New banking rules for foreigners

Anyone seen the new banking rules that may come in. This was a reply from a guy who deals in these matters:

"Banking  laws  have  changed  that  any  savings  accounts  will  only  be   accessible to  those  with  a  minimum  12  month  visa  or  perm  residency  pass.  Term  deposits  will  only  be  allowed  on  the  remainder  of  a  visa  effectively  making  them  redundant."

I have done a search and can't find anything. Waiting for a link from the guy who posted that reply.

https://vietnamnet.vn/en/business/vietn … 47188.html

I went to the Timo website a few days ago and the first thing that popped up was that information. It does look legit.

Budman1 :

https://vietnamnet.vn/en/business/vietnam-loosens-bank-savings-rules-for-foreigners-547188.html

Thanks for that.

Here's the circular:

https://vanbanphapluat.co/circular-49-2 … m-deposits

Rick

That's only for saving (term deposit) account.  Doesn't seem as there would be any requirements for current account (checking account in American English).

Ciambella :

That's only for saving (term deposit) account.  Doesn't seem as there would be any requirements for current account (checking account in American English).

Most expats would have a term deposit over a check account. I have never seen a check in all my years here, maybe businesses use them, but I doubt an expat would.

The term checking account is pure American English, as I've never received cheques with my checking accounts in Italy and in VN.  Current/currency account would be a better term to describe an account that allows the holder to making deposit and withdrawal at will, as opposed to term deposit account where the holder needs to keep his money in the bank for a period of XXX months before he can make a withdrawal.

The new law only indicates requirements for term deposit account and not current/currency account, that's what I meant in my comment.

The term deposit accounts are the ones that pay interest. A number of expats have discussed having those accounts. My wife's family only uses term deposit accounts, they see no other reason to have money in the bank. Theinterest rates aren't bad compared to US.

Ciambella :

That's only for saving (term deposit) account.  Doesn't seem as there would be any requirements for current account (checking account in American English).

This will cause you in case you lost ATM  card or Credit card to get a new Card.

More than 7 years ago u could send money to Vietnam and convert to dong and open a saving account with a high interest. Neither you worked here or visiting the country. Around 7 years ago the change the law and separate savings accounts from current accounts. Savings account was unregistered money. The put it back on your current account or using it for your atm was impossible! So they made a system to keep customers happy and keep a book as deposited so you could get a Visa card, even a American Express! Now they stop savings for foreigners that don’t have a minimum visa or resident car for one year. Means for all customers that trusted the banks for years it will end this month. Or till mortgage date. Not sure what’s happened with their money. Probably need to take out cash  and read online banking with a maximum of 100 million a day. The other thing what the banks are claiming is you have to go cash your money where u open an account.

"savings  accounts". What about only current accounts`? They affected?

Meanwhile I’ve got some more information from the Main office. It only effects foreigners with a tourist visa. When you got a resident card, work permit you’re still good.

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