Withdrawal limit per day/month/year from Citibank in Vietnam

citi FAQ:
https://www.citibank.com.vn/english/rea … rc_faq.htm

Thank Jim but that link doesn't really apply to my question of withdrawing my money not a loan from Citibank in Vietnam.

qnbui wrote:

Thank Jim but that link doesn't really apply to my question of withdrawing my money not a loan from Citibank in Vietnam.

You have to dig a little deeper. https://www.citibank.com.vn/english/sta … 072014.pdf  You may withdraw VND 60K per transaction and VND 30 million/day from Citi ATM machines.  However unless you live in D1 in HCM or wherever Citi is in Hanoi you aren't going to see Citi ATMs.  https://www.citibank.com.vn/global_docs … NAMESE.pdf

Fortunately, Citi has a long list of cooperating banks (sorry I couldn't find the link this time but it is a long list) that you may use the ATM's of with no fees as well.  These are useful if you live outside of downtown.  These banks may have other daily and transaction limits though.  I don't think we ever used a Citi ATM; only the DongA ATM near our apartment.  If you live outside of downtown and use other bank ATM's, you want to watch those limits as your card could be locked and you may need to go downtown to the bank to reactivate it.

Edit:  Here is the list of cooperating banks.  https://www.citibank.com.vn/english/sta … tworks.htm

You should be able to survive on a $grand/day of cash. That besides your high limit credit card for airline, hotels, fancy restos, vehicle purchases. When it comes time to buy the villa, you can do a bank-to-bank swift transfer. Note that Citibank in Vietnam is not the same as in the US, it is a corporate cousin. Anyway I would dump the Citibank for Schwab. Search the forum for "Schwab" for reason.

I take that back. Keep the Citibank for a back up account. Always good to have a plan b if your finance company messes up. Like last night after I spent an hour booking a flight for 5 people, with all the typing that entails to search, select, enter names, seats assignments, ... for my main credit card to be disapproved twice even after review by fraud dept. [Today the representative says "that shouldn't have happened"]. My backup card worked ok, yay.

Thank you for those info. Yeah I saw the limit per day earlier and about cooperating banks. What I couldn't find was if there's a limit per year like there is in China. Probably no limit but not sure.

Appreciate the info

I just noticed that there is something wrong with the VND 60.000/txn limit from the sheet as that is only $2.64.      Perhaps the proper number is VND 600.000 which would be $26.40 or even VND 6.000.000.  I must be reading the numbers wrong.  Anyway, you can call their English hotline and get it right from the horses mouth.   (84 28) 3521 1118 is the number if you are calling from overseas.

Last year when we had Citibank in the States as well as VN, the maximum withdraw was $500/day.  However, as we had 2 cards with different numbers (even though they were for the same account), we were able to withdraw $1000 (not good banking logic, but beneficial to us).  The Citi ATM in Sunwah Tower in Q1 allowed us to withdraw 8M each time per card, so we withdrew thrice on the same visit, for 23M in total, all from our Citi US account.

There wasn't a monthly or yearly limit with Citi in the States, and IIRC, Citi Vietnam didn't set a limit either.

Every bank has its good points and not-so-good points.  After having accounts with Citi and Sacombank, and a lengthy Q&A with HSBC in Q1, I can say again with certainty:  with regard to expats and international travellers, no one does it better than Schwab.

Agree with Gobot on a backup account, backup ATM card/s, and backup credit cards (plural).  While we were in Queensland, our best travel credit card (no foreign transaction fee) was hacked for 7 Netflix transactions in Australia (why Netflix?).  The bank cancelled the card and sent us another one to Vung Tau while we were still from home.  Fortunately we had other cards to use.  Then the replacement card was hacked for another Netflix transaction in Amsterdam, before we even received it.  The bank again sent another card.  This one, so far, is still safe.

gobot wrote:

Like last night after I spent an hour booking a flight for 5 people, with all the typing that entails to search, select, enter names, seats assignments, ...

I prefer window seat gobot.

Thanks for the info Coambella! Why do you think Schwab was better than the others? Reason I asked is because I opened a Schwab account but didn't really use it cuz it didn't have an actual bank in VN like Citi does

Schwab comps all the transfer fees.

qnbui wrote:

Why do you think Schwab was better than the others? Reason I asked is because I opened a Schwab account but didn't really use it cuz it didn't have an actual bank in VN like Citi does

What you thought was bad is actually THE best thing about Schwab.  Yes, it has very few locations worldwide and no ATM to speak of, but you benefit greatly from that particular characteristic. 

With Schwab One Visa Debit card, you can withdraw from any ATM in any country in the world.  No searching for locations.  No verifying on affiliate networks.  No worrying about fees.  Schwab reimburses every ATM fee from your Schwab One account.   Everywhere, every time.   

Schwab allows you to withdraw $1000/day (ignore what the local ATM says).  Higher daily limit ($2000) is available, depending on your account.  No monthly limitation. 

If you need to wire money, the flat rate is $25.

The exchange rate is very good.  Customer service is outstanding.  If there's a bad thing about Schwab, I haven't found it yet.

@qbbui
I keep getting the inoression that you feel that CitiBank in the USA is the same Citi hete in VN. It is not. There is no mutual connection between the two, they just pay to use the franchise name. There is no bank here that offers anything close to what Schwabb offers.
I feel like you think you can cone here and transact business at any CitiBank just as if you would at any Citi in the USA. Not going to happen. And you can raise your daily withdrawal limit to $2,000 a with just one phone call with Schwab. You can get it approved for higher than that as well, but it must be approved at a higher level. I have the $2,000 a day myself and it suffices for my needs

Jim-Minh wrote:

Schwab comps all the transfer fees.

Not so.

For the standard setup of the Schwab One brokerage account (required; no minimum) and a linked Schwab Bank High Yield Checking Account (optional; no minimum) through a U.S. residential address:

1. Schwab rebates all ATM withdrawal fees (but NOT balance inquiries, etc) at the end of your monthly banking cycle.

2. Schwab will transfer funds fee free to another U.S. Banking institution.

3. Schwab charges a flat fee of $25.00 USD for wire transfers.

4. The Schwab VISA ATM card does not incur foreign transaction fees when used for debit (pin) or VISA purchases.

For a Schwab International investor account, through a non-U.S. residential address:

1. You cannot have a Schwab Bank linked account.

2. There is a minimum $25,000.00 to open an account.

3. A Schwab Visa Debit card IS available to be linked to that account.

4. All ATM withdrawal fees from that account are rebated once a month.

*Schwab Bank Info*

OceanBeach92107 wrote:

For a Schwab International investor account, through a non-U.S. residential address:

1. You cannot have a Schwab Bank linked account.

2. There is a minimum $25,000.00 to open an account.

Good you mentioned that.
In a discussion here in the forum I also said that once. But someone said that this is not true and you don't have to have a US$ 25k minimum balance.
When I looked at the Schwab International website they also said in my case (for my home country) that you can't open an account online and you should call (which I didn't do).
So the bottom line is that Carles Schwab's credit card is a good thing, but only for Americans.

gobot wrote:

Like last night after I spent an hour booking a flight for 5 people, with all the typing that entails to search, select, enter names, seats assignments, ... for my main credit card to be disapproved twice even after review by fraud dept.

That's frustrating, enter all the data several times.
I experienced the same thing once with a VietJet Air booking.
I tried 3 credit cards and all were declined.
Finally I searched for the same flight at eDreams and booked it there without any problems with my credit card.

By the way, I already had also problems with all my foreign credit cards at an online shop here in Vietnam (WebShop.vn). They only accepted my Vietnamese card.

Andy Passenger wrote:

OceanBeach92107 wrote:

For a Schwab International investor account, through a non-U.S. residential address:

1. You cannot have a Schwab Bank linked account.

2. There is a minimum $25,000.00 to open an account.

Good you mentioned that.
In a discussion here in the forum I also said that once. But someone said that this is not true and you don't have to have a US$ 25k minimum balance.
When I looked at the Schwab International website they also said in my case (for my home country) that you can't open an account online and you should call (which I didn't do).
So the bottom line is that Carles Schwab's credit card is a good thing, but only for Americans.

I suppose it is a good thing for those other countries where it is allowed. Too bad it's not available through your home country. I wonder which countries are able to use the International brokerage account? Those people would be able to use the Visa ATM debit card and get withdrawal fees rebated.

OceanBeach92107 wrote:

Too bad it's not available through your home country. I wonder which countries are able to use the International brokerage account? Those people would be able to use the Visa ATM debit card and get withdrawal fees rebated.

For me as a non-American it would be also circumstantial that I have to transfer money from my home country bank to the Schab account.
That means there are CHF -> USD exchange rate losses which have to be added to the USD -> VND exchange rate losses from the ATMs.
I would also have to deal with the American tax system. I'm a Swiss citizen, but I'm not anymore registered in Switzerland and only have a residence in Vietnam.
Where do I have to pay taxes for the Schwab account? That's too complicated for me.
When I use my Vietnamese bank card and VISA card, I do not pay ATM fees. And when I travel from time to time, I will pay the ATM fees.

I have a German VISA card which in the past had the same good conditions as the Schwab card. But unfortunately now only the 1.75% foreign fees are refunded (and that only with a Giro account monthly turnover of 700 EUR). But no longer the ATM operator fees (e.g. 45k Dong).  But I found an ATM that does not charge ATM operator fees for this VISA card.
But to transfer every month 700 EUR to this current account (of course also with CHF -> EUR exchange rate losses) and to always pilgrimage to this one ATM in D1 to then withdraw the 1000 EUR daily limit is simply too complicated for me.
Therefore I will also cancel this card and in the future only use credit cards of my home country bank and the cards of the Vietnamese banks.
This is the result of my private cost-benefit analysis. 

Andy Passenger wrote:

This is the result of my private cost-benefit analysis.

And that right there is the best recommendation: work out what is best for you.

Everyone's situation is different. There are expats, retirees, nomads, local and remote workers from every country. It's not religion when I recommend to use Schwab and ATMs and not Vietnamese banks. There are people making real interest income in VND accounts, that make monthly ATM withdrawal charges from your home account insignificant.

OP qnbui is wise to ask about financial options before arrival.
There is no one 'best' answer, just make sure you don't run out of money. 

Making “ real interest income”. What does that mean?

Diazo wrote:

Making “ real interest income”. What does that mean?

Up to 8% interest a year with a term deposit account at a Vietnamese bank.

Which VNese bank is currently paying 8% and what is the term? In addition , what is the current inflation rate in Vietnam?

The 2018 inflation rate was 3.98%  https://tradingeconomics.com/vietnam/inflation-cpi

Inflation Rate in Vietnam averaged 6.40 percent from 1996 until 2018, reaching an all time high of 28.24 percent in August of 2008 and a record low of -2.60 percent in July of 2000.

Not interested.

As least you ate one among few that apparently gets it. But we have this discussion about every 3 months on here. If you want a great rate go to Venezuela whete it is in excess of 488865%. I winder why with these great rates of return these vountries are not being flooded with an influx of foreign money? If Venezuela seems not to your liking go for Sudan 66%

Diazo wrote:

As least you ate one among few that apparently gets it. But we have this discussion about every 3 months on here. If you want a great rate go to Venezuela whete it is in excess of 488865%. I winder why with these great rates of return these vountries are not being flooded with an influx of foreign money? If Venezuela seems not to your liking go for Sudan 66%

Oh good! I thought we would never get around to discussing interest rates in Sudan...

Sudan might be more than you can understand. But stated rates really do not matter. What matters is the real rate of return. So the rate you get in Sudan, Vietnam or anywhere is not be more that the real raye of return in the US. But you must also factor in currency risk among many other things. For example in VN your money in the bank is only guaranteed to about $3,000. Banks in VN are insolvent as well.

Diazo wrote:

Sudan might be more than you can understand. But stated rates really do not matter. What matters is the real rate of return. So the rate you get in Sudan, Vietnam or anywhere is not be more that the real raye of return in the US. But you must also factor in currency risk among many other things. For example in VN your money in the bank is only guaranteed to about $3,000. Banks in VN are insolvent as well.

What do I care about renites in Sudan, Venezuela or USA are.
I am Swiss and live in Vietnam.
Therefore only CHF and VND are relevant for me.
In Switzerland I get 0.xx % interest with an inflation of about 1%.
Here in Vietnam I get about 7.5% with an inflation of about 4%.
Exchange rate risk doesn't play a role in my case either, since I live in Vietnam and VND need for daily life.
As far as the risk is concerned, I'm not worried either, otherwise I should consequently also not buy any more shares (you already forget the crash 10 years ago?).

Without trying to sound like a Communist, I have always felt that the government owned banks are the best places to keep your money in Vietnam.  Hanoi will never let them fail and if one of the officers runs off with a few trillion, as happens with the private banks, the government will just cover the loss.

For you Andy you would not care at all because you lack the knowledge to care. And this is found a lot. Perhaps one of the least understood aspects of adult life is money....... and ironic it is one of the most important aspects of an adults life. But I think the dialog was intended to respond to the gentleman's comment about getting "real interest" and not directed at you. You would have no clue why the gentleman mentioned Sudan or Venezuela if you were really chasing "real interest". And for the record back when you tied your money up in a time deposit with a stated yield of 7.5% inflation in Vietnam was much higher than the 4% it is now. And for the record the rate of stated yield in your mother country is at or just a tad more than .50% with recent inflation at 1% and virtually zero currency risk, and banks that are solvent. Your fortunate to be from one of the most stable countries currency wise in the world. That is not for your information as you do not know or care. But for others. And much of the discussion depends on who you are and what country your from. if for example your from Vietnam and have a clue about the economy and the banks you invest in gold, not CD's. If your from, say, America, it is a different story.
And yes you lack knowledge about the stock market crash. If you understood that things were on sale and a fortunate was to be made you would have perhaps done so. Any market has two sides, buyers and sellers. You simply need to have enough knowledge to know what side to be on.

Vagabondone wrote:

For you Andy you would not care at all because you lack the knowledge to care. And this is found a lot. Perhaps one of the least understood aspects of adult life is money....... and ironic it is one of the most important aspects of an adults life. But I think the dialog was intended to respond to the gentleman's comment about getting "real interest" and not directed at you. You would have no clue why the gentleman mentioned Sudan or Venezuela if you were really chasing "real interest". And for the record back when you tied your money up in a time deposit with a stated yield of 7.5% inflation in Vietnam was much higher than the 4% it is now. And for the record the rate of stated yield in your mother country is at or just a tad more than .50% with recent inflation at 1% and virtually zero currency risk, and banks that are solvent. Your fortunate to be from one of the most stable countries currency wise in the world. That is not for your information as you do not know or care. But for others. And much of the discussion depends on who you are and what country your from. if for example your from Vietnam and have a clue about the economy and the banks you invest in gold, not CD's. If your from, say, America, it is a different story.
And yes you lack knowledge about the stock market crash. If you understood that things were on sale and a fortunate was to be made you would have perhaps done so. Any market has two sides, buyers and sellers. You simply need to have enough knowledge to know what side to be on.

I'm tired reading of people like you or Diazo that I'm ignorant.
I got along quite well dealing with my life before people like you feel like they have to take me to lecture.
People like you who have a lot of half-knowledge present themselves as superior in all subjects are very dangerous people.

Before you add knowledge to others you should research better.
I have invested part of my money in term deposits since I have been here and have always received between 7 and 7.5% interest.
If you could overcome your arrogance and read the following link, you might understand. But I'm sure you'll come up with something to disagree with.
https://vietnamnews.vn/economy/448643/b … osits.html

I know very well about finances and have witnessed myself how the biggest Swiss bank had to be saved by the taxpayer.

What's going on in Venezuela or now in Turkey is very unfortunate for the people, but at least with the Turks I don't  commiserate the people, because they have legitimate elected this president themselves and don't recognize that by interfering in the affairs of the central bank he is deterring the investors.
Interference in the affairs of the central bank?
In which other country have I ascertained this recently, too?

I should really learn to ignore all people like you, Diazo, Bazza or others (all hat and no cattle) instead of tawasting time to justify myself.

..instead of  (tawasting?)  time to justify myself...  (?)

We make others suffer
   When we give offence
      Or take offence...

  ..meanwhile, you paint a very accurate picture - of yourself...     

@Andy
I do not think Vagabond every said you were ignorant. But you reply..... and you kind of give things away when you speak.

Thank god I stocked up on popcorn yesterday.....please go on.

colinoscapee wrote:

Thank god I stocked up on popcorn yesterday.....please go on.

I thought the same thing when you and Diazo or you and Heretolearn in other threads fought over dozens of posts about the last word.
But I just thought it and didn't post it. Because with time the "popcorn" gets boring.

Andy Passenger wrote:

colinoscapee wrote:

Thank god I stocked up on popcorn yesterday.....please go on.

I thought the same thing when you and Diazo or you and Heretolearn in other threads fought over dozens of posts about the last word.
But I just thought it and didn't post it. Because with time the "popcorn" gets boring.

But you thought its ok to mention it now.

Looks like humour is not your strong point

Diazo wrote:

@Andy
I do not think Vagabond every said you were ignorant. But you reply..... and you kind of give things away when you speak.

I tend to differ.  To me this says "you are ignorant."

Vagabondone wrote:

For you Andy you would not care at all because you lack the knowledge to care.

Without getting into the merits of the actual argument, this certainly seems like an ad hominem attack.  All the definitions I find for ignorant say "lacking in knowledge" so contrary to Diazo's claim, Vagabondone did say Andy Passenger was ignorant by saying "you lack the knowledge to care." Shouldn't people be able to discuss things without insults?

Is it an insult to anyone if the are unknowing in any particular field or subject. Gosh I would hope not. There are far more things that I am ignorant about than educated about. I don't have any problem telling someone i am ignorant to a subject. But good point THIGV.

@ Andy
  Did not mean to offend you Andy. But I asked the question what "real interest" Gobot was speaking of. You came onboard and explained that it was getting 7-8% interest. I obviously did a poor job of trying to explain that the stated yield matters little. That it is the true yield that matters. Thus I pointed out the inflation rate in Venezuela and Sudan as just two high inflation rater countries at the moment. And if you looked at the rate you could get on a time deposit pin those countries it too would be about a 1-2 % true yield. And all returns are going to be that way. Your not going too do much better than the US rate because the dollar is the currency of international settlements so it is king.
  I pointed out the countries I did to show you that if 7-*% is your understanding of "real interest" you could get even better in terms of numbers in, say Venezuela or Sudan.
  But you are doing much better than many friends I have. At least you save something and put it in a timed deposit. If you understand yield curves and how to know the "tops" then you can do okay. The example you give of 7-8 % was some time ago. And yes, on those CD's you will make money in todays climate. But todays stated yield and the true yield is still only about 1.5%. So very hard to keep up with inflation.
  But I never intended to offend you. Very few understand the financial markets well. That surely does not make them totally ignorant people. And when I said you lacked the knowledge it was meant to point out that you did not draw the connection to Venezuela etc. and "real interest". But you always offer great inputs.
  There are a boatload of people here that are in your corner when it comes to "real interest" here. I know many who have transferred their retirement account money here to take advantage of it. They just do not understand. And for that I guess we peg them as ignorant.
  I hope all read the link you provided as it also had some great Real estate stories on how great the investment climate was here for all those who are gobbling up the great RE buys.

Diazo wrote:

And when I said you lacked the knowledge

You never said that.  But you're doing a classy job in defusing the heat by giving compliments to Andy, explaining yourself in a calm and precise manner, and apologizing for something you didn't do.   

Credit should be given where credit is due.