Vietcombank & best way to get VND into GBP

Have you tried the search function on this site.  There are a lot of threads about the problems of taking money out of the country.

Hi, yes I have used the search function, and read through some posts, but I haven't found what I'm looking for. I chose to make a new thread because I'm asking about a specific bank, and specifically VND to GBP, but if you know of threads that provide that info then show me the links.

1. Is Vietcombank an OK bank? It seems from an old thread on this site, a man had problems with them, but I would have thought they're fine because they're everywhere.
2. If I want to send money to a UK bank account, what are the rates? I googled "vietcombank exchange rate to gbp" and "vietcombank vnd to gbp" and stuff like that, but couldn't find an answer.
3. My third question was: How do most people get money out of Vietnam, is there a good way to do it? I have looked through some threads... I guess gold shops, will send money to UK bank accounts for a modest fee (from this thread, if anyone else is looking for answers https://www.expat.com/forum/viewtopic.php?id=705104 ). Do gold shops have a better rate than Vietcombank to a UK bank?
4. And fourthly I was just asking for general bank advice if anyone wants to impart their wisdom.

Do you really think that you can earn so much in one year as a teacher that you have to think about how to get your money out of Vietnam?

DaisyAvocado wrote:

Is Vietcombank an OK bank? It seems from an old thread on this site, a man had problems with them, but I would have thought they're fine because they're everywhere.

Vietcombank is owned by the government.  It's as OK as any other bank.  Some people have problems with a certain bank, some people don't. 

DaisyAvocado wrote:

If I want to send money to a UK bank account, what are the rates? I googled "vietcombank exchange rate to gbp" and "vietcombank vnd to gbp" and stuff like that, but couldn't find an answer.

No one can answer that question because there's not a precise answer.  Download a currency exchange app onto your phone so you can have a different answer every day.

DaisyAvocado wrote:

How do most people get money out of Vietnam, is there a good way to do it? I have looked through some threads... I guess gold shops, will send money to UK bank accounts for a modest fee

Unless you plan to move a boatload of GBP out of Vietnam, do it the same way you do in any country: cash or simple transfer.

DaisyAvocado wrote:

Do gold shops have a better rate than Vietcombank to a UK bank?

Even without knowing Vietcombank's rate or ANY BANK's rate (see quote #2 above), the answer is always yes.

DaisyAvocado wrote:

I was just asking for general bank advice if anyone wants to impart their wisdom.

General bank advice?  That would be pages and pages to type and read, in small font.

Andy Passenger wrote:

Do you really think that you can earn so much in one year as a teacher that you have to think about how to get your money out of Vietnam?

Ditto.

OP: You can take the equivalence of US$5000 out of Vietnam without declaration.  That's approximately  GBP 3800 as of today's rate.  Just withdraw everything, exchange it to GBP at a licensed-to-exchange gold shop, and keep it safely on your person.  What's the difficulty?

I am just asking for help on a forum set up to allow me to ask for help. You were all clueless once too. I appreciate the help, my questions are answered, thanks.

I know you say your question has been answered because you think no one was being to helpful. Please look up (TRANSFERWISE) as an option to move money from your Vietnamese account to your 🇬🇧 account. The website explains everything and they have an app in the app store. They give you the exact exchange rate without charging a very high fee for the transaction. I have been using them for a 2 years sending money from my account in the US to the Philippines and I know it also works in Vietnam. Good luck.

By the way, everything is done online, no withdrawing money and going to a gold shop that will give you a bad exchange rate. Once you are set up the money gets to your account in a matter of hours.

Thank you sixxof9 that's great! That is so great. You totally win. I was beginning to think this was a horrible site full of knobs 

Knobs! Love it! I have only been on the forum for a couple of weeks since I intend to move there in a few months and I have had a run in or two with sanctimonious trolls. Please stay away from gold shops and doing bank transfers since they will reem you on fees.

DaisyAvocado wrote:

I am just asking for help on a forum set up to allow me to ask for help. You were all clueless once too. I appreciate the help, my questions are answered, thanks.

It is a well-known fact that @Ciambella has never been clueless...

I think your complaint is completely invalid.  Consider that transferring money is probably the second most common topic on this forum right behind visas.  I did a simple search, as I advised you, for "transfer money" and got 200 returns many of which seemed right on point.   This is not some obscure topic that you might imagine no one has talked of.  Even if you don't find a topic that is precisely VND to GBP, you should be able to extrapolate from other ideas.

The root problem is that to move money out of Vietnam through the international banking system you must provide documentary evidence that you have paid taxes on your income.  Even then it is a rather expensive process.  So everything else is basically a dodge of one sort or another.  Sixxof9 gave you just one of those ways.  Others have advocated for Western Union, gold shops, and countless other mechanisms. 

As the gold shop seems to be the preferred method for most overseas Vietnamese, it is probably the cheapest overall.  These people are clearly no dummies when it comes to finding the least expensive way to do things.  Remember that cost is a combination of exchange rates and fees charged. 

I don't think people are trolling you as much as they are reacting to your attitude.  Don't be a prima donna and expect to be spoon fed complete concise answers to complex problems.  Be ready for a variety of answers.   You are just lucky that Bazza139 and Yogi007 have not weighed in as they are sure to confuse and amuse.      For Sixxof9 to call anyone else a "sanctimonious troll" is totally unjustified and will not help you or anyone else.

THIGV, if you want to help, you could have done it with a better attitude. You bothered to spend the time replying, you've been to Vietnam, you've done this before. Why the need to belittle? If you don't want to help, ignore and move on.

In the first instance I gave you a short but, I feel, honest answer.  My second answer was longer because I was upset about your attitude.  Quite frankly without an attitude adjustment you shouldn't expect a lot of help here.

sixxof9 wrote:

...Please look up (TRANSFERWISE) as an option to move money from your Vietnamese account to your 🇬🇧 account. The website explains everything and they have an app in the app store. They give you the exact exchange rate without charging a very high fee for the transaction. I have been using them for a 2 years sending money from my account in the US to the Philippines and I know it also works in Vietnam.

DaisyAvocado wrote:

Thank you sixxof9 that's great! That is so great. You totally win. I was beginning to think this was a horrible site full of knobs 

Yeah!!! A winner!!!

Except...sixxof9 isn't IN Vietnam, and is advising you about sending money INTO the country, which is NOT what you asked.

As has been mentioned by some of the most knowledgeable and helpful participants here, IF you save enough to take the equivalent of over $5,000.00 out of the country, you must prove you have the right to do so.

D. Knob

Guys, chill out! I have already thanked you for your help. You're right, I'm not likely to make more than that, it's cool. 

I am not in the country but I have an account with Tranferwise and I have fully researched and used this method for more than 30 times over the last 2 years in the Philippines. They deal in currency conversion from bank to bank and they charge no conversion fee, unlike almost all other services. I have already tested if I could send money TO and From the US from Vietnam and I also know that the same can be done from the UK. As long as you have a bank account in both countries it is a simple process once you register and they verify all your financial information. Now, if there are limits on how much money you can transfer from Vietnam that will automatically be sorted out in the algorithm.

My best advice is to research, "options for sending money from Vietnam to the UK" in google. Compare conversion rates and fees and see what makes the most sense for your situation.

There are expats living all over the world that have gone through the same situation as you will be and they usually find it is not as daunting as it may seem.
Good luck.

@sixxof9

I'd be a little more careful spreading advice.

I can't prove that what you have said about transfer replies is wrong because I don't have the need to transfer money from Vietnam.

But I have been using Transferwise for a long time and know a little about it.

So here are some question marks that you or other forum members might be able to answer.

As far as I know, you can only register with Transferwise with a Transferwise account with the main currency of your country (in your case GBP).

In any case, you cannot register with a VND Transferwise account.

After registration you can also add a VND account.  But it is not possible to transfer money to Transferwise VND accounts (only to the main account).

So you would have to transfer VND from Vietnam to Transferwise GBP account.  I am not sure if this is possible and the automatic currency change works. I don't think so.

If you opened a GBP account with Sacombank, the problem would be solved.

But honestly, what is the difference or advantage of transferring money to a Transferwise GBP account instead of a regular GBP bank account in England?

You have to declare the origin of the money at the Vietnamese bank in the same way as for a money transfer without Transferwise.

And I'm not sure if the fees at Transferwise are lower than at a normal bank transfer.

sixxof9 wrote:

I am not in the country but I have an account with Tranferwise and I have fully researched and used this method for more than 30 times over the last 2 years in the Philippines. They deal in currency conversion from bank to bank and they charge no conversion fee, unlike almost all other services. I have already tested if I could send money TO and From the US from Vietnam and I also know that the same can be done from the UK. As long as you have a bank account in both countries it is a simple process once you register and they verify all your financial information. Now, if there are limits on how much money you can transfer from Vietnam that will automatically be sorted out in the algorithm.

My best advice is to research, "options for sending money from Vietnam to the UK" in google. Compare conversion rates and fees and see what makes the most sense for your situation.

There are expats living all over the world that have gone through the same situation as you will be and they usually find it is not as daunting as it may seem.
Good luck.

The OP should be aware there is a difference between INTERNATIONAL and DOMESTIC banking accounts in Vietnam.

Based on the OP's description of the account to be used by her future employer, she is talking about the 'somewhat' elusive DOMESTIC banking account in Việt Nam Đồng (VND)

If a lurking 'Dear Reader' will search the forum for posts on "banks" and "banking", you will discover how hard it is for foreigners IN VIETNAM to open a DOMESTIC banking account in Việt Nam Đồng (VND).

Unless sixxof9 has actually come to Vietnam AND qualified for a DOMESTIC banking account in Việt Nam Đồng (VND), then sixxof9 is NOT talking about the type of account (restricted by the government of Vietnam) which the OP will be required to have in order to receive her DOMESTIC INCOME.

It is a CERTAINTY that, unless sixxof9 has opened a DOMESTIC banking account in Việt Nam Đồng (VND) HERE (in Country) AND is talking about the ability to move LEGAL taxable INCOME received HERE out of the country, then the advice given by sixxof9 is ill-informed.

Since there is no indication of LEGAL local employment OR a local LEGAL residence address in any of sixxof9's posts so far, it is clear that sixxof9 is likely misleading the OP and "Dear Reader".

So sorry! I have to recant using Transferwise as an option to send money out of Vietnam. It had been a couple of months since I looked over the website since I normally just use the app to send money from my US account. The information I gave you was based on their country options for two way transfers at that time. It seems they removed a number of countries from the sending option. Vietnam was among that group.
  In the future I will decline from making recommendations on anything that I don't know is current and correct information.

I apologize to you and all members for the misinformation.

sixxof9 wrote:

So sorry! I have to recant using Transferwise as an option to send money out of Vietnam. It had been a couple of months since I looked over the website since I normally just use the app to send money from my US account. The information I gave you was based on their country options for two way transfers at that time. It seems they removed a number of countries from the sending option. Vietnam was among that group.
  In the future I will decline from making recommendations on anything that I don't know is current and correct information.

I apologize to you and all members for the misinformation.

Welcome to the forum.

I mean that sincerely.

sixxof9 wrote:

So sorry! I have to recant using Transferwise as an option to send money out of Vietnam. It had been a couple of months since I looked over the website since I normally just use the app to send money from my US account. The information I gave you was based on their country options for two way transfers at that time. It seems they removed a number of countries from the sending option. Vietnam was among that group.
  In the future I will decline from making recommendations on anything that I don't know is current and correct information.

I apologize to you and all members for the misinformation.

We all make mistakes, acknowledging it is a great move on your behalf.

sixxof9 wrote:

Knobs! Love it! I have only been on the forum for a couple of weeks since I intend to move there in a few months and I have had a run in or two with sanctimonious trolls. Please stay away from gold shops and doing bank transfers since they will reem you on fees.

This is the best kind of advice, from someone who isn't even here.
Good luck with that.

As for the real world, I get my best exchange rate at gold shops. But then I actually live in Vietnam.

OP: You can take the equivalence of US$5000 out of Vietnam without declaration.  That's approximately  GBP 3800 as of today's rate.  Just withdraw everything, exchange it to GBP at a licensed-to-exchange gold shop, and keep it safely on your person.  What's the difficulty?

It doesn't get any more simple than that.
Getting money out electronically is a whole other matter and probably not doable by you.

Hello everyone,

Please note that i have put aside some off-topic comments from this thread.

Thank you,
Bhavna

Bhavna wrote:

Hello everyone,

Please note that i have put aside some off-topic comments from this thread.

Thank you,
Bhavna

Call it what it is. Its called censorship. I have seen plenty of off-topic comments that have not been removed.

Lars_Ned wrote:

Call it what it is. Its called censorship. I have seen plenty of off-topic comments that have not been removed.

Off-topic comments by themselves are usually not removed, only the disruptive ones with the aim to insult, or ones with vulgar content.

Ciambella wrote:

Lars_Ned wrote:

Call it what it is. Its called censorship. I have seen plenty of off-topic comments that have not been removed.

Off-topic comments by themselves are not being removed, only the disruptive ones aiming to insult, or ones with vulgar content.

You are correct but unfortunately Bhavna said "off topic" and not "vulgar."  I suppose the most offensive post could be considered off topic but mostly it involved an activity that is usually accomplished only by dogs.

THIGV wrote:

You are correct but unfortunately Bhavna said "off topic" and not "vulgar."  I suppose the most offensive post could be considered off topic but mostly it involved an activity that is usually accomplished only by dogs.

Agree.  Mods should have more than one response template so the reasons given would not be challenged all the time.

I see that the OP has been banned without having even reached Vietnam.  Of course if she does decide to move to Hanoi she will have a new ISP and IP address so she could probably establish a new identity at that time, without being detected by the moderators.   Stay tuned for more.   

The ban was the result of a very vulgar comment in her Hanoi thread.

THIGV wrote:

I see that the OP has been banned without having even reached Vietnam.  Of course if she does decide to move to Hanoi she will have a new ISP and IP address so she could probably establish a new identity at that time, without being detected by the moderators.   Stay tuned for more.   

I'm interested to see how she responds to you, once she realizes how much help you can be regarding 'teacher issues'...

I saw her initial response to THIGV yesterday and it was really nice, genuine and apologetic but that was late last night and then she snapped and edited it.

Banned in three days may be a record.   

THIGV wrote:

Banned in three days may be a record.   

Im sure Daisy has moved on to greener pastures. If she thinks this forum is full of knobs, she should join Khmer 440 and Thai Visa. Not sure what they are like now, but they would have busted her a new butt**** for her response.

On a holiday to Bangkok I had no problem exchanging Viet Dong into Thai Bart at a money exchange booth. Thai bart are welcome everywhere. If its a large amount there are groups that transfer the money between people in different countries sounds dodgy but I know people who do it with no problems.