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.

A number of people have mentioned locking their Schwab card between uses, how is that done?

Like some other people, I keep a low cost US phone line to get messages. I had hoped that by turning on the WIFI CALLING feature in my phone settings, I could talk as well  ̣when on wifi) but for some reason only text messages go through.  Has anyone used the WIFI call feature when abroad?

...Like some other people, I keep a low cost US phone line to get messages. I had hoped that by turning on the WIFI CALLING feature in my phone settings, I could talk as well ̣when on wifi) but for some reason only text messages go through. Has anyone used the WIFI call feature when abroad? - @Dannyroc3

As I recall, you didn't opt to stay (or start) with a T-Mobile plan, but instead chose to go with one of the budget providers who are a part of their network (?)

So I'm not sure that my experience with retaining a T-Mobile sim effectively will translate well to your situation, but here's how I do it:

1. I have to use my VPN and set it to a USA IP.

2. I turn off my mobile data and only keep my WiFi connection active. Phone must have Wifi calling enabled.

Works perfectly for me; I recently talked with Schwab for over 10 minutes

A number of people have mentioned locking their Schwab card between uses, how is that done?
Like some other people, I keep a low cost US phone line to get messages. I had hoped that by turning on the WIFI CALLING feature in my phone settings, I could talk as well ̣when on wifi) but for some reason only text messages go through. Has anyone used the WIFI call feature when abroad? - @Dannyroc3

I have T-Mobile and I maintain it to run a business. I use the wifi calling all the time. Worst case I pay international roaming charges if I dont have wifi.

@OceanBeach92107

Wow you have a good memory. Actually I did have Mint Mobile and switched to VISABLE which is an online offshoot of verizon.  I think I left Mint because they had no support at all but VISIBLE is no different

Oh wait, no, the reason I switched was the amount of HOTSPOT included, so that was the main thing. Of course when in VN it does matter because I would be on WIFI 99% of the time when using my ipad or laptop anyway.

Right now I am in the US so I cant try the idea you use, of shutting off Mobile data. For all practical purposes, I only needed the US number for when I get a call from someone outside of my frenz and fam circle, they just use FB to call.

But I did need to hear from others such as my property manager etc.

One of the things I read was that the "allow WIFI calling" feature had to be turned on from within the US, it wont activate if done outside? 

One of the things I read was that the "allow WIFI calling" feature had to be turned on from within the US, it wont activate if done outside? - @Dannyroc3

That's a carrier related issue. You'll likely need to check with them.

Again, using a VPN can often take care of such issues