Banking in Vietnam as a tourist

Hello fellow expats.

I am currently in Vietnam as a tourist and am very much enjoying my stay. I endevour to stay here for 1 year to travel and be with some friends.

To be able to support myself I am looking at opening 2 bank accounts here. 1 being an everyday expenses account while the other being a term deposit for 1 year.  I will transfer from my account in Australia.

I have approached some banks and am cautious of there terms and conditions.  My fear is that they will somehow swindle and keep my money.

Has anyone had some good experiences with local banks and if so am happy to hear from you. Furthermore if anyone knows of a good lawyer to get some advice I am happy for you to pass on there details.

Cheers

They will somehow swindle and keep my money?????? I hardly think any reputable bank, or any bank for that matter would do such a thing.
If you are worried of such a thing, simply transfer small amounts at a time.
No need to keep large sums in the bank there.

You are right to be concerned potse.
There are many threads on good and less good banks: search.
The term account will have to be in VND.
Make sure you keep records of all transactions.
Many expats have bank accounts. Many don't use local banking, just keep money overseas, withdraw from ATMs, and squirrel away cash like the 70% of Vietnamese without bank accounts.

Thank you for your response! Have to do more research.

I lived for more than two years in HCMC on and off and I never needed a local ban account.
I used the ATMs for cash advances.
Works well.

Sorry, there is no upside for setting up a local bank unless you have no other choice.

Wxx3 :

Sorry, there is no upside for setting up a local bank unless you have no other choice.

One upside is interest on VND accounts which is better than in US and maybe other Western countries. If you are comfortable with storing your cash here.
Check the ACB page. Around 7% for a one year term deposit.
Then subtract your home-currency-to-VND exchange rate for the same period, and your lost interest in AU (about /!\ I AM A STUPID SPAMMER /!\) , and some fees.

Oh no, potse, poor AUD! add not subtract!
Your AUD lost 5% to the VND in the last year and still tumbling...
If you had moved your fortune to a Vietnamese bank in July 2018:
+7% V bank interest - /!\ I AM A STUPID SPAMMER /!\ AU bank opportunity cost + 5% currency arbitrage=  you'd be up about 10%

Somebody can tell me if my calc is wrong  :unsure

"Hi Potse,
I understand your concern and you're not the one who have it, I suppose so. However, banks will not swindle your money but hackers or some illegal financial organizations, I believe.
About keeping your money, there are many reasons for it to happen. In that case, you need to contact with the bank to consult and you will be instructed to handle your problem. Or, you may find a law firm to help you if there is any dispute relating to law, which may be difficult for you to figure out alone.
Besides, finding a bank which has a good customer service may help you to handle any problem easier as well as make you feel more comfortable!
Wish you and your friend will have contented moments in Vietnam!"

letiendat :

"Hi Potse,
I understand your concern and you're not the one who have it, I suppose so. However, banks will not swindle your money but hackers or some illegal financial organizations, I believe.
About keeping your money, there are many reasons for it to happen. In that case, you need to contact with the bank to consult and you will be instructed to handle your problem. Or, you may find a law firm to help you if there is any dispute relating to law, which may be difficult for you to figure out alone.
Besides, finding a bank which has a good customer service may help you to handle any problem easier as well as make you feel more comfortable!
Wish you and your friend will have contented moments in Vietnam!"

Can you give an answer on this thread.

https://www.expat.com/forum/viewtopic.p … 22#4621463

As far as I know, foreigners cant receive deposits to their VN accounts unless documentation is provided by the depositer. Some banks seem to ignore this rule,while others are strict about it. Can you give us the legal standing for this.

New topic