New laws about foreigners bank accounts

Not too sure yet.  I can certainly transfer funds IN via Internet banking no problem.  It's always been a different matter transferring it OUT to another country. 

Best option is to contact your bank.  I might check my Vietcommbank internet banking site and see if there's an option to EFT out.

They've always liked the money coming one way...and that's in.   

That's one of the reasons why the MGM Casino group pulled out of Vietnam.   The "authorities" here couldn't guarantee cross border funds transfers.   What's the point of foreign gamblers coming here to win the cash , and then can't get it out of the country.  Unbelievable.   You can only carry out $5k in your pockets.   The big Chinese "whales" bet in the millions.   
Plus the issue with the locals reneging on a deal to provide infrastructure ,roads ,transport systems etc made the deal untenable.

They've really got to start getting into the 21st century.

Banking laws in Vietnam is a real headache, sometimes.
Anyway, this month I transfer(internet banking) a small amount from HSBC (BS interest  ) to Vietcom Bank and make it a 1 year Term Deposit with 6.5% rate which was 6% before!

But can you transfer to an overseas account?

You also cant receive USD from PayPal into a USD account here in VN. PayPal says it's because of the VN government, but not real sure on that.

i have experience transferring money from paypal to my overseas account. it did not happen. the account returned to paypal, a week later..what enters to VN stays in VN.
    But i have a personal friend who accepts small payment for transferring money from overseas. I have to use that option to reduce my reserves.

Never tried 

cabraman wrote:

But can you transfer to an overseas account?

So, you cannot live in Vietnam and transfer money out of the country? - to pay debts, credit card, student loans. etc.? That seems like a pretty fundamental hinderance to fulfilling basic needs.

Before moving to Viet Nam one should put all those things in place in their home country. If your sole income comes from Viet Nam and it can be proven by documentation, then there is a way around it.

@colinoscapee The way around it please...I'm not sure I can put everything "in place" in one lifetime!

Ok, we are all different.

@colinoscapee
I live in Japan. I manage to keep lots of stuff going by being able to freely pay bills abroad. I can see living in VN is a challenge. I'm thinking of moving over there, but I don't know how I'd manage to keep accounts: CCs, banks, eBay, amazon, netflix, S. loans, etc. I'm so used to being able to pay for stuff abroad and move money around. You know, there are some American things you just can't get without an American CC. But I never go back to the States. Not in decades. So, one can simply no longer transfer small amounts of money abroad? VN still seems like it's for the carefree. What about the Vietnamese-Americans who retire in Vietnam? Or Chinese working there? There must be some way to move money around?

Why not keep the sytem you have in place at the moment, I presume you are using a Japanese bank for all your current credit card transactions. You keep those accounts open and just do everything online with Internet banking. Are you intending on working here, that will cover your living costs.

@colinoscapee
Yeah. But I might move over there and work there. I'm not sure. If I change, and my income changes, I won't be able to keep things moving out of Japan forever. I've time to consider it. However, VN seems like many complications. Japan is fairly smooth sailing. Having an American credit card allows me many frills. I suppose I'll have to find a way. For the moment this is not a dire concern. It's one more thing that makes me question VN. I have some reasons for wanting to move though, at some point. At least it seems one can make a business and have money come in from abroad, through paypal and the like. I would find it necessary to move money out on occasion.

I keep an account in Australia and have done for years, I use it to pay all my bills, I use an Australian credit card and pay everything online.  VN banking rules are strange and they love money coming in but hate it going out, that's life in a communist country.

just maintain a bank account in your home country and one here and transfer what you need to Vietnam as required. Try and take advantage of currency movements. So if you think the rate is good transfer a few months expenses over.

@panda7
It may be necessary, some day, to move some money out of VN. There is no way? Or, it's difficult? Or, you have to use a service rather than a bank? No VNese banks allow it? How about foreign banks operating in VN? Is it prohibitively difficult to move even small amounts of money out of VN? Or impossible? I appreciate the advice of - just keep money abroad, but what if you need to move small amounts out? Just out of luck? It's hard to believe that no expats in VN pay out.

if you have to transfer out it means you are making a lot of money in Vietnam...you really shouldn't have that much money here in the first place. Can you fully trust the stability of the banks where you have your money in Vietnam ?

the best way (I would guess) is to use say western union or money gram. Go to an outlet with dong (withdrawn over the counter from your Viet bank) and they will wire it to your home bank account or a person you know can pick it up in your home country for you.

panda7 wrote:

if you have to transfer out it means you are making a lot of money in Vietnam...you really shouldn't have that much money here in the first place. Can you fully trust the stability of the banks where you have your money in Vietnam ?
.

I can't imagine any of this is true. But I don't live there.

These no money out rules are really for Viet Kieu who often take out large gains from speculative investments and real estate.  People like English teachers are just caught up in the rules.  Most Viet Kieu move their money out on two legs.  The international limitation is $5000 per person but a couple can take out $10K and their children can each take $5K more.  Do that each time one of your friends or relatives visits Saigon and you can move a lot of money.  I am told that the courier services that move remittances from the US to VN will also work the other way, but I don't know the actual mechanics or fees.  In that case you still need a live recipient, not your student loan account.  My wife once told me "Don't worry, I can do it." so I am sure that there is a black market way to do anything but it will be costly as others are slicing the pie.

I deal with Citibank for money in and just moved $3k to my wife who is there for two weeks.  Their reps told me back in 2012, that to move money out you must present them with a work permit, pay stubs, and evidence of payment of income taxes and that gains from investments may not leave.  I don't know that the situation has changed.

@THIGV Thanks for the details. It sounds a little tricky. In Japan, I buy stuff every month with my CC and pay it by moving money around. I suppose one can get a VN CC and at least by some things that way. There are some things from abroad you cannot buy that way though. But, I assume it's easy to at least get some kind of VNese debit or CC for purchasing tickets and the like. And, if one has an export business, I assume they make it easy for money to come in via paypal? VN is certainly a complicated place. Japan can be a pain, but it's basically the 52nd state. Obviously VN and the U.S. have a different relationship. Although, from what I've read, VNese expats are being welcomed back into systems (for economic purposes I take it). I'm sure I can find the answer to this question by doing a search: how easy is it to open a VNese bank account? Do you have to live there to do it?

I wired, what I consider to be a fair chunk of change, into my OCB a/c from overseas, maybe 4, 5 years ago when the interest rates were unbelievable, literally, my Dad thought I was having him on! Prior to doing this I visited a bunch of banks to get the low down on moving the money out again, I have to say I got a wide range of answers from, 'You can do so as easily as you brought it in.' to 'No, it can't be done.' What came up numerous times was proving where the money had come from/has been (since being in Vietnam) + I eventually chose to believe that as long as you can account for the money pretty much from the minute it arrives in the country + all the subsequent time from its arrival to its proposed departure, then it's not a problem. Thing is, it's still where it's always been + I've never sent anything back out via the bank + I've got it in writing, from the bank, that should I ever want to it won't be a problem. What that piece of paper is worth I'd guess is less than a blank sheet, given that you can still use it to write on, so as to whether you can send money out nice + neatly via the a/c used to bring it in, I strongly suspect you can, but that is only a guess so not much use to you. What I can guarantee you, though, + this isn't a guess, if I wanted that money sent abroad + the bank wouldn't do it I know it can be done elsewhere because I've done it. It's no big secret, I don't think, it can't be as I don't know anything that everybody else doesn't know. One thing I love about 'Nam is it seems to me that anything (within reason) can be done, maybe through channels that aren't used everyday but certainly aren't being used for the first time, no one got hurt, the money wasn't from any questionable source which is the only reason any restrictions that may, or may not, have ever been in place, were to prevent illegally gained funds being laundered, and/or moved overseas. My funds certainly weren't, I presume yours aren't either, so I'd say if you're worried about not being able to leave with your money, don't be, if you're from the UK it's barely even a decision, you're taxed when you earn it, then when you save it you're taxed each year on the interest you earn, 20% last time I got stung, in effect the money you earn is taxed over, + over again.
Rule Britannia? Good luck with that, I'm sure you'll manage without me, maybe raise retirement age to 105, you'll think of something.....................

I have an account with Vietcombank and have been transferring money both to and from my accounts in the Netherlands with no problem..I suppose it is based on what type of account you have, I have a normal current account.

In Japan, I just go into a machine a push some buttons and the money goes to my U.S. account. This I used to pay debts and monthly CC stuff. IN Vietnam, sounds like a hard process.

DEEPSIX , is it as easy as you make it sound?   Just another transaction?  Can you give some details please? 

CABRAMAN,

I've sent you a PM...

In Vietnam nothing about banking is easy!
I  have just had a considerable sum of money imported in US$ in order to buy a house.
I am currently not in Vietnam and tried to send some of the money by internet banking to another person's account in US$ to pay the deposit - response no can do!
I was told that I can transfer this to VND in my own account and then transfer to the other bank account in VND. tried by internet banking - no can do! I am then informed that if I had managed to transfer the money to VND by internet banking I would be limited to a daily transfer of 300M VND to the other account. Result of this is that I need to present myself personally at the bank to do anything. OVERALL RESULT - LOST THE HOUSE! Maybe after I calm down I might thank Vietcombank for avoiding a mistake in purchasing property but it is my right to make my own mistakes - not have them thrust upon me!

sounds like a mess. I just want to be able to transfer small amounts once in a while. How do companies pay suppliers for imports? What if you want to make a small business importing something? What if you need materials from abroad?

One of the big problems is that there are no uniformed rules. Go to one branch then go to another and you will get a completely different story. I have a USD account at HDBank and can send money there without any problems.

Colin,
The problem is NOT sending the money in. It is sending it anywhere after it arrives in Vietnam! My money is safely in Vietnam in my US$ account and it will remain there until such time as I go to the bank and beg them to let me move it. I am NOT looking forward to the day that I decide to abandon my attempt to buy a house and try to remit the money back OUT of Vietnam!

Ok, I got a bit confused by your story. Yes Internet banking has limits and the fact your money is in USD and you are not here. The system is quite useless in many ways and can be hard to get around sometimes. PayPal won't even send USD as they say that it's against the country's laws which is a pain when you are receiving regular money from a USD account.

if you were going to buy a house wouldnt be easier to just transfer the amount straight to the vendors on settlement (via settlement agents) ?

Panda,
You have assumed that the deal was already completed. In Vietnam the person you are dealing with may or may not be the legal owner and it is best to have the paperwork in order before you pay the full sum. We had negotiated a deal and we were to pay a deposit with the balance paid when everything was completed. Any other way means that you could end up with no money and no house. The intention was to pay a deposit in cash with the balance transferred in the bank by bank transfer once the title deeds were confirmed.

Hi JB,
At this point I'm assuming you haven't paid for the house.   IMO that's probably a good thing.   Your already winning.
If the banks say they won't transfer th funds back , there is a way to do it.

You'll probably pay 1.5% ,maybe 2% transfer fee .   So if you've got a $100k to move , that's $1500/ $2000 for the service.     

There are people here that do this.   Obviously there is risk involved but I know people who do it that way.
Maybe the bank manager can be "talked" into providing the cross border funds transfer. That's another option.

Good luck

Yogi007 wrote:

Hi JB,
At this point I'm assuming you haven't paid for the house.   IMO that's probably a good thing.   Your already winning.
If the banks say they won't transfer th funds back , there is a way to do it.

You'll probably pay 1.5% ,maybe 2% transfer fee .   So if you've got a $100k to move , that's $1500/ $2000 for the service.     

There are people here that do this.   Obviously there is risk involved but I know people who do it that way.
Maybe the bank manager can be "talked" into providing the cross border funds transfer. That's another option.

Good luck

I,ll be trying the method DEEPSIX said he's used successfully with Vietcombank as I have an account with them. His post stood out from all the others but nobody seems interested.

Yogi, what are your thoughts on buying property in Vietnam ?

Yogi,

Thanks for the offer of help. I really hope that I don't need it BUT I will keep it in mind to contact you if I do in the future.

Hey Panda.

First up I "really like" cabramans "Deep Six "funds transfer system..  😜😜 nothing like taking your money to the grave.  Problem is I don't think shrouds have pockets.😀

The other system I mentioned above is VERY risky for foreigners. I know the VN use it but I wouldn't .
Basically you take the cash to a gold shop I know of here, and you have a contact in San Jose California that picks up cash at the other end, a VN loan shark.    It's as dodgy as f&€k.   

Getting back to the property issue.....I personally would not touch it.

1.  There is NO Rule of Law here.    Your dealing with idiots.
2.  The quality of materials and workmanship is poor.
3.   There is no Zoning requirements ......you could buy a place and next week have a crematorium, brothel, panel beater, and fish sauce factory as neighbours.
4.  The lease ownership is dodgy.    It all comes back to your Visa.   I've read the decree and if for any reason your Visa , TRC etc is cancelled or not renewed, you forfeit the property.
5.  If you want to sell.....getting the money out of VN can be a big problem .

6.  There is volatility in the air.. People here are getting sick of working the asses of for 45cents an hour.    Recently there have been several big strikes at industrial parks over poor wages & conditions.
They are clamping down on social media that's highlighting these issues.  Eventually the next industrial revolution..(robotics) will put these industrial parks out of business.   Things will get shakey then.

I could go on, but you get the drift.   
I'd rather lease....it's cheap.   You have flexibility, they are always building new apartments, I constantly get offered places to rent, and if things change you can be on a plane out of here without any "baggage" tied up here.  That's a good feeling.   

I've got a long term lease, ocean views, good convenient location and I've given the place a "make over" it feels like home.    I feel and sleep a lot better leasing it for peanuts than I would if I'd sunk a big chunk of cash into it, knowing the issues that could arise.

We're here to enjoy life mate......not worry about getting screwed.

cabraman wrote:

I,ll be trying the method DEEPSIX said he's used successfully with Vietcombank as I have an account with them. His post stood out from all the others but nobody seems interested.

Perhaps we are interested but as far as I can tell he only revealed his deep dark secret to you by PM.  Perhaps he could enlighten the rest of us.