Opening a Bank account

Hi
Im  Harold,
Iv been following this forum for a little bit,  forgive my ignorance if this topic has already been covered. Im hoping to move from Australia to Saigon and open up a small business and eventually live here once it stabilizes.
I have been to Vietcombank and the Sacombank and the HSBC bank and none of them will allow me to open up an account using AUD dollars or any currency!!!!!.
The Vietcombank will allow it but I cant open it with no more than 50k vnd  and once the business starts earning money then that's where I can bank it. The HSBC told me I must first reside in VN for 12mths with a valid work permit before I can apply for an account!. Sacombank told me to go see a Lawyer which I will tomorrow.
All I want to do is bring funds into this country to start up a business.

Can someone out there please tell me what I am doing wrong!.

Strange, i opened an account here without any problems. I had to prove the money had come from my legitimate earnings (salary) from my employment outside Vietnam & then moved the money from my account in USD & they were very very happy to get it.

HWJ :

Hi
Im  Harold,
Iv been following this forum for a little bit,  forgive my ignorance if this topic has already been covered. Im hoping to move from Australia to Saigon and open up a small business and eventually live here once it stabilizes.
I have been to Vietcombank and the Sacombank and the HSBC bank and none of them will allow me to open up an account using AUD dollars or any currency!!!!!.
The Vietcombank will allow it but I cant open it with no more than 50k vnd  and once the business starts earning money then that's where I can bank it. The HSBC told me I must first reside in VN for 12mths with a valid work permit before I can apply for an account!. Sacombank told me to go see a Lawyer which I will tomorrow.
All I want to do is bring funds into this country to start up a business.

Can someone out there please tell me what I am doing wrong!.

I had no problems opening an account at Sacombank with a 3 month tourist visa.
Try another branch.

Go to Pasteur Street to TIMO Hangout and open an account in some minutes.

I only had to show my passport and visa at both banks.

Vietcombank wouldn't accept cash to open the account, they said I needed to prove where it came from, I said no prob I will get my accountant in ozz to email my latest tax return,  I said will I need the email translated? He said no because they will only accept it from an accountant in Vietnam.... WTF!!!!!
I said ok look heres my credit card please draw so much from it and use it to open the new account. That threw them. They went into a huddle  but came back with a refusal.
Fairdinkum.

As far as I know, you need about 500k to open an account.

Bring a Vietnamese and let the Vietnamese pay 500k into your account.

HWJ :

Vietcombank wouldn't accept cash to open the account, they said I needed to prove where it came from, I said no prob I will get my accountant in ozz to email my latest tax return,  I said will I need the email translated? He said no because they will only accept it from an accountant in Vietnam.... WTF!!!!!
I said ok look heres my credit card please draw so much from it and use it to open the new account. That threw them. They went into a huddle  but came back with a refusal.
Fairdinkum.

Banking in VN is very much geared against foreigners. I dont bank with any government owned bank, their mindset is prehistoric. Try one of the smaller banks like HD Bank or Tien Phong bank.

Cheers will give it a try.

My own recent experiences have flipped my understanding of this issue.

Some of us have opened INTERNATIONAL accounts which are really prepaid debit card accounts.

I got mine at Asia Commercial Bank (ACB Bank)

There is a Swift code connected to that type of account, and in theory (I didn't try it yet) you can use it for direct deposits or wire transfers from outside the  country.

Maximum total balance allowed in my account is ₫200,000,000 VND

Up until a week ago, every bank told me that was the only kind of account I could open.

They all said I needed to meet more requirements (especially the employment contract) in order to open a DOMESTIC account, because (they said) with a DOMESTIC account, the bank must be able to prove the origin of deposits.

With my INTERNATIONAL account, I can simply walk into the bank and add cash to my account (prepaid debit card).

Then I was speaking to the bank again a week ago, and I guess I asked my question (again) in a slightly different way.

I said that I didn't want the account for local (in Việt Nam) deposits.

I asked if I could have the account just for deposits coming from the U.S. Government.

She said YES!

She immediately opened the new DOMESTIC account for me. She even linked it with (NOT "To") the debit card account online, so I can do internet banking with one username online.

The account has a ZERO balance, but it is open.

I'm not allowed to add any cash to it.

However, I have the Swift code and account number and address to use for the main Đà Nẵng branch.

So if my application for US Social Security goes through, ACB will accept the funds.

Further, she said I can wire transfer from Schwab Bank (U.S.) as well, since they can trace the source of that money.

I'm thinking that a lot of the confusion about this issue has come from the many foreigners who are here working under the table, getting cash and looking for a bank account to use.

I think it's just a knee-jerk reaction on the part of the banks to say no you can't open an account unless you have these requirements fulfilled.

So it probably helps to make it very clear to them that you want to open an account for electronic funds transfer.

Individual Banks may still turn you down, but this experience has taught me that it is possible to open an account here for electronic transfers.

I think its the amount i want to deposit is causing the problem.

HWJ :

I think its the amount i want to deposit is causing the problem.

It also depends on which bank you are using. I have transferred large amounts without any issues.

I have an account in AUD here in Viet Nam.

Are you trying to open the account in your name or a business name?

Just need it in my name

HWJ :

I think its the amount i want to deposit is causing the problem.

If it's cash.

Can you deposit it electronically?

Hopefully you realize that, if you are wanting to bring in a large amount of cash for a bank deposit, you may be raising red flags for money laundering, or the suspicion that you are attempting to evade taxation on income earned in Vietnam...?

Will need to wait until my partner registers the Company and me as the director then we can open a business account i can then start building capital up.

HWJ :

Will need to wait until my partner registers the Company and me as the director then we can open a business account i can then start building capital up.

All well and good, but that wasn't your initial question.

I was just trying to get you to say if you are in fact attempting to bring a large amount of cash into the country, not attempting to make a large electronic transfer deposit here.

For the sake of the casual reader here on the Forum it's helpful for them to understand the issue you're facing by being specific.

HWJ :

All I want to do is bring funds into this country to start up a business.

Should be easy.

HWJ :

I think its the amount i want to deposit is causing the problem.

Sounds like the problem is you want to deposit cash. Guessing you brought a handful on the plane. But banks believe only crooks would have cash to deposit, because normal people squirrel away cash and gold in their houses. Really.

HWJ :

Will need to wait until my partner registers the Company and me as the director then we can open a business account i can then start building capital up.

Might be a catch 22. Can't open a business account without income, but can't have income without a business.

HWJ :

Can someone out there please tell me what I am doing wrong!.

As an experiment, try opening a personal account with 100.000d or whatever. Then try wiring $1000 from Australia using the swift code. Let us know how it goes.

gobot :
HWJ :

I think its the amount i want to deposit is causing the problem.

Sounds like the problem is you want to deposit cash. Guessing you brought a handful on the plane. But banks believe only crooks would have cash to deposit, because normal people squirrel away cash and gold in their houses. Really.

After opening a Timo account (VPBank), I wanted to transfer money from my Sacombank account to the new Timo account.

So I wanted to move 500 million dong from my Sacombank Savings Book (a real little book) to my own Sacombank current account.

But that wasn't possible.

So I had the money paid out in cash and drove it to the nearest VPBank branch.

The VPBank first didn't want to accept the money and deposit it into my new Timo account.

My wife then told them that we had just withdrawn the money from my Sacombank Savings Book.

We showed them the receipts and they accepted the money and deposited it into my new Timo account.


So I think if you can proof from where the money comes and you have someone who is Vietnamese with you, it is possible to deposit cash into your account.

Andy Passenger :
gobot :
HWJ :

I think its the amount i want to deposit is causing the problem.

Sounds like the problem is you want to deposit cash. Guessing you brought a handful on the plane. But banks believe only crooks would have cash to deposit, because normal people squirrel away cash and gold in their houses. Really.

After opening a Timo account (VPBank), I wanted to transfer money from my Sacombank account to the new Timo account.

So I wanted to move 500 million dong from my Sacombank Savings Book (a real little book) to my own Sacombank current account.

But that wasn't possible.

So I had the money paid out in cash and drove it to the nearest VPBank branch.

The VPBank first didn't want to accept the money and deposit it into my new Timo account.

My wife then told them that we had just withdrawn the money from my Sacombank Savings Book.

We showed them the receipts and they accepted the money and deposited it into my new Timo account.


So I think if you can proof from where the money comes and you have someone who is Vietnamese with you, it is possible to deposit cash into your account.

I'm guessing you and the Vietnamese friend would need an official notarized document (with red stamp) stating something like:

"Tôi xác nhận rằng tiền đến từ dưới giường của chúng tôi"

;)

OceanBeach92107 :
Andy Passenger :
gobot :


Sounds like the problem is you want to deposit cash. Guessing you brought a handful on the plane. But banks believe only crooks would have cash to deposit, because normal people squirrel away cash and gold in their houses. Really.

After opening a Timo account (VPBank), I wanted to transfer money from my Sacombank account to the new Timo account.

So I wanted to move 500 million dong from my Sacombank Savings Book (a real little book) to my own Sacombank current account.

But that wasn't possible.

So I had the money paid out in cash and drove it to the nearest VPBank branch.

The VPBank first didn't want to accept the money and deposit it into my new Timo account.

My wife then told them that we had just withdrawn the money from my Sacombank Savings Book.

We showed them the receipts and they accepted the money and deposited it into my new Timo account.


So I think if you can proof from where the money comes and you have someone who is Vietnamese with you, it is possible to deposit cash into your account.

I'm guessing you and the Vietnamese friend would need an official notarized document (with red stamp) stating something like:

"Tôi xác nhận rằng tiền đến từ dưới giường của chúng tôi"

;)

I think if the money is hidden for a long time in the mattress, it is laundred and the origin can no longer be proven.  :)

I have just xfered funds into 7 different accounts, 5 banks, 3 countries, via 3 beneficiaries from 2 countries. 4 currencies.

I am still tabulating the fees, exchange rates/spread, and documenting all the rules that we had to comply with.

Every VN bank neglected to fully disclose their  policies. no fee? No problem!  Once money arrives, no fee requires 30 days to not touch, and then 2-3 days prior notice, so bank can physically move cash.

It has been one heck of an eye opener.

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