Bank account in Vietnam

Hi all

Let us say that hypothetically speaking I could be moving to HCMC in January, and purely hypothetically speaking I could be living on a tourist visa while working for my current UK company from home.

If the purely hypothetical above were to happen, and I were to open a VND bank account, would I have issues transferring my hypothetical monthly wage from my UK bank account to my VND account without a work permit or such? Or any issues withdrawing? Or anything else I should know that would put me off getting a local VN back account?

Purely hypothetical.

Thanks

Benjo

This 'hypothetical guy' need some hypothecation in Vietnam banks  ;)
Vietnam banking rules even their  'experienced' staff don't know. So how about poor 'drum' like expats?
Some of your queries already answered in the same topics.

When you hypothetically move, complete with your excess baggage, you can have a VND account as long as you are in the country legally. Avoid the a*sehole banks such as HSBC as they are sticklers for the rules. Agribank is good, I use them with minimal hassles (only use a blue pen).

Remember, unless you have a dollar account incoming money will be converted to Dong. Also, Pound Sterling (GBR) are first converted to USD$ (ripoff 1) then converted to Dong (ripoff 2).

There are many other posts here on 'best banks' if you Search.

Hi,

1. You can certainly open a bank account in VND without a work permit.
2. You can certainly withdraw money from your VN bank account without problems.
3. Just make sure you know how to transfer your money from your UK bank to VN bank at the lowest fees.

Cheers

I agree with Jaitch, don't use HSBC

Thank you everyone for your replies, they have been helpful as usual.

I have a company here in the UK called World First that will convert to VND and then transfer over to my VND account, therefore taking away the VN exchanges and saving me some money. I will have a look at Agribank, considering this seems to be the only bank that people have actually recommended, rather than saying not to use them.

Hypothetically.

Thanks for your help!

Ben

My wife and I use Vietcombank and have had no issues transferring money via SWIFT from my US bank. Try not to transfer more than you will need, Don't accumulate savings here because it could prove hard to get it back out of Vietnam.

just as a heads up, it seems that a new law passed as of January 1st that Foreigners who open new bank accounts are no longer allowed to make cash deposits, even with proof of where it comes from. They can only use bank accounts for transfers: overseas transfers and transfers from a local company.

I just opened an account today and this is what we were told.

Same happened to me when I try to deposit money at the end of December 2014 in Vietcom Bank. As usual 'experienced' staff cannot explain the reason. Po tay banking system  :)
I didn't go Nguyen Hue Office to get explanation instead deposit the amount in HSBC  :)

Rom.Em :

just as a heads up, it seems that a new law passed as of January 1st that Foreigners who open new bank accounts are no longer allowed to make cash deposits, even with proof of where it comes from. They can only use bank accounts for transfers: overseas transfers and transfers from a local company.

I just opened an account today and this is what we were told.

That's interesting! I wonder why they are doing that? Luckily I have sorted out how to do it via the transfer route but this is interesting.

my guess is money laundering but who knows what the govt is thinking :-)

I will be transferring enough to live on for the month and getting it all out at once, so there are no funds stored in the VN bank for more than a day.

Does anyone know the limits on withdrawal amounts?

I have an account in hsbc for over 3 years without any problems and you can withdraw or transfer in and out any amount. ..

Rom.Em :

my guess is money laundering but who knows what the govt is thinking

Why would anyone launder money in a country with an artificially controlled exchange rate AND currency controls?

That said, HSBC is a REAL expert on laundering, they ran the Mexican drug cartel laundry for years. And got fined billions for their efforts.

Gold laundering might be more profitable in VN. And it doesn't set metal detectors off, either, when carried by air.

There doesn't seem to be a daily withdrawal limit with Vietcombank. When building a house, I once withdrew $10,000.

With a VISA account, it is possible to withdraw money overseas and so have no trouble getting your money from you USD or AUD account out of Vietnam.

Nhi :

I agree with Jaitch, don't use HSBC

I was thinking of opening a premier account at HSBC in Canada and than another HSBC account in Vietnam. Would I still run into problems with HSBC despite having their highest account level?

yeah i was just referring to the fact that with the new banking laws in place you cant deposit cash into an a (new) bank account in VN anymore, even with the proper paperwork. They love money coming in via online transfers but my guess is they changed the law on cash deposits as they are afraid whoever deposits cash into their account will then transfer it overseas...

I was able to withdraw cash today from the ATM using my Canadian bank debit card. But the limit was only $2 million vnd. The exchange rate wasn't too bad but I get free international ATM withdrawals so I think only charge was the Vietnamese ATM banks. This was at Vietcombank ATM.

Try the Commonwealth atms they are all around district 1 and outside international arrival at the airport, they have the highest limit 9 or 10 million vnd

Which cartel?

I am in Hanoi.

I opened a Vietcombank account 3 years ago, and till now, never get to use it.

- When I tried deposit cash, the bank did not accept saying I have to proof the money I obtained is legal.
- When I asked my Vietnamese friend to transfer online in to my account, it was again denied. Reason was the same.

So, in summary, I have an account that cannot be used at all. I carry cash wherever I go.

Also, you guys might want to know, I tried Western Union to transfer money back home, but none of the 5 banks which I visited allowed me to do that.

Sad, but true.  :sosad:

in order to get a transfer into your VN account, it needs to be a "company" and a transfer from overseas is also acceptable. A local transfer from a personal bank account will more than likely be denied.

Vietnam company cannot transfer money to my account.

Having overseas company to transfer money to me? I am afraid the money just get stuck in the account.

There is a saying in Vietnam, money comes but never go.

I've used Commonwealth Bank to withdraw cash.Three times it gave me a receipt for 10 million Vnd with no cash saying my transaction was not completed. All three times I had to instruct my bank to request my money be returned which took weeks. The money was taken out of my account and I had to fight to get it back. I should have learned after it happened the second time !!!!!! Anyway, stay away if your looking to withdraw for cash. This happened at three different ATM's.

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