Banking Warning

As always, I encourage people to make sure that all official paperwork has your name printed exactly the same as it is on your passport. Some banks will insist on making sure that you are the account holder and not someone who's looking to drain your account.   I know, it seems strict, but someone has to protect one from oneself. That is why we read and make absolutely sure everything matches. Just my 500 dong worth...

Addtionally, I would discourage the discussion of travel plans that inviolve transporting large sums of money,  Kidnappings, mutilations and robberies are a weekly, if not daily, occurance over there. 

I hear therre's been a lot of teachers that headed for PP after getting fed up with the visa situation here.  They're the one's to watch out for...them and the ladyboys

TM thats a good 500 dong worth. Was venting in my post, common sense has prevailed and I will continue to use my bank cards. After careful review of my cards, I do have one with the same name as my passport. My other cards I will change when I visit the states.
The Cambodian visa situation is a lot easier. Just my opinion, PP my have good job opportunities but I would prefer to live on the beach in Snooky. Now Thailand is also a good option due to the ease of getting a retirement visa, been thinking about Koh Samui. But with Thailand I would not be allowed to "act productive" by working. Maybe I will check out charity work. 

Guys , out of topic but what would u guys do with 30000usd ?
For the sake of security & interest rates & ease , should deposit in Cambodia or Vietnam ? FYI , I lived in Vietnam .
Tks in advance .

several years ago I was denied payment once because my credit didnt have my full middle name.  silly stores

jason1975 wrote:

Guys , out of topic but what would u guys do with 30000usd ?
For the sake of security & interest rates & ease , should deposit in Cambodia or Vietnam ? FYI , I lived in Vietnam .
Tks in advance .

I have mine in my banks in the USA. Some people I know use the banks here successfully, others have accounts in Thailand because of the ease of direct deposit. Sorry my experiences here are not the best.

A few short years ago, the Vietnamese banks were paying a whopping 17% . I can't remember if that was on a 12, or 24 month deposit.  Now, they're paying around 7%.

I used to know a couple of teachers that claimed they were investing, and withdrawing the interest, successfully.

I've also known of people that made significant investments, only to be shown the door, minus said investments.

If I had 30K USD, some smooth talking carpetbagger from the north would have 30K USD!

In Laos you can get around 12% interest on local currency accounts.
So $30,000 would only bring in around $3000 per annum. Not enough to live on here in Laos and I daresay not in Vietnam.

I went through websites links & realized interest in Viet Ve dropped to 7% . what about Cambodia ? Seems to Ve Saco bank there as well ? It's next to Hcm , I m thinking anyone with experience ? 3000usd interest is good enough , but got to be safe ... It'll be gd , Viet

It's very bad service in banking sector here in Vietnam. Even though it's a normal banking policy to deny withdrawal of funds if they see some  difference in account holders' identity.

I deal with DongA bank, they have branches everywhere. Have transferred money many times with no problem. Day to day dealings are Ok but sometimes the language barrier is a problem. What irks me in Vietnam is if I wish to withdraw money from my US account in US dollars I have to pay a service charge and you cannot transfer US dollars from one person's US account to another's US account.

They have many forms in English, ATM cards and is easy to open an account. I find it amusing that when they want to take bundles of money to another location, they put the money in what appears to be a large duffel bag, wheel it out to a car and drive off. In my Country of Canada they would have armed guards and an armoured vehicle. The bank here says they've never lost any money.

I have found banking in VN to be a sort of Kafkaesque nightmare, oftentimes.  Try to get any service between 11 a.m. and 2 p.m. and they are usually closed for lunch. Same goes for the Post Office, and I would have a separate nightmare story to tell about that operation.

But back to banks, once an ATM machine ate my card (Donga bank, watch out for those ATM's, especially if you are in a hurry, because they spit out your cash *before* giving you your card back, when it would be best to make you take out your card first, like other banks do, before you get your cash, to make sure you don't forget your card!) .  I was living in Hai Phong, not so many expats living there, and went to the main branch with my passport, other picture ID, plus my bank book for that account, which also had my name.  They wanted me to go to my original bank to get a new card instead of giving me the one they had, which I could see sitting in a little plastic box they had behind the manager's desk - a purple card, easy to spot, which also had my name on it - an unusual name which I'm sure nobody else in all of Vietnam has, let alone in Hai Phong.  Problem was, my original bank for that account was in South Korea, and there was no way I could swing a trip up there, just to get a new card, what with my job and everything.  The same thing happened to me with the same bank in Danang, and the lady kindly gave me my card back, no questions asked, go figure.

Once a family member wired me some funds, and they wouldn't give me the funds, because my middle name was missing, which is on my passport.  Again, I do not have a very common name, but make sure if you need someone to do a Western Union transfer to you, that the name is *exactly* what is on your passport.

Very good thread.  Taking notes as I do want to have a Vietnamese bank account. Thanks all

New changes in banking will impact foreigner, not sure how inconvenient for some people here .

http://english.vietnamnet.vn/fms/busine … gners.html

That raises a lot of questions. Better not be contagious.

Here is the page on Vietcombank site, and a BBC article. Translate with chrome.

vietcombank.com.vn/News/Vcb_News.aspx?ID=6131
bbc.com/vietnamese/business/2015/11/151116_vietcombank_atm_foreigners

Doesn't sound too good does it.
I wonder if it's only Vietcombank, ??   They also indicated that they wouldn't be accepting transfers to accounts for foreigners.   
I wonder how they think people living here will get their money if you can't have access to an account and receive transfers , since the article stated they wouldn't accept transfers from "other banks "where the recipient is a foreigner.     Hmmm , wonder if that meant transfers from foreign banks.?

Yogi might see his bank and get some straight answers 😀😀😀

Using your foreign ATM card is a joke. Most machines only pay 2 or 3 mill dong. 

For large amounts I usually get it over the counter , but if they won't accept transfers to foreigners accounts ....hmmmm.   I suppose next time someone here wants to sell me a house I'll have a good excuse..." How do I get my money here".

I wouldn't trust Western Union with a large transfer in this country.

If I am not mistaken it only affects "Vietnam Dong Accounts".

?

Yoda0807 wrote:

If I am not mistaken it only affects "Vietnam Dong Accounts".

Hope your right Yoda.   It amuses me since you need a passport to open the accounts ( I have both VND and AUD accounts).     I don't mind not having the ATM card, I can go into a branch and draw out enough for a few months at a time, BUT if they won't allow ,as they stated , transfers to foreigners accounts that's a real pain in the arse.   Just hope the journo writing the article got his info mixed up.

They did have a problem with ATM fraud here two years ago. Japanese gangs found a way to use the machines with fake cards.  That's why they now only allow about 2 mill VND on most machines per transaction.  Some banks give more.

The problem is if you have to use your ATM card from your foreign bank , the fees per transaction are steep.  Imagine going to buy something expensive where they won't accept VISA or MasterCard.    You'd be standing there getting it out in $100 lots.....and paying steep fees every transaction.    Then you have the daily limit some overseas banks place on ATM withdrawals @ about $1000 a day.  You'd have to come back to the ATM machine every day for a WEEK just to get a few thousand dollars for a bike , rent in advance or whatever.   

And guess what kiddies......these machines here often run out of cash.   I only use the ATM card for EFTPOS at the supermarket if I'm not carrying much cash that day.

😀😀  a lot of us have been of the opinion that our money is welcome, but we are not.

If that article is correct , our money isn't welcome here in an account either.

Yogi will see his bank for further info.

http://tuoitrenews.vn/business/31666/vi … ardholders

Wonder if that means that I can no longer go to Vietcom bank with my Bank of America debit card and withdraw funds over the counter from my account with Bank of America. Hope not. If so  anybody know what other banks in VN offer this service.

Rick

Kupo wrote:

http://tuoitrenews.vn/business/31666/vietnams-vietcombank-ceases-transfer-transaction-for-foreign-cardholders

This article put up by Kupo, thanks.

I think they mean transactions sent to your Vietcombank account Via another Vietnam ATM cardholder  to credit your account.     Maybe people are getting wages etc paid to them by someone transferring to you Via an ATM machine transfer system. ....who knows.

But if that is the case at least international transfers would appear to be in a different category and safe.   There are a lot of expats here that have regular funds transfers to live on.

Besides, the Vietnamese are trying to sell us property ...how the hell do you pay for it and anything else without an international  funds transfer.   

At least they won't be able to call us walking ATMs anymore.😀

Maybe they think we all work here as teachers and get a paypacket...?????

Yogi doesn't need to work because of those foreign currency transfers.   If that's no longer part of the game Yogi might have to look for work........yeeeek

Maybe I could become a Gigolo...😃

If you decide to become a gigolo Yogi can I be Boo Boo your side kick? Lol

DirtyPierre wrote:

If you decide to become a gigolo Yogi can I be Boo Boo your side kick? Lol

😀😀
Grrrrr........now we know why they call you dirty Pierre....?

Sign Yoda up also.  Be aware that Yoda has the height of Danny Devito.  Different strokes for different folks it has been said.

Yoda can be Cindy if need to be 

Yoda0807 wrote:

Sign Yoda up also.  Be aware that Yoda has the height of Danny Devito.  Different strokes for different folks it has been said.

Yoda can be Cindy if need to be 

Yogi is very wary about taking on partners.

It's always the second Rat that gets the cheese in  the trap. 😀

Dear all
Yeah, all your post are correct, Vietcombank is so strict for their procedure.... sometimes take your time much or inconvenient for your withdraw ...  last week, i could not withdraw my money as my signature is not the same that i registered at this bank &  banking staff,  she gave me my ex registered one to let me sign how it looks like as mine,  but it could not match. So i got to register to change my signature again.
Anyway,  it is a way to protect my account here.

Here's an update:

http://tuoitrenews.vn/business/31715/in … foreigners

Rick

I'll resurrect this thread with a FRAUD WARNING.

My wife is Vietnamese and banks with HSBC. This morning she called the HSBC bank main branch in HCMC to transfer money to pay her credit card off. She asked for the amount owing on the card and was told an "approximate" amount. The amount didn't tally with her records (she has an MBA degree and is meticulous in her accounting).  She asked for an exact figure but the person at the bank wouldn't give her an exact figure. An argument ensued per telephone after which my wife went to the bank in person. The exact amount owed was 9000 Dong less than the "approximate" amount quoted - or around 50 cents US. The excuse given for the "approximate" amount quoted was because she had used her card to draw a couple of million Dong cash from an ATM and "credit cards are for payment only not for drawing cash".

Granted, 50 cents is not a lot of money, but if they do it to a couple of thousand people, its a sizable amount. And remember that it is not allowed for a credit card to show an excess credit  amount, so any amount paid in excess of the actual owed amount is likely to be taken by the bank.

This kind of fraud appears to be HSBC wide because a friend of mine who is a chartered accountant and who banks with HSBC in Hong Kong, uncovered exactly the same fraud being perpetrated at the Hong Kong main branch of HSBC a couple of years ago.

So my advice is - check your credit card accounts carefully. Meanwhile I am taking the matter up with both Visa and HSBC senior management.

I do not see where is the problem. Your wife called with the phone and the clerk did not know if the caller was actually your wife or someone else. Maybe in the US you are used differently. In Vietnam, but also in Europe, banks do not release any information on the phone, at most for email and even then with many problems.

Joss15 wrote:

I do not see where is the problem. Your wife called with the phone and the clerk did not know if the caller was actually your wife or someone else. Maybe in the US you are used differently. In Vietnam, but also in Europe, banks do not release any information on the phone, at most for email and even then with many problems.

Did you actually read my post?

I can't speak for what happens in the US, nor am I qualified to to pass an opinion on matters appertaining to American banks and banking in that country, since I am not an American. My wife is also not an American, she is Vietnamese.

Please note carefully the following:

a. My wife called the HSBC bank in D1 to transfer money to pay off her credit card account.
b. She uses a system called telephone banking.
c. When she calls the bank by telephone there are certain security protocols in place which allow the bank to know who she is.
d. The person at the bank attempted to get her to pay an amount into her credit card account that was in excess of the amount actually owed.
e. Since this transaction and others like it would be unlikely to benefit the person at the bank directly, it is odiferous of a bank scam.
f. A very similar scam being perpetrated by the HSBC was uncovered in Hong Kong a few years ago.

Please consider the following questions carefully:

1. Why would an  unknown person call the bank by telephone to pay money  into my wifes credit card account?
2. And if the person at the bank was unable to identify my wife from the security protocols put in place for the purpose of identifying her to the bank, why did the person at the bank attempt to get my wife to pay an inflated amount into her credit card account?

I think I can safely assume from your response to my original post that English is not your first language (no problem with that), but it also seems likely that Earth is not your home planet which may account for your lack of understanding of earthly banking procedures.

eodmatt - Joss is a French native and it is obvious English is not his first language. I read the exchange and I agree with you it was pretty straight forward. Whatever your native language there will always be those things that are accepted as it would be too wordy otherwise. So that might have been joss's difficulty in comprehending. Telephone banking has been around for a couple of decades. I think at the end of the day we have to know that scams are everywhere at every level. I think citizens of developing countries are particularly adept as it is called survival. In developed countries we have a social system that is there for us minimally. Here not so much.

Some bank staff are so dim, you wonder how they got in. Must be friends and family of the Manager's. 

I do believe wrote:

eodmatt - Joss is a French native and it is obvious English is not his first language. I read the exchange and I agree with you it was pretty straight forward. Whatever your native language there will always be those things that are accepted as it would be too wordy otherwise. So that might have been joss's difficulty in comprehending. Telephone banking has been around for a couple of decades. I think at the end of the day we have to know that scams are everywhere at every level. I think citizens of developing countries are particularly adept as it is called survival. In developed countries we have a social system that is there for us minimally. Here not so much.

Indeed and apart from the fact that Joss made the mistake of assuming that I am an American (I am not), his English is very good indeed and good enough to allow him to formulate a response.

I simply relayed a matter that happened to my wife with the HSBC bank. The bank is in Q1 Saigon and the staff my wife spoke to at the bank are Vietnamese as is my wife. So they share a common language. And a common culture.

So my Banking Warning stands as a cautionary tale. Ignore it if you want to, thats up to you.

Teacher Mark wrote:

A few short years ago, the Vietnamese banks were paying a whopping 17% . I can't remember if that was on a 12, or 24 month deposit.  Now, they're paying around 7%.

I used to know a couple of teachers that claimed they were investing, and withdrawing the interest, successfully.

I've also known of people that made significant investments, only to be shown the door, minus said investments.

If I had 30K USD, some smooth talking carpetbagger from the north would have 30K USD!

Ah the lack of knowledge of true yields! So many though get caught up in the stated return (yield). But go back to those wonderful days of 17% return, or even the 7% returns and look at the inflation rate of the same country. Now look at your real Yield!!!! you won't be the first to chase high stated yields.
Nice to see Ancient is back among the living. I thought all the old school folks on here had died.

'..I thought all the 'old school' folks on here had died..? '

Nope!    Humans tend to live for quite a few years

Some learn from their mistakes   

Others watch.   And become wise...

..well, some...

Whatever...

Just came back in country tonight, carried a good sum of money with me, no declarations forms to fill out, so just walked right thru customs with it.  I know the limit was $5000.00 USD or equivelant, did they do away with the Customs form??  Thailand lets you carry $20K USD into country, maybe Vietnam is going that way as well.

carrying in is no issue; the more the better; uncle Ho welcomes so... but carrying out is BIG issue