Tips for DaNang and Nha Trang

Gday Kawhona, welcome to the forum.

Obviously to live here youll need money.

Assuming your retired , you'll have maybe a Superannuation pension a Govt pension, or income from other investments.
Google PIT ( personal income tax) in Vietnam. There are plenty of references that cover the tax position.

Generally, Superannuation , Govt pensions & bank interest are not  taxable in Vietnam.   What the US tax system does is another matter .

Then you've got to work out the best way to get it here.  You can open a bank account and EFT it across when you need it,,maybe a few months supply at a time.   I certainly wouldn't bring the lot over.  😆 Just use a local ATM card for a few cents a transaction.   In the meantime just bring a “wad” of US cash for a couple of months until you get the account up and running.    Foreign ATM cards can be an expensive way to get cash, since most ATMs only pay $100. 🤓

Just find a cheap hotel or guest house to stay until you explore the long term accommodation options.   In Nha Trang it's not hard to get a hotel on a monthly basis for $400 a month including Wi Fi . They'll do your washing for $1 a Kilogram.    You'll also find an apartment long term from $400 as well.

Choose a Visa option that suits your circumstances, then sit back relax and Watch, Listen , Observe,  Assess and then Adapt to your new life.  How you process and apply those observations will be critical to your quality of life here.    Unfortunately, a lot screw it up and end up crawling out of here physically, mentally & financially crippled.

It's no secret that most single retired men come to SE Asia for the Cheap living, Cheap booze and attractive young women in plentiful supply.   Not many manage to successfully combine that formula.

It's like a card game.   The foreigner sits down at the table with a fat retirement fund $$$, and presumably holding all the cards....and gets cleaned out & outplayed  by a young girl who's only trump card is worth “chump change” at any “knock shop.”     Happens all the time .

Take the “joker” out of the pack.  Spend a few hundred bucks and get yourself “clipped”., neutered ,castrated ...you get the drift.    If they pull that card trick on you, your in for the long haul.   You'll be one of those “ anchor daddies” .   They're those poor deluded bastards you see sitting around , elbows on the Knees staring at the ground wondering what happened .   They've hit the home run....not just your bank account, but they've hitched the extended family band wagon up to your family bloodline.      What a nice legacy to leave when you check out. 🤓


You'll be here for 10years eh.....make sure by the time you get back to Phoenix you'll have no regrets.   It's a great life here , but remember you hold the Aces,  you call the shots.

Thanks Yogi for the reply. I've been around a few blocks a few times i've Been traveling for most of my life. I do understand the lure of the female charms and have been fortunate to meet more than my share of great ladies. I am not coming over to prowl but if it comes to that I have a penchant for the ladies of SE Asia. I find that my somewhat traditional outlook fits in there very well. Cash shouldn't be my issue I have had some good luck in that regard. The US is a pain in the ass tax wise and I will probably try to get a second passport to keep some hidden from Uncle Sam. Malaysia seems to have some very favorable tax options. I will probably keep a house in the states just to go back and visit my kids once a year or so. I don't plan on buying any property there I wouldn't trust the system as a gringo. I should be able to find some nice places to rent . If the heat is too oppressive in DaNang maybe I'll try summering  in Dalat.

Is there a part of DaNang that the expats tend to congregate in ? For healthcare issues I am hearing some of my Swiss colleagues are going to Thailand so I assume for anything serious head that way. Is insurance worth the $$ a friend of mine who lives in Thailand told me it's not worth it just pay out of pocket.

Thanks again and if you are in DaNang from Jan 14-21 let me know I'd be happy to buy you a beer.

Regards

Grrr....health Insurance.
There are some threads on here about health insurance & they are worth a look.
There is very affordable local insurance thru Bao Viet.   They operate thru HSBC as well.   A friend here pays about $500 a year   And that includes medivac......😳.   There are policy's with the same company for about half that as well, BUT you'll only know how good it is when you have something go wrong.   

Motorcycle accidents are probably the main thing to worry about.  You need to make sure you understand what they  DON'T cover you for...ie, who was at fault, are you licensed , and some insurers will regard riding on a bike in vIetnam as a hazardous activity,,,anything to avoid paying.     

I'm actually in Nha Trang , but good luck in Da Nang.

Malaysia does have a few tax advantages , and a good retirement visa programme. BUT have you seen the devil in the detail in getting that Visa.....$$$$$.   Have a read.

Search Vietnam forum for "moving" and "banking" and "TRC", many opinions and experiences and tips esp. for Americans.

I always recommend you get financial stuff setup before you arrive. 2 credit card accounts, 2 ATM card checking accounts, your main one should be Schwab. I only use ATMs, no Vietnam bank. Bring up to $5000 in new $100s if you are rich to squirrel away. Bring a year of prescription medicine though cheaper generics are usually available. Get motorcycle certified on your driver's license. Bring your favorite clothes; electronics are cheapest in US. Bringing stuff on the plane as excess baggage seems to be cheaper with higher probability for receiving it than shipping. Keep an official address in the US for all your accounts. Get all income direct-deposited to your US account. A google phone number is handy for pretending you are still stateside unless you have some other scheme. Taxes, there are expat-specialists on the web. I assume you know about FEIE. Medical is complicated, there are different levels of care available, from chinese herbs to international clinics and hospitals, with Thailand and Singapore at the high end.

Thanks Gobot I was thinking there may be value in opening a small account in a Vietnamese bank
Just for local transactions I am curious why that is not a good idea. I have to find the tax person to tell me what the rules are about living overseas I know what they were in the old days but that changed in 2014. Obviously my investments will stay in the US unless I find a compelling reason to move some. My current plan is to convert one of my residences into an executive rental so I have a place to comeback to for a month or so a year to visit family. Where is the best legitimate place to go to find healthcare options ? Is paying out of pocket in Thailand really better than insurance I have heard knee replacements only cost $4k for instance that is dirt cheap and would be less than my deductible stateside.

Thank you again for your time.

Regards

Thinking ... any reasons for me to use a local bank?

- Store my money - The bulk is safer in my US accounts, FDIC etc. I do keep some at home too, which I never did in the US.

- What if there is a fire in my house? In 3 years, I only saw one fire, and only read about a couple. I have only seen one fire engine so I know they exist. Maybe because virtually no wood is used in construction?

- Or a burglar? Possible. Maybe I'll get a heavy safe when I am settled. For now, a sneaky hiding place that I hope I don't forget.

- Write checks?  I've never seen anyone write a check, I don't think that is a thing here. A cash and ATM economy.

- Get interest on savings?  quick google search says rates under 1%

- Get interest on term deposits? That is a good reason, google "vietnam bank interest rate". Is that on dong or dollar accounts though? dunno

- Do I want to convert my $ to a VND account? The VND is coupled to USD, but XE.com shows VND slowly declining in value vs USD for 5 years.

- Do I need a Vietnam credit card? I already have cards that work around the world.

- Do I need a Vietnam ATM card. I have a card that works around the world with no fees. It will have fees. Will it be tied to that bank only? Vietnam only? AFAIK Vietnam Bank ATMs only permit 2 or 3MVND daily withdrawal.

- Access, what if I need money fast?  So far not a problem, HSBC allows 8M per day. Also I brought a fistful of $100s for emergencies.

- Do I need a bank loan? Not now, probably not ever.

- Can I transfer easily from US to Vietnam bank? Maybe but with wire fees. Fee on one end or both ends? dunno

- Can I withdraw my money anytime? Well...

Here is the biggest worry based on stories we hear. Once in a while, a foreigner can't get their money out when they leave the country. For example, a teacher returns to France and aren't allowed a wire transfer. Or the source of the deposits are questioned.  Plus stories of terrible customer service. Also, unlike in the states, say you sell your car, you can't just go in the bank and deposit a wad of cash. There has to be a paper trail, like a payroll deposit, or a wire transfer. They are over-worried (by law) about money laundering. I assume you can make small cash deposits or Vietnamese wouldn't even have ATM cards. Hmm.

Man! - If the citizens trusted the banks, and the banks trusted the citizens, just think about how much all those cash and gold deposits could boost banking assets and be available for business growth. VNDillions.

Yogi007 wrote:

Grrr....health Insurance.
There are some threads on here about health insurance & they are worth a look.
There is very affordable local insurance thru Bao Viet.   They operate thru HSBC as well.   A friend here pays about $500 a year   And that includes medivac......😳.   There are policy's with the same company for about half that as well, BUT you'll only know how good it is when you have something go wrong.   

Motorcycle accidents are probably the main thing to worry about.  You need to make sure you understand what they  DON'T cover you for...ie, who was at fault, are you licensed , and some insurers will regard riding on a bike in vIetnam as a hazardous activity,,,anything to avoid paying.     

I'm actually in Nha Trang , but good luck in Da Nang.

Malaysia does have a few tax advantages , and a good retirement visa programme. BUT have you seen the devil in the detail in getting that Visa.....$$$$$.   Have a read.

500 usd with medivac, that wont be with Bao Viet as I have the policy and its about 1000 usd for decent coverage.Maybe he just got the medivac and that's it.

gobot wrote:

Thinking ... any reasons for me to use a local bank?

- Store my money - The bulk is safer in my US accounts, FDIC etc. I do keep some at home too, which I never did in the US.

**   I have roughly 1/3d of my money in Vietnamese Banks earning roughly 6.5% interest semi-annual

- What if there is a fire in my house? In 3 years, I only saw one fire, and only read about a couple. I have only seen one fire engine so I know they exist. Maybe because virtually no wood is used in construction?

**  Get renters insurance, you'll not be sorry, and it is cheap, I pay about 5mil a year for a two story house and Barn.

- Or a burglar? Possible. Maybe I'll get a heavy safe when I am settled. For now, a sneaky hiding place that I hope I don't forget.

**  I have a 400kg safe in my house, very cheap, takes a combination and two keys to open it.  very strong

- Write checks?  I've never seen anyone write a check, I don't think that is a thing here. A cash and ATM economy.

**   Cash, I transfer money in USD and change it at the gold shops, slightly better rate than the banks now.

- Get interest on savings?  quick google search says rates under 1%

** see post above - you can earn as little as 3.5 for large deposits for a month, up to 7.8% for 12 months, I have made over $35,000 interest  in the past six years in Vietnamese banks.  Six years ago I was getting 14% on USD deposit over $50,000.  Now USD gets 0%.

- Get interest on term deposits? That is a good reason, google "vietnam bank interest rate". Is that on dong or dollar accounts though? dunno

**see above

- Do I want to convert my $ to a VND account? The VND is coupled to USD, but XE.com shows VND slowly declining in value vs USD for 5 years.

**Vietname Dong

- Do I need a Vietnam credit card? I already have cards that work around the world.

**not necessary, I use my US debit and credit cards here...........

- Do I need a Vietnam ATM card. I have a card that works around the world with no fees. It will have fees. Will it be tied to that bank only? Vietnam only? AFAIK Vietnam Bank ATMs only permit 2 or 3MVND daily withdrawal.

**thats about right all over Vietnam, if you take a credit card withdrawal from a bank, they charge 3 or 4% above the amount

- Access, what if I need money fast?  So far not a problem, HSBC allows 8M per day. Also I brought a fistful of $100s for emergencies.

- Do I need a bank loan? Not now, probably not ever.

- Can I transfer easily from US to Vietnam bank? Maybe but with wire fees. Fee on one end or both ends? dunno

**I transfer money all the time, gets deposited like clockwork, they will hold it 30 days them return it so you have to be in Country to apply it to your account.

- Can I withdraw my money anytime? Well...

Here is the biggest worry based on stories we hear. Once in a while, a foreigner can't get their money out when they leave the country. For example, a teacher returns to France and aren't allowed a wire transfer. Or the source of the deposits are questioned.  Plus stories of terrible customer service. Also, unlike in the states, say you sell your car, you can't just go in the bank and deposit a wad of cash. There has to be a paper trail, like a payroll deposit, or a wire transfer. They are over-worried (by law) about money laundering. I assume you can make small cash deposits or Vietnamese wouldn't even have ATM cards. Hmm.

Man! - If the citizens trusted the banks, and the banks trusted the citizens, just think about how much all those cash and gold deposits could boost banking assets and be available for business growth. VNDillions.

**my answers in Blue.  (Well, the blue didn't work, but my answers are preceded by double **)

Good comments!
A 400 kg safe, that is a safe!    The locksmith, you had to kill him, right?

I lived in a Boston South End warehouse, sketchy area, across the street a pro photographer had a safe size of a 6 foot tall refrigerator for his Nikons and lenses and ANYTHING else he wanted to protect from burglars, fire, bunker buster.

I can not understand the concerns about a Vietnamese bank accounts.
For me, together with an international VISA card (German giro account) and a Swiss bank account, a Vietnamese bank account with VISA and e-banking is the perfect combination.
The Vietnamese VISA is limitted to 50 million Dong a day for payment.
My wife just payed the motorbike with her normal Vietnamese bank card. Seems this card is not limitted (maybe I will change from VISA to this card).
I can withdraw 10 million Dong at an ATM of my bank for a fee of 1000 Dong.
If you have a Saving Book (not saving account), you get 5-7% interest rate a year.

gobot wrote:

Thinking ... any reasons for me to use a local bank?

- Get interest on term deposits? That is a good reason, google "vietnam bank interest rate". Is that on dong or dollar accounts though? dunno

I checked a bit ago: For Sacombank the interest rate is for VND only, USD and Euro are 0,00%