Banking Regulations for Foreigners Opening New Accounts

So it's several months since I left EMG and I wanted to have some money deposited into my account at Vietcombank.  I opened the accounty when I was working at EMG and had direct deposit from the company into the account.  Great.  Bought some tickets for the Nutcracker and my friend wanted to reimburse for her daughters.  Okay, gave her my account number and it wouldn't go through.  Went to the bank...after waiting a bit I was informed that the account could only receive deposits from an employer or from overseas.  Annoying.  I didn't ask about me making cash deposits, I will have to walk back and askt that question, but I don't think so.  It was suggested that Timo might be the solution.  Have to look into that.

...and yes I had a work permit with EMG.

def1412 wrote:

So it's several months since I left EMG and I wanted to have some money deposited into my account at Vietcombank.  I opened the accounty when I was working at EMG and had direct deposit from the company into the account.  Great.  Bought some tickets for the Nutcracker and my friend wanted to reimburse for her daughters.  Okay, gave her my account number and it wouldn't go through.  Went to the bank...after waiting a bit I was informed that the account could only receive deposits from an employer or from overseas.  Annoying.  I didn't ask about me making cash deposits, I will have to walk back and askt that question, but I don't think so.  It was suggested that Timo might be the solution.  Have to look into that.

I believe if you read THIS ENTIRE THREAD Vietcombank has been confirmed as receiving direct deposit from US Social Security and Veterans Benefits.

Besides, if they said "from overseas" that's a pretty good clue.

So Which bank is good to receive Money from Amy country, But you don't face any problem while withdraw in VND

Linku wrote:

So Which bank is good to receive Money from Amy country, But you don't face any problem while withdraw in VND

I send money from Australia to HD Bank and take it out in vnd.

Linku wrote:

So Which bank is good to receive Money from Amy country, But you don't face any problem while withdraw in VND

You can use any bank to receive money from overseas, and there will be nothing difficulties when you withdraw it.

def1412 wrote:

So it's several months since I left EMG and I wanted to have some money deposited into my account at Vietcombank.  I opened the accounty when I was working at EMG and had direct deposit from the company into the account.  Great.  Bought some tickets for the Nutcracker and my friend wanted to reimburse for her daughters.  Okay, gave her my account number and it wouldn't go through.  Went to the bank...after waiting a bit I was informed that the account could only receive deposits from an employer or from overseas.  Annoying.  I didn't ask about me making cash deposits, I will have to walk back and askt that question, but I don't think so.  It was suggested that Timo might be the solution.  Have to look into that.

The things are when you open a bank account, they have term and condition you open account just received a salary, So they enter this into their system, and it will be for forever.

Not talking about SS benefits nor am I talking about VA benefits, but a reference to my experience with banking regulations which I believe this thread is about.
Enjoy your day.
Ken

My solution, which may not work for you, is to use transferwise to move money and pay bills like rent, electric, and motorbike rental.  And to withdraw cash for pocket change.  I use a US credit card to pay for meals for shopping, groceries, etc and pay that off with US dollars from a US bank.  Perhaps that situation could be adapted for your situation.  I have also heard that Timo is a vialble solution...

Last year I spent nearly 400usd on tranfer and bank fees.  I have cut that down considerably by getting a Charles Schwab account last time I was in US. 

Again that may not work for you, but perhaps the info might give you an  idea for a work around.
Ken

def1412 wrote:

Not talking about SS benefits nor am I talking about VA benefits, but a reference to my experience with banking regulations which I believe this thread is about.
Enjoy your day.
Ken

def1412 wrote:

My solution, which may not work for you, is to use transferwise to move money and pay bills like rent, electric, and motorbike rental.  And to withdraw cash for pocket change.  I use a US credit card to pay for meals for shopping, groceries, etc and pay that off with US dollars from a US bank.  Perhaps that situation could be adapted for your situation.  I have also heard that Timo is a vialble solution...

Last year I spent nearly 400usd on tranfer and bank fees.  I have cut that down considerably by getting a Charles Schwab account last time I was in US. 

Again that may not work for you, but perhaps the info might give you an  idea for a work around.
Ken

In fact, you have talked about a number of things, not all on topic for this thread.

So have a lot of other people.

You mentioned getting a "direct deposit" in another post, so since you were not being clear and specific, I erroneously assumed you meant a US Government payment.

PLEASE LEARN TO USE THE QUOTE FUNCTION or copy/paste from the post to which you are replying.

It helps keeps comments and replies in context for everyone who reads these threads, and helps to alert the individual you are addressing.

OceanBeach92107 wrote:

def1412 wrote:

Again that may not work for you, but perhaps the info might give you an  idea for a work around.
Ken

In fact, you have talked about a number of things, not all on topic for this thread.

Since when is a workaround not on topic?

I know this subject has been done to death...

Recently arrived on a three month tourist visa, now need to open a bank account.
Im married to a vietnamese girl, and will shortly have a spouse visa exemption.

Is this acceptable to open a bank account ...?

Jlgarbutt wrote:

I know this subject has been done to death...

Recently arrived on a three month tourist visa, now need to open a bank account.
Im married to a vietnamese girl, and will shortly have a spouse visa exemption.

Is this acceptable to open a bank account ...?

There is a sticky thread that covers that:

expat. com/forum/viewtopic.php?id=859279

The short answer is yes, once your VEC is approved

Thank you... of all the people on here, your knowledge is most accurate

Jlgarbutt wrote:

Thank you... of all the people on here, your knowledge is most accurate

Hardly! 😁

I'm glad to help with this one question, but I recognize many, many other members of the forum as being true experts on life in Vietnam.

I hope your banking experience is totally stress free..

I think this topic needs to be updated.

As you can open a bank account with "Work Contract" only no matter what the visa is, though, some banks will not allow you to deposit money yourself but you can get money through your employer.

I just created my bank account with VietcomBank, with only Work contract, 3 Months single entry visa "2 weeks valid" and my passport and that's it.

I have received money from my employer normally and they said I can deposit money normally with no issues.

I believe without the work contract you will need at least 12 months visa.

I'm not sure if this has been mentioned already or not, but I have searched for this and I haven't found anything that is saying this update, as all replies or topics only mentioned work "Permit" or 12 months visa and no mention of work "contract".

Thought I'd share this, in case it may be helpful to anyone

FouadAdel wrote:

I think this topic needs to be updated.

As you can open a bank account with "Work Contract" only no matter what the visa is, though, some banks will not allow you to deposit money yourself but you can get money through your employer.

I just created my bank account with VietcomBank, with only Work contract, 3 Months single entry visa "2 weeks valid" and my passport and that's it.

I have received money from my employer normally and they said I can deposit money normally with no issues.

I believe without the work contract you will need at least 12 months visa.

I'm not sure if this has been mentioned already or not, but I have searched for this and I haven't found anything that is saying this update, as all replies or topics only mentioned work "Permit" or 12 months visa and no mention of work "contract".

Thought I'd share this, in case it may be helpful to anyone

It's good information.

You only get a work permit if you have a work contract, so it's a bit an issue of semantics.

I think it's pretty well understood here that once you get a job your employer can help you get the bank account, but your specific current experience is helpful.

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Thepakkizeggypharts wrote:

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Banking rules are hit and miss.
Today pick up passport with 5 year visa exemption attached.. job done.

Timo... Nope cannot open account because type of visa means I have to leave every 180 days...

Jlgarbutt wrote:

Banking rules are hit and miss.
Today pick up passport with 5 year visa exemption attached.. job done.

Timo... Nope cannot open account because type of visa means I have to leave every 180 days...

You might be better off then with the temporary resident card (TRC)

Are you qualified?

Not working at the moment.. so cannot get the TRC.

Seems a lot of grey areas on rules, what is and isn't acceptable changes like the wind.

VN likes to let people pay for visas, lets them stay but when someone wants to deposit money in a bank in Vietnam it's like you are asking for loan of the crown jewels.

Jlgarbutt wrote:

Not working at the moment.. so cannot get the TRC.

Seems a lot of grey areas on rules, what is and isn't acceptable changes like the wind.

VN likes to let people pay for visas, lets them stay but when someone wants to deposit money in a bank in Vietnam it's like you are asking for loan of the crown jewels.

So what is your VEC connected to?

Marriage certificate and passport.
Anyway walked into VIB... Account opened

Seems Timo don't want business

Jlgarbutt wrote:

Marriage certificate and passport.
Anyway walked into VIB... Account opened

Seems Timo don't want business

If you're married you can get a 3-year TRC.

Thanks for info ...as usual always accurate and helpful.

TIMO.. AHH burn their bridges. Since I tell them to remove me from their system keep getting email adverts..
Staff at VIB can't understand their response to the VEC

All sorted.. moral of the story go for a longer established bank. Seems staff at TIMO not the best trained.

Maybe just my bad experience but hey.. all's well that ends well

Jlgarbutt wrote:

Thanks for info ...as usual always accurate and helpful.

TIMO.. AHH burn their bridges. Since I tell them to remove me from their system keep getting email adverts..
Staff at VIB can't understand their response to the VEC

All sorted.. moral of the story go for a longer established bank. Seems staff at TIMO not the best trained.

Maybe just my bad experience but hey.. all's well that ends well

That's probably the most likely explanation.

Did you ask to speak to a supervisor?

There is a LOT of anecdotal evidence on the forum that individual clerks are clueless and afraid to say "yes" to anything.

No need to say an entire bank company is bad because of one isolated experience.

Also, it's always helpful to attempt the opening of an account with a Vietnamese friend or relative to accompany you.

Update.. since the trials of Timo or not Timo..
VIB bank super efficient and quick to open account.

Get home.. expect to wait a few days for card, email to say card is ready.

Thank you for business...blah blah, and would I be interested in credit card... Just have to say yes and it's mine.

Goes to show.. shop around and can see differences in CS

Deleted, will resubmit