to $5000 US with you when travelling out of country, any more than that has to be declared to customs on departure. Its not a big problem usually but it might be.

Another way of getting money out of Vn is to use a debit card based on your Vn bank account and withdraw money at foreign ATM machines. Obviously you need to check with your Vn bank which ATM machines you can use overseas.

My preferred method is  to convert as much money as possible to alcohol and drink it. This is of course a two-stage process and if travelling by air, you need to plan for a seat on the aircraft which is near to the toilet.

@Marlan123,

You already have some good tips and leads from other forum members.

TBH, the problem comes when one tries to send money abroad from Vietnam.

It can be done hassle-free, ONLY if you (as an individual) have a bank acct in Vietnam which is connected to a valid Work Permit or any other legal document/s as legitimate proof of your lawful income in Vietnam.

Here's a relevant page from HSBC, Vietnam.
You can see in the "Documents required for application" section, there's a very vague expression "Supporting documents".
That's where things get frustratingly complicated.

Here's another thread for you .... Sending money out of vietnam

IMO, it'd be wise not to transfer all your savings to a VN acct at once.
Transfer just as much as you need at a time.

Regarding, whether your acct will still be active or not if your visa expires, to the best of my knowledge *, ...

- If there's no withdrawal  over a certain period of time, your acct will become 'Dormant' and eventually 'Closed/Suspended' due to inactivity.
- Within that certain period, if you get a new visa, you must submit a scanned copy of your new visa to update bank documents and to withdraw cash.

Note:
Different banks have different time limits before dormancy sets in because of non withdrawal.
For HSBC (Vietnam) savings acct it is 12 months.

As suggested by others, please discuss all these issues in detail at the time you open a bank acct in VN.

@Marlan123

If you have Vietnamese account, and if you received Money from overseas then you can easily transfer via internet banking to any countries you want, there will not require any documents.  Mostly Asian Bank does not have IBAN Number.

P/S You are from Sri Lanka and now living in Middles and why you don't go to your country to get new PP if you were coming to Vietnam? There will be much cheaper then you begin to Vietnam.

Other international payments - Vietcombank
Yours will probably fall into "Remittance of portfolio investment capital" category.

I have four different bank accounts in VN, including ANZ (soon to be moved across to a new entity) and Commonwealth (recently moved) because I'm Australian and need to shift money back and forth to/from there.

After the VN company I worked for closed down, I couldn't really use any of them for anything, except ATM withdrawals (which of course didn't last long until the money ran out). I can't deposit cash or even receive small amounts of pocket money for the very occasional freelance work I do unless I submit red invoices etc, which would involve far too much make-work paperwork hassle -- and probably cost more in time etc than the payment is worth. So I simply get them to transfer to a Vietnamese friend (no problems there) who then gives it to me in cash.

When I lived in Malaysia with my HSBC account there, there were no such issues, though setting it up involved lots of bureaucratic mistakes and took a couple of months. It's time Vietnam joined the rest of ASEAN to make banking easier for foreigners. I gather changes are in the works in this area, but I'll believe it when I see it.

Hi guys ,thnks a lot of all the reply

I am in Hanoi , arrived 3 days ago

1, declaration of money,is pretty simple I didn't have any issue ,as per the advice I just sticked to 10k ,and I was able to declare it without any issue ,they just opened the envelope but didn't touch the money or do anything and just stamped the paper and gave me ,and said smile and be happy lol

2 ,hsbc is one f**ked up bank in Vietnam,so much of bullshit nonsense ,went to saccom bank things are pretty much easy no formalities like.hsbc ,

Opened 2 account vnd and USD ,non issues ,and here is the trick to deposit cash in Vietnam !!! ,Give power of attorney to your wife for your vnd account ,and she transfer the money to my account which was sent earlier to her , through Agri bank ,with her name

Just 30 minutes no formalities !!!

Is there any thread for buying house ,it really nice if we could have one ,

Also there are lots of cheap house you can buy in ha dong !! Starting from 33k

Also would like to thank everyone for the valuable advice and info

Yep, things are a lot easier in most aspects with a Vietnamese partner, so long as you're willing to put things in their name. If not, and you are registered with a work permit for the one employer (the whole rigmarole starts again if you change jobs), and the employer pays into your account, that's fine too.
If your partner is a work-permit foreigner and you're not working, however, he/she can transfer money to your account (or overseas) but you can't do anything with it here beyond the local ATM. Crazy.
Can anyone correct me on this -- please?
Rob

Robvan , you are correct, I can't deposit cash ,only through Vietnamese spouse !! ,

One stupid law

I have two accounts in my  name with Vietcombank: one in Australian dollars and on in VN dong. I use interbank transfers to tranfer money to Australia to my AUD account, then transfer it into my VND account. If I transfer the full amount in one hit, the Vietcombank does not charge me for the transaction. My bank in Australia charges a flat rate for any transfer, so it is better to transfer bigger amounts rather than small amounts.  I do not earn income in VN, so make no other deposits.

Marlan123 :

Robvan , you are correct, I can't deposit cash ,only through Vietnamese spouse !! ,

One stupid law

I still Don't understand why expat cannot open an account and cannot deposit money into their accounts.

I have few accounts in Vietnam local bank as well as the Foreign bank.  When I opened an account in Vietcome and Sacomebank at that time, I can deposit VND to my mind, but later on, they said I am no longer to deposit.  But another bank Such a as ACB, Techcome, and Seabank I still can collect VND to account and there for no any documents required when I deposit money. I am not earning money in Vietnam, I only Exchange USD and deposit money to consider for my daily using.

Even HSBC I can deposit 100Million VND/day

P/S You cannot deposit in USD to in Vietnam, Some bank they do but mostly you are not allowed to do it.

Hi Everyone. I have been reading the posts on opening a Bank Accounts in Vietnam and getting money into the accounts. The more I have read the more questions seem to surface. So I am hoping some of you may be able to help with some final questions:

I have retirement pensions in the U.S. that are deposited into my U.S. Wells Fargo Bank Account. I also have a UK pension that is deposited into my UK Barclay Account. I plan to transfer funds from my U.S. and UK accounts to my Vietnamese Bank Account

I will be in HCMC this coming May 2018. I hope to open a U.S. Dollar and VND  Bank Account with HSBC or SACCOM (will talk to staff at Banks to see who is best or if my objective is possible),

When I go to the Bank I plan to take the following documents:
-    Proof of U.S. Income (U.S. Navy and Social Security Pensions Eligibility
        Statements)
-    Proof of UK income (UK Pension Eligibility Statement )
-    UK Passport with 5 year Vietnamese visa
-    UK Drivers License
-    U.S. Military ID
-    3 months UK Barclay and U.S. Wells Fargo Bank Statements showing pension
        income deposits

My wife is a Vietnam Citizen. She rents a house in HCM. I have a 5 year Vietnamese Visa issued  at the Vietnam Embassy in London given I proved we are married.

1. Can I take a copy of my wife's lease agreement and a letter  from her Landlord confirming we both live at the property as proof of address if the Bank requires this information? WILL THIS BE REQUIRED???

2. If I deposit VND to my  Vietnamese Bank from my UK and U.S. Banks can I withdraw VND from my Vietnamese Bank. Some posts indicated you have to use Vietnam ATMs to withdraw foreign incoming funds.

3. If I deposit U.S. dollars into my Vietnamese Bank Account can I withdraw U.S. dollars from my Vietnamese Bank Account?

4. As a married (to Vietnamese Citizen) foreigner can I deposit VND into my Vietnamese Bank account that I withdraw from Vietnamese ATMs using my UK and U.S. Debit Cards?  WOULD THE VIETNAMESE BANK WANT TO KNOW WHERE THE VND CAME FROM?

If this was a problem for me could my wife make deposits to my Vietnamese bank Account? If yes would I need to give her a Power of Attorney  at the bank when I pen my account?

I sincerely appreciate any help that may be forth coming.

Best Regards
Gary

I don't recall the exact fees but I looked into using HSBC once.  If HSBC is in the UK (I suppose it is) and it is in the US, could you set up accounts to both and have your checks go to HSBC in the respective countries?  That could simplify transferring funds to HSBC Vietnam at lower fees. 

re#3.  If you withdraw USD you will have to go to a gold shop to change to VND.  Alternatively you could transfer it right in the bank, whichever has better rates (probably the gold shop.)  US $100 bills are beloved in Vietnam but they have no practical everyday use except perhaps as gifts.  You can't buy a cup of coffee with one.  You also must be sure that they give you new or relatively new bills or you may not be able to get anyone outside the bank to take them.  I once observed a customer trying to return a slightly torn $100 bill to a bank which he said he had just withdrawn a little before, but they would not take it back.

re#4.  Why not just have a joint account in Vietnam with your wife.  Then she can deposit or withdraw with no problems.  Joint accounts are also beneficial if either of you should die prematurely as they avoid probate.

Hello
I opened an account at Vietcong bank yesterday and there is one question I can confirm.
There is no way are you allowed to put cash into your account, from what I gathered that is a general rule. It seems that the government will not be able to trace where the cash came from,.
Sorry that’s the only question I can answer, it’s because I asked the manager why and he told me re the government, so no cash in hand jobs unless you keep it under your bed!

RachelDesigns :

Hello
I opened an account at Vietcong bank yesterday and there is one question I can confirm.
There is no way are you allowed to put cash into your account, from what I gathered that is a general rule. It seems that the government will not be able to trace where the cash came from,.
Sorry that’s the only question I can answer, it’s because I asked the manager why and he told me re the government, so no cash in hand jobs unless you keep it under your bed!

That is the general law in Vietnam, and every bank must follow it, But somehow some bank allows to deposit foreigners cash into there own account in Vietnam,  You need to find the correct bank which you can deposit.

Kytain :

I have retirement pensions in the U.S. that are deposited into my U.S. Wells Fargo Bank Account. I also have a UK pension that is deposited into my UK Barclay Account. I plan to transfer funds from my U.S. and UK accounts to my Vietnamese Bank Account

I will be in HCMC this coming May 2018. I hope to open a U.S. Dollar and VND  Bank Account with HSBC or SACCOM (will talk to staff at Banks to see who is best or if my objective is possible),

My wife is a Vietnam Citizen. She rents a house in HCM. I have a 5 year Vietnamese Visa issued  at the Vietnam Embassy in London given I proved we are married.

1. Can I take a copy of my wife's lease agreement and a letter  from her Landlord confirming we both live at the property as proof of address if the Bank requires this information? WILL THIS BE REQUIRED???

2. If I deposit VND to my  Vietnamese Bank from my UK and U.S. Banks can I withdraw VND from my Vietnamese Bank. Some posts indicated you have to use Vietnam ATMs to withdraw foreign incoming funds.

3. If I deposit U.S. dollars into my Vietnamese Bank Account can I withdraw U.S. dollars from my Vietnamese Bank Account?

4. As a married (to Vietnamese Citizen) foreigner can I deposit VND into my Vietnamese Bank account that I withdraw from Vietnamese ATMs using my UK and U.S. Debit Cards?  WOULD THE VIETNAMESE BANK WANT TO KNOW WHERE THE VND CAME FROM?

If this was a problem for me could my wife make deposits to my Vietnamese bank Account?

It's June, you've probably been here a month and sorted out your finance satisfactory, but I'm posting this reply anyway in case someone else can find it helpful.

1- Yes.

2- Yes.  Assuming you meant "transfer" when you said "deposit".

3- No. It doesn't matter whether you're Vietnamese, married to a Vietnamese, or not having anything to do with a Vietnamese, the answer is "no" across the board.  Money has to come from a legitimate source, and an ATM receipt is not a legitimate proof.  Question: Why would you want to deposit money that you withdrew from a Vietnamese bank account into another Vietnamese bank account anyway?  You can do as #2, transfer money from any bank account, foreign or not, to any Vietnamese bank account, so why would you want to go a circuitous route to get to the same destination?

4- Read #3.

My advice is what this: simple is always better.  Open a Vietnamese bank account if that's what your heart desires, but it wouldn't make much difference in everyday situation and it may cost you a bit more each month due to the cost of transfer in addition to the monthly maintenance fee from the Vietnamese account.

To simplify matters, I suggest that you open an account with Schwab, have your direct deposit switch from your old bank to them (you can do everything online), then sit back and do nothing afterwards.

Every time you need money, go to any ATM in Vietnam, Thailand, China, India, or any country in the world, and with your Schwab ATM, withdraw the local currency at a very good exchange rate (pretty close to what you get at the gold shops here).  There's no ATM charge, no foreign transaction charge.  Nothing, nada, nil. 

Since your pension is direct deposit, your account with Schwab costs you nothing in monthly maintenance fee.  In short, your money is 100% yours from the time it leaves Treasure Department until it reaches your hand in Vietnam.   Not one dime is taken out to pay for any bank fee of any kind.

You can also link your Barclay account to your Schwab so if you ever need more money than the balance in Schwab, you can transfer between the two accounts, also without charge.

Again, just to reiterate the point I made back in November.

If you are a foreigner and get paid in cash, use Timo. You can deposit cash into the accounts without a contract and all the rigmarole that you seem to undertake with other banks.

For what it's worth, I don't work for Timo, although I feel I should do at times.

Apply online and get your card the same day. It's so simple, I genuinely have no idea why anyone uses anything else.

Hi ! I opened a current & savings account with Vietcom bank in January 2016 in less than 1 hour with just my passport and my UK debit card to make an initial deposit. I wanted to send money from the UK to my savings account because of the good interest rates on offer. But was advised I could only transfer funds from the UK to my current account (0% interest) Then I would have to come into branch to transfer from my current account to my savings account. :-( Defeats the object somewhat lol. However I have kept both accounts open as I like to put a little into my savings account every time I am in Vietnam and enjoy the good level of interest on offer :-) Btw my account is a Vnd account. USD & GBP accounts offer nearly no interest.

1312j :

Again, just to reiterate the point I made back in November.

If you are a foreigner and get paid in cash, use Timo. You can deposit cash into the accounts without a contract and all the rigmarole that you seem to undertake with other banks.

For what it's worth, I don't work for Timo, although I feel I should do at times.

Apply online and get your card the same day. It's so simple, I genuinely have no idea why anyone uses anything else.

TIMO is a good idea, but if you dont live in Saigon or Ha Noi its a hassle to open an account.

For people living in HCMC or Hanoi TIMO is really a good cause.

I also opened a TIMO account at Timo Hangout on 194D-E Pasteur Street a few weeks ago. Really very simple and fast (staff speaks English well).

In the Timo Hangouts in HCMS and Hanoi there is Cash Deposit Machine (CDM) where you can deposit cash to your TIMO account without any fees (I don't know the daily limit at the moment).
Cash deposits can also be made in all other VPBank branches (only in HCMC without fees). However, you have to be able to prove the origin of the money in the branches.

A few weeks ago I had half of my Sacombank savings book paid out in cash (Transfers from my Sacombank savings book directly to my own Sacombank bank account was not possible, but the transfer to my wife's Sacombank account would have been possible. It's also not allowed that my wife transfers money from her account to my account  :huh:  ).
Afterwrds I deposited this money in cash at a VPBAnk branch (small branch outside HCMC, no English speaking staff). I showed them the Sacombank payout receipts (they made copies of all) and they deposited the money into my new TIMO account (for a fee).
My wife talked to the staff. Maybe it wouldn't have been that easy if I'd been there alone.

TIMO deposit / withdraw:
https://timo.vn/en/deposit-withdraw/

Andy Passenger :

For people living in HCMC or Hanoi TIMO is really a good cause.

I also opened a TIMO account at Timo Hangout on 194D-E Pasteur Street a few weeks ago. Really very simple and fast (staff speaks English well).

In the Timo Hangouts in HCMS and Hanoi there is Cash Deposit Machine (CDM) where you can deposit cash to your TIMO account without any fees (I don't know the daily limit at the moment).
Cash deposits can also be made in all other VPBank branches (only in HCMC without fees). However, you have to be able to prove the origin of the money in the branches.

A few weeks ago I had half of my Sacombank savings book paid out in cash (Transfers from my Sacombank savings book directly to my own Sacombank bank account was not possible, but the transfer to my wife's Sacombank account would have been possible. It's also not allowed that my wife transfers money from her account to my account  :huh:  ).
Afterwrds I deposited this money in cash at a VPBAnk branch (small branch outside HCMC, no English speaking staff). I showed them the Sacombank payout receipts (they made copies of all) and they deposited the money into my new TIMO account (for a fee).
My wife talked to the staff. Maybe it wouldn't have been that easy if I'd been there alone.

TIMO deposit / withdraw:
https://timo.vn/en/deposit-withdraw/

Not so good if you live outside those two cities, I looked at it but cant be arsed traveling 120klms to open a bank account. :(

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