ATM and Rentals

    Hello everyone, I am just browsing through the forum and I could use some help. I am trying to figure out when I will be in town in June, and I also have some questions about the rental payments. Specifically, I am not sure how the payments are made every month, and I am having some trouble understanding the process for converting funds from US or Canadian dollars to Dong. If anyone could provide some clarity on these matters, I would greatly appreciate it. Thank you!
   

    -@eddyjw07

The answers will be largely dictated by you: Will you bring cash or will you rely on ATM withdrawals/credit card cash advances?

The ATM card YOU choose will determine your exchange rate from your base currency to VNĐ and IF you are charged foreign transaction fees, foreign exchange fees and ATM fees, so get the best possible card(s) established BEFORE you depart for Việt Nam, keeping in mind the legalities of maintaining those accounts when you are moving here permanently (some banks will close your North American accounts if you no longer have an address there).

Hotels and banks are your best legal bets for exchanging cash.

Learn how to Google the current "mid-market" exchange rate to make sure you are getting something close to that (banks & ATM machines will always give the slightly lower official exchange rate):

1 CAD to VND

or

1 USD to VND

will get you the international mid-market rates.

There are other commonly used but technically illegal ways to exchange your cash at slightly better rates, but forum rules keep us from being able to specifically recommend them here.

Lodging rental payments will depend in large part on the chosen accommodation.

The cheaper the place, the less likely you'll be able to pay with a major credit card, so that's rarely an option for most budget travelers here.

You'll pay in cash since it's virtually certain you won't have a domestic Việt Nam bank account.

Insist on being quoted rental rates in Việt Nam đồng (VNĐ), otherwise you'll pay a hidden exchange fee.

Should you gain a legal employment contract with work permit and at least a 1 year business visa here, you may qualify for a domestic bank account for receiving your salary.

You'd then likely be able to pay rent with a bank transfer (no fee).

Hi! I have a TD bank account and I'm researching where to live. I found the perfect place, An Thuong, but I'll be paying rent in cash for 2-3 months. After that, I'll pay through bank transfer to avoid fees. I learned to get rental rates quoted in VNĐ and look for a trustworthy agent. I'm semi-retired in forensics and network security. I prefer administrative work and I'm confident I'll find a contract job for at least a year. Regardless, I'll be happy living in this beautiful place!

...I found the perfect place, An Thuong,
    -@eddyjw07

....and yet, you previously wrote:

I would like to rent a large Studio or one-bedroom furnished for a year. (balcony)  nothing too close to the beach (link)

and

I am in search of a one-bedroom apartment in Da Nang, situated near the town centre. (link)

So now you are choosing An Thượng, which is across the river (almost 7 km from the city center) and right at the beach you want to avoid.

Bye...

It's not that far, i also have Hai Chau as a second... place downtown.. still have lots of time. Also, walking is not an issue..for my photography which is my passion. these are all hotels/Apartments ...

You picking my Brains Ocean...ty I take your advice seriously.  also Aidans.  TY

...Specifically, I am not sure how the payments are made every month,

For each of the three homes I've had since arriving 2017, rents were always paid in cash.

In Saigon, I'd sometimes visit the landlady's bank and deposit it straight into her account (her bank was literally steps away from my home) the couple of times where she was out of town. No problem for me. I paid 3 months rent upon occupation (1 month for first month, 1 month for last month, and 1 month security deposit)

In Thai Nguyen, the rent was paid in advance bi-annually (two 6 month payments per annum), in cash to the landlord. No last month or security requested.

Here in Phu Quoc I pay month to month, cash. No security, no last month rent.

...and I am having some trouble understanding the process for converting funds from US or Canadian dollars to Dong. If anyone could provide some clarity on these matters, I would greatly appreciate it. Thank you!        -@eddyjw07

Like you I deal with TD Bank. I've been using my debit card(s) here for 7 years now. I like having access to the accounts through TD's "Easyweb" web portal. I pay no ATM fees to the bank through an all inclusive chequing account, with admin fees running ~$16 CDN per month. I also have a credit card account, and a mutual fund account with TD.

I've never really checked on the floating exchange rate of CDN to VND, and I'm sure there's a cheaper alternative to my way of accessing funds, but the ease of simply visiting an ATM and withdrawing straight from my Canadian account is very persuasive.

For a 3million VND ATM withdrawal, my account is debited anywhere from $170 - $174 CDN (of late).

Thanks guys ... much appreciated ..will do more research.

    ...I found the perfect place, An Thuong,     -@eddyjw07

....and yet, you previously wrote:

I would like to rent a large Studio or one-bedroom furnished for a year. (balcony)  nothing too close to the beach (link)

and

I am in search of a one-bedroom apartment in Da Nang, situated near the town centre. (link)

So now you are choosing An Thượng, which is across the river (almost 7 km from the city center) and right at the beach you want to avoid.

Bye...
   

    -@OceanBeach92107

you are like a bloodhound OB

        ...I found the perfect place, An Thuong,     -@eddyjw07....and yet, you previously wrote:I would like to rent a large Studio or one-bedroom furnished for a year. (balcony)  nothing too close to the beach (link)and I am in search of a one-bedroom apartment in Da Nang, situated near the town centre. (link)So now you are choosing An Thượng, which is across the river (almost 7 km from the city center) and right at the beach you want to avoid. Bye...        -@OceanBeach92107

you are like a bloodhound OB
   

    -@goodolboy

Back in the late 1950s, my babysitter was our TV, and I paid special attention to a show called "Concentration", where the goal was to remember previously exposed squares that were now hidden in order to make a match with a newly revealed square.

I guess I was in training for keeping up with stories in the forum... 😉

@OceanBeach92107

Late 60's had a similar memory game.

"You sank my battleship!"

    ...Specifically, I am not sure how the payments are made every month,

For each of the three homes I've had since arriving 2017, rents were always paid in cash.
In Saigon, I'd sometimes visit the landlady's bank and deposit it straight into her account (her bank was literally steps away from my home) the couple of times where she was out of town. No problem for me. I paid 3 months rent upon occupation (1 month for first month, 1 month for last month, and 1 month security deposit)
In Thai Nguyen, the rent was paid in advance bi-annually (two 6 month payments per annum), in cash to the landlord. No last month or security requested.
Here in Phu Quoc I pay month to month, cash. No security, no last month rent.
...and I am having some trouble understanding the process for converting funds from US or Canadian dollars to Dong. If anyone could provide some clarity on these matters, I would greatly appreciate it. Thank you!        -@eddyjw07

Like you I deal with TD Bank. I've been using my debit card(s) here for 7 years now. I like having access to the accounts through TD's "Easyweb" web portal. I pay no ATM fees to the bank through an all inclusive chequing account, with admin fees running ~$16 CDN per month. I also have a credit card account, and a mutual fund account with TD.
I've never really checked on the floating exchange rate of CDN to VND, and I'm sure there's a cheaper alternative to my way of accessing funds, but the ease of simply visiting an ATM and withdrawing straight from my Canadian account is very persuasive.
For a 3million VND ATM withdrawal, my account is debited anywhere from $170 - $174 CDN (of late).
   

    -@Aidan in HCMC

Hello Aidan  what are the secured ATM!s in Da Dang. i have heard and read people losing their debut cards to  do any type of payments such as rent. i have done easy web also Wise  Remitly is another one . wise was my goto in portugal or international transfer from my TD Bank . 

cheers and TY

Hello Aidan  what are the secured ATM!s in Da Dang. i have heard and read people losing their debut cards to  do any type of payments such as rent. i have done easy web also Wise  Remitly is another one . wise was my goto in portugal or international transfer from my TD Bank .  cheers and TY        -@eddyjw07

All of the ATMs in VN are "secure", inasmuch as any bank's ATM is secure, anywhere worldwide. There are no non-bank/private ATMs here I've seen, the likes of which are often found in businesses in the west.

I'm not sure if you meant people "losing" their debit cards, or "using" their debit cards. If "losing" then yes, that can happen, though in 7 years I've seen it happen only twice to people I know. In both cases, after the machine swallowed their card they were able to retrieve it the next business day from the affiliated bank's appropriate branch upon presentation of their passport. Stressful, to be sure, but thankfully not common. This is a phenomenon not unique to VN.

If you meant "using", I've not heard of anyone using an ATM card to pay their rent. All of the hotels which cater to tourists (int'l and domestic) will of course accept card payments. Not so with one-off landlords, or smaller hotels/motels. Also worth mentioning are two occasions where my ATM card (TD ATM "Visa") would not work to complete a transaction, but my credit card would.

Three or four times I have had trouble with an ATM machine where the transaction is processed, but no money is dispensed. Checking online after returning home I saw that the monies had been deducted from my account. In each case a call to TD's helpline resulted in the account being credited with 3 days.

(before I forget, I'll mention here that I use the app "Skype", which allows phone calls to any toll-free number worldwide. I've not tried in years, but I remember having extreme difficulty dialling any number outside VN (toll-free or not) using domestic phone service, which prompted me to download "Skype")

ATM fees at VN bank machines are charged at a flat rate. Whether you withdraw 100k VND, or 3million VND, the charge will be the same, generally somewhere around 25k per transaction (but at some "touristy" areas, as high as 50k). My experience has been that the majority of ATMs have a withdrawal limit of 3million, but there are some with limits as high as 5 million (some members have reported limits of 10 million, but I've not encountered that). When making a withdrawal, it makes economic sense to withdraw the maximum amount.

You might be able to do a "TD Global Transfer" to a landlord's card or account. I've transferred that way to my GF's bank card, at a cost of $8.95 CDN, flat rate (~165k+ VND). Though the bank's page states that the funds will arrive in 24 to 48 hours, my experience has been about 1 hour, consistently. Whether the landlord is comfortable with this would have to be confirmed with them.

Unlike some countries, VN ATM machines dispense only local currency.

I've had the panel shown below on my computer for a little while now, so confirmation that the information is current will be necessary. It will at least give you an idea.

(direct link to panel, here)

The subject of ATMs is a common theme here on the forum. A search for "ATMs" from the Vietnam Forum's main page, gives us this.

Hope some of this helps. Sorry if it looks like a wall of text

Thanks, Aidan... much appreciated

The next phase looking for an agent two weeks before I come. ty

    The next phase looking for an agent two weeks before I come. ty
   

    -@eddyjw07

On the one hand you seem to be overly concerned about the possibility of losing money through the financial system, thus causing you to ask myriad questions.

On the other hand, you are choosing to totally ignore the advice to avoid any sort of advance long distance relationship with a rental agency prior to your arrival.

Good luck

    The next phase looking for an agent two weeks before I come. ty        -@eddyjw07

I'm going to say something, but I don't want you to take any offence. Be assured, none is intended.

With all due respect, Eddy, you really should cool your jets.

I understand your wanting to have everything set and ready upon your arrival. Also, I (fully!!) understand that you're quite possibly a little excited about your upcoming move to VN. Please always bear in mind that there are regulations and complexities involved in living in VN that might not be present in other countries.

As an example, and regardless of what an agent might (will!) tell you, I invite you to read from one of our sticky threads on the VN forum main page, titled "Socialist Republic of Vietnam Land Use Regulations", item #8, to wit...

Lease of residential houses by foreigners (Link)

8.Currently, not every foreigner or foreign entity entering Vietnam is entitled to lease residential houses or apartments. According to the Law on Residential Housing, only the following are eligible to lease residential houses in Vietnam:

(a)    Foreign organizations and individuals who are allowed to enter Vietnam for a period of at least 03 consecutive months;

(b)     Vietnamese residing overseas who currently reside in Vietnam and have a need to lease a residential house.

(note: though the currently available tourist eVisa states it is a 90 day visa, it is in fact 89 days, and not 3 calendar months. this requirement may have a negative impact on your insistence to hold a one year lease, at least until you've secured your TRC -temporary residence certificate- )

You would do well to reread the advice given in this thread, especially that found in post #2 and post #17 by OceanBeach92107, and by me in post #11.

Hotels here are incredibly cheap. For $20 to $30 USD/night you can find very comfortable lodgings. A drawback to living long-term in a hotel (I've met several expats who do) is that you are not permitted to cook if the unit does not contain a kitchen.

You're a mature man, and so will undoubtedly do as you choose/wish. The members here at the expat.com VN forum can only make suggestions and recommendations. Whether you choose to follow them or not is your own prerogative.

If it sounds at times like we are raining on your parade, it is not done with malice. We truly do try to offer the best information available to us in response to members questions.