Secure your financial assets as an expat in Vietnam

Cheryl Moderator

Member since 15 October 2018

CherylModerator23 June 2023 05:38:47

15092

Hello everyone,

As we navigate the exciting world of living and working in Vietnam, it's essential to make informed decisions about our financial future.
We’d love to hear about the different investment options available for expats: how to invest in Vietnam or in your home country, explore international options or use online accounts.

To kick off the discussion, here are some guiding questions:

What are the investment opportunities as an expat in Vietnam? Are there any specific investment programs?

In your opinion, what are the advantages and disadvantages of investing internationally ? How is your experience with international investments?

What specific points should you consider regarding your investments as an expat (exchange rate management, international tax obligations or repatriation of funds)?

Do you use specialized banking services for expats, such as multi-currency accounts? What are the pros of these services and how do they help you with your finances?

How is the property market for expats? Are there any specific regulations or aspects we should be aware of when investing in real estate in Vietnam?

What strategies do you apply to save and invest for your financial future in Vietnam and/or to secure your children's financial future?

Thank you very much for sharing your experience with us!

Cheryl
Expat.com Team

MyGuess Active member

Member since 20 June 2023

MyGuessActive member23 June 2023 20:19:43

I use HSBC bank, have premier status overseas. HSBC is more of a brand awareness campaign in Vietnam.There are some amusing procedures for getting money out of the country. It must be LSOF (Legal Source of Funds) if its legal paid wages (taxes paid) no real issues.If it's your own funds that you brought.in to the country then:-1. It must be deposited to you Vietnam HSBC foreign currency account, for me that's USD.2. If you then withdraw from this foreign currency account at counter or from ATM it's not shown as LSOF.3. If you transfer it from foreign currency account to VND account, the VND amount is then LSOF4. You then use the web based browser and set up your Account to Account transfer from the HSBC VND account to your overseas account. This is the manually checked by HSBC for LSOF, and the transfer is actioned if in order.I use HSBC because it's free transfers with Premier status, and if it's larger amounts they will do a slightly better rate. But, you must ask.I've heard similar experience from people using even the likes of Vietcom Bank. I do know that Timo (internet bank) will not do overseas transfers.INVESTMENTS.I use Interactive Brokers. They accept US and most foreign nationalities. Brits are able to escape the US maximum inheritance holding for foreigners (Currently only $60k) by investing in funds on the LSE including Irish domiciled funds. So if it's your thing you can then buy or sell Vanguard .... Their US domiciled trades are $1.