Banking Questions

Hi CruiseMonkey,

You'll have no problem opening a bank account and you'll be pleasantly surprised how painless it is to do so. Timo are the bank that I used, applied online, went into the 'hangout' on the same day and got given my card there and then after the passport was photocopied etc.

Regarding your second point, I don't think it'll be possible to use the card without the chip as speaking from experience, the ATM will just spit the card back out.

Hi cruisemonkey,

Yes, you can open a bank acct here.
If you bring cash, just get a customs declaration stamp at the airport. That'll help you deposit that cash in your VN account.

If your CN bank allows outward e-remittance, you can transfer the money to your VN acct.

As for UnionPay did you check these pages .... Vietnam-1 and Vietnam-2.

I'm not sure about the 'chip' part but it seems you need to "check if overseas acceptance service has been activated " for your card. (FAQ)

Which cards can be used on UnionPay network abroad?

First, cardholders are required to check if overseas acceptance service has been activated for their cards by calling UnionPay customer service center (95516) or the customer service center of the issuing bank. All cards with UnionPay logo are acceptable overseas, including debit card, credit card and semi-credit card.

Let's wait to hear from others with direct experience.
Cheers!

My experience is that you can only open a VN bank account if you can show proof you are employed by and have a contract with a VN employer.

You must show your contract to the bank and your bank account details to your employer so they can write it up. When I asked to put money in my account, they were shocked: no! You can only put VN money in an account.

I work for a university that only pays once a few months after the semester end. Meantime the account I opened (had to before my contract could be signed), is just collecting dust until the auto deposit goes through.

To clarify, I attempted depositing VND into the account but was told I could not as I could not prove the source was VN. I am living off my own $ until I get paid.

Hmmm... I'm getting conflicting information for both question from different posters.

First -
I'll 'double check' with China Construction Bank before I leave, but my 'UnionPay' debit card should be no problem. It's an 'International' card (i.e. starts with the numbers - 62) and I've used it before in Thailand, Cambodia and Laos. UnionPay says "In Vietnam, UnionPay cards are accepted at over 80% of merchants and 90% of ATMs." Depending on the bank, daily ATM withdrawal limits range from 2,000,000 to Ocean Bank's 20,000,000 VND. Having no embedded IC 'chip' is fine. Problems can arise with chip cards that don't also have a magnetic strip where technology has not 'caught up' and ATMs can only read a magnetic strip. P.S. I still can't figure how to use the ATM locator here Vietnam-1

Second -
senwl,
Good point about getting a Customs declaration stamp upon entry for cash... so the bank doesn't think I'm 'money laundering'. What bank do you deal with? I can't set up e-remittance with China Construction Bank because I can't use CCB's online banking... because my name is too long - on the login webpage, there are not enough spaces to enter all the characters - 28 - in my full name (Chinese names have at most 3 characters). They insist the name on my account be exactly as on my passport... and won't change it by leaving out my middle names. Oh the joys of being an expat...   

Jboyler,
What bank are you dealing with? Are you sure it's not just that particular bank's policy to only allow employed foreigners to open accounts? It sounds like the're giving you the 'run around'.

Jboyler wrote:

To clarify, I attempted depositing VND into the account but was told I could not as I could not prove the source was VN. I am living off my own $ until I get paid.

Did you bring the cash with you into Vietnam?
If so, did you declare it to the customs at the airport?
If yes, you can easily deposit that cash into your VN bank acct. No problem there.

You can open a VN bank acct if ....
- You have a legitimate income in Vietnam (that means you work with a WP)
- You have a proof from Govt. of VN (read Customs at the airport) that you brought that money from outside of Vietnam with you.
- You have a valid visa (preferably for 6 months or more) and you want to receive overseas inward remittance in your VN bank acct. You can have both VND and USD accts.

Banks have restrictions on local cash and online deposits.
This is to ensure that you're not earning money illegally (without WP) in Vietnam.
That's all.

@cruisemonkey,

Whatever amount of cash you carry with you, please declare it at the airport. It's easy.
Otherwise you can't deposit it into your VN bank acct.
I bank mostly with VCB (Vietcombank).

Check the link below.
- ATM Query

Never had any issues depositing VND into my account, I just use the cash deposit machine. Wasn't asked for proof of what I do for a living when I signed up, either. I think it probably differs from bank to bank.

Jboyler wrote:

My experience is that you can only open a VN bank account if you can show proof you are employed by and have a contract with a VN employer.

You must show your contract to the bank and your bank account details to your employer so they can write it up. When I asked to put money in my account, they were shocked: no! You can only put VN money in an account.

I work for a university that only pays once a few months after the semester end. Meantime the account I opened (had to before my contract could be signed), is just collecting dust until the auto deposit goes through.

Some banks may ask this, but not all.

cruisemonkey wrote:

I just used the search function for the forum but found almost nothing on 'Banking'.

Vung Tao has a small forum. Banking is not a regional topic, search the Vietnam forum for lots more conflicting information! These questions have been answered before.

Man don't put all your cash in a third world bank. Squirrel away a chunk just in case of 'issues'. Too bad you don't still have a Canadian account you can atm from.

I do have a Canadian (RBC) account (as well as a Canadian VISA card issued by RBC) and my bank card. I've never tried to withdraw money from my RBC account overseas.

I don't want to send money from China to Canada, then withdraw it from a Vietnamese bank machine because with every transaction there are fees. Better to leave the money in China and withdraw it from there.

And......what is the question? I think the answer at the moment is that you have a Canadian RBC account and a Canadian Visa card. And we know you have never tried to withdraw money and it costs to withdraw. I think the answer is there should never be a charge for withdrawal from an ATM. Hope that helps.

When we withdraw in VN from our US credit union, we are reimbursed by the credit union any fees at the end of the month provided we maintain a minimum balance with them. And we only use debit cards from the U S when we buy groceries etc. There is a small conversion fee attached with each transaction, but very small.

I think There are only some of the bigger airports that do visa on arrival. Better check that you can do that at Phu Quoc.

I checked... and can get my VoA at Phu Quoc.