Schwab Accounts in Vietnam

    @goodolboyI'll find out, though. But I really hate banking on apps. It's so much easier to do it with a keyboard instead of my oversized fingers.        -@ChoculaD

Same here although I am getting better with phone app's & some Vietnamese Banks like VIB have done away with online accounts accessed from computer & only have the app now. I had to splash out 4 million & buy a new phone just to upload their upgraded new app!!

I still have access online on my laptop with Schwab though.

@tunnelrat69

Yep what you are doing is smart.

Life in Vietnam is cheap & enjoyable

but keeping your money in the US

is safer than in foreign banks

@tunnelrat69

Reading through these threads, it appears you all pretty much ruling out using u.s currency in viet Nam or wherever, instead relying on Schwab account for living expenses while there. But wouldn’t you miss out on the exchange rate fluctuations since withdrawing from local bank atm is subjected to official exchange rate instead of out in the unofficial channels. The downside of that is hauling cash along the trip which could poses safety issue. Any thought on these.

@tunnelrat69
Reading through these threads, it appears you all pretty much ruling out using u.s currency in viet Nam or wherever, instead relying on Schwab account for living expenses while there. But wouldn’t you miss out on the exchange rate fluctuations since withdrawing from local bank atm is subjected to official exchange rate instead of out in the unofficial channels. The downside of that is hauling cash along the trip which could poses safety issue. Any thought on these. - @brianAFSER73

Schwab pays at the "mid market" rate and is always higher than the State Bank of Vietnam rate.

Plus ATMs are legal in Vietnam.

Most other ways of converting dollars to đồng are illegal.

@OceanBeach92107

come on, technically yes, but it is a fairly common practice in viet nam and the gov knows its existence

Some expats I know are master at these and know where the trading houses are in Ha Noi and saigon

@OceanBeach92107
come on, technically yes, but it is a fairly common practice in viet nam and the gov knows its existence
Some expats I know are master at these and know where the trading houses are in Ha Noi and saigon - @brianAFSER73

Dear Brian H Hoang:

You are basically advocating for ignoring and breaking the law in Việt Nam.

It's truly sad that as an American "Việt Kiều" you have chosen to relocate to a country where you don't respect the laws established by native Vietnamese citizens.

No one except the police can stop you or many foreigners from acting illegally, and I'm personally ambivalent about that behavior.

However, it's against forum policy to promote illegal activities in Vietnam.

Hopefully admin will take appropriate actions on our discussion.

For reference, see and translate these pertinent searches:

Illegal Trade in Foreign Currency In Vietnam

Vietnamese Government Cracks Down On Dollarization in Vietnam

@tunnelrat69
Reading through these threads, it appears you all pretty much ruling out using u.s currency in viet Nam or wherever, instead relying on Schwab account for living expenses while there..... The downside of that is hauling cash along the trip which could poses safety issue. Any thought on these. - @brianAFSER73

Another key distinction in your argument is whether the foreigner is here on "a trip" (basically a tourist) or whether the foreigner is attempting to reside here long term.

A person planning to be here short term could indeed bring an unlimited amount of USD cash here ($10,000 USD without the need to report it to US Customs & Boarder Protection) and import it legally into Việt Nam (over $5,000 USD must be reported to customs when entering Việt Nam).

However, if the foreigner attempts to open a foreign currency account in Việt Nam for safety reasons, there will be a deposit fee and then at most banks, a withdrawal fee whenever the person wants to access their foreign currency.

Using a Schwab Visa Debit card allows them to keep their dollars safe in the USA without the need to report any currency being exported or when imported to Việt Nam AND without ANY fees for withdrawals (after rebate) at a higher exchange rate than that set by The State Bank of Việt Nam.

Those choosing to live here long term (a year or more) would find a Schwab account to be a much better option instead of relying on illegal means to exchange cash.

A note: there are indeed LEGAL currency exchange business here other than banks, but only because they are certified as legal by the government.

One legal requirement is that they can only exchange currency at the official daily rate of the State Bank of Việt Nam.

@Guestposter655

Interested in knowing how to lock/unlock a visa debit card. Haven’t tried that before. Tks

@Guestposter655
Interested in knowing how to lock/unlock a visa debit card. Haven’t tried that before. Tks - @brianAFSER73

Since this thread is about Schwab, go into the app, then choose the "manage cards" option.

The first thing you should see then will be an option to toggle your card to being locked or unlocked.