Banking Regulations for Foreigners Opening New Accounts

Yea, Vienam doesnt want us to spend money here.

Hello Thailand!

Fancybear :

what if you are out of the country a while and have a lapsed visa. Are banks now taking on a new gig as  enforcer of visas? I have a 3 month visa starting next week on a 3 year old bank account but if the bank demand a 12 month visa to open an account, I have to wonder what bs they'd pull if I show up with my 3 month visa for the final quarter  of 2019.   They are quite scary places  to leave large sums of money given how quickly they change in repsonse to regs from above

I really think they might cancel the account.

From what I read, anything opened before the change will stay valid until its maturity.

So, of there is some end of validity for you, and I really dont know, then they might just close it unless you provide documents they want

USD vs. VND bank account

What Is the difference between opening a USD and a VND bank account for a US foreigner.

Any advantages to each?

Vietnamese bank ATM/debit card possible?

I would like to transfer from my US bank account to Vietnam.  Possible SSA benefit direct deposit.

Thank you.

Steven

stevenjb2020 :

USD vs. VND bank account

What Is the difference between opening a USD and a VND bank account for a US foreigner.

Any advantages to each?

Vietnamese bank ATM/debit card possible?

I would like to transfer from my US bank account to Vietnam.  Possible SSA benefit direct deposit.

Thank you.

Steven

Please read the entire thread.

A lot of information about those subjects has already been posted

Also, here is the sticky thread about Social Security direct deposit in Vietnam

https://www.expat.com/forum/viewtopic.php?id=761380

Many of the questions you will have will be answered quickly if you search First

Good luck!

As a Canadian I opened two savings accounts in Vietcom Bank, around September 2018 using my passport and a 3 month DN visa.

No problems ..No issues..

RO

vikingjeger :

As a Canadian I opened two savings accounts in Vietcom Bank, around September 2018 using my passport and a 3 month DN visa.

No problems ..No issues..

RO

Thanks for sharing your personal experience about what was possible in the past.

It's impossible now under the new regulations

stevenjb2020 :

USD vs. VND bank account

What Is the difference between opening a USD and a VND bank account for a US foreigner.

Any advantages to each?

Vietnamese bank ATM/debit card possible?

I would like to transfer from my US bank account to Vietnam.  Possible SSA benefit direct deposit.

Thank you.

Steven

Everything is possible. Once you open an account then you can deposit, but after that, the bank will put you in lots of paper works

OceanBeach92107 :
vikingjeger :

As a Canadian I opened two savings accounts in Vietcom Bank, around September 2018 using my passport and a 3 month DN visa.

No problems ..No issues.

RO

Thanks for sharing your personal experience about what was possible in the past.

It's impossible now under the new regulations

You can open an account with Seabank. Just need valid passports. Can withdraw and deposit too.
Do not go with any Vietnamese speaking or don't speak Vietnamese. Most of the staffs in that bank do not speak English. But we can get what we want.

3 Month DN visa - what is DN visa?

I have multi-entry 3 month visa and will enter VN next week - okay to use with passport to arrange VN account??

AB_Wayne :

3 Month DN visa - what is DN visa?

I have multi-entry 3 month visa and will enter VN next week - okay to use with passport to arrange VN account??

This is a sticky thread specifically dealing with the issue of banking regulations for new accounts for foreigners.

Please search the site for a thread regarding visas, or, please consider posting your question as you wrote it as a totally new topic.

Thanks

Contem talk :
OceanBeach92107 :
vikingjeger :

As a Canadian I opened two savings accounts in Vietcom Bank, around September 2018 using my passport and a 3 month DN visa.

No problems ..No issues.

RO

Thanks for sharing your personal experience about what was possible in the past.

It's impossible now under the new regulations

You can open an account with Seabank. Just need valid passports. Can withdraw and deposit too.
Do not go with any Vietnamese speaking or don't speak Vietnamese. Most of the staffs in that bank do not speak English. But we can get what we want.

According to the newest regulations, which are the subject of this sticky thread, your information is incorrect, based on current law.

Another restriction according Circular-No-16-2014-TT-NHNN:

All foreigners will no longer be able to deposit cash into their Timo account using a Timo Cash Deposit machine (CDM) at a Timo Hangout as per this circular. If you do try and deposit funds into a Timo CDM, your funds will be rejected till the time you can prove the source of funds.

However if you have the proper documents to prove your source of funds, you can continue to deposit cash into you Timo account via ANY VPBank branch counter.

AkaMaverick :

Another restriction according Circular-No-16-2014-TT-NHNN:

All foreigners will no longer be able to deposit cash into their Timo account using a Timo Cash Deposit machine (CDM) at a Timo Hangout as per this circular. If you do try and deposit funds into a Timo CDM, your funds will be rejected till the time you can prove the source of funds.

However if you have the proper documents to prove your source of funds, you can continue to deposit cash into you Timo account via ANY VPBank branch counter.

Wow...that's huge.

I wonder if they are talking about ALL types of accounts?

As I think I've mentioned before, I have 2 accounts at ACB BANK:

Both Vietnam Đông accounts:

One account which ACB calls a "domestic" account, which has always had the restrictions you noted.

I can send my U.S. government direct deposit there.

I've also been told I can use it for wages sent to the bank by an employer in Vietnam.

My second account is a prepaid Visa debit card account, which ACB BANK calls an "International" account.

As recently as 3 days ago, I took Vietnam Đông withdraw from an ATM and deposited it into that Visa debit card account without any type of documentation; not even my passport.

I had thought that most basic TIMO accounts were similar to the ACB BANK "International" account, but if your information applies to all types of accounts at TIMO, I guess I was wrong.

OceanBeach92107 :
AkaMaverick :

Another restriction according Circular-No-16-2014-TT-NHNN:

All foreigners will no longer be able to deposit cash into their Timo account using a Timo Cash Deposit machine (CDM) at a Timo Hangout as per this circular. If you do try and deposit funds into a Timo CDM, your funds will be rejected till the time you can prove the source of funds.

However if you have the proper documents to prove your source of funds, you can continue to deposit cash into you Timo account via ANY VPBank branch counter.

Wow...that's huge.

I wonder if they are talking about ALL types of accounts?

As I think I've mentioned before, I have 2 accounts at ACB BANK:

Both Vietnam Đông accounts:

One account which ACB calls a "domestic" account, which has always had the restrictions you noted.

I can send my U.S. government direct deposit there.

I've also been told I can use it for wages sent to the bank by an employer in Vietnam.

My second account is a prepaid Visa debit card account, which ACB BANK calls an "International" account.

As recently as 3 days ago, I took Vietnam Đông withdraw from an ATM and deposited it into that Visa debit card account without any type of documentation; not even my passport.

I had thought that most basic TIMO accounts were similar to the ACB BANK "International" account, but if your information applies to all types of accounts at TIMO, I guess I was wrong.

The regulation is not new.
But Timo has only now restricted the deposit at the cash deposit machine.

I received the email from Timo today (the Timo Master Card is also affected).
https://timo.vn/en/blog/news-and-deals/ … -machines/

OceanBeach92107 :

Both Vietnam Đông accounts:

One account which ACB calls a "domestic" account, which has always had the restrictions you noted.

I can send my U.S. government direct deposit there.

I've also been told I can use it for wages sent to the bank by an employer in Vietnam.

My second account is a prepaid Visa debit card account, which ACB BANK calls an "International" account.

I don't know about that.
Maybe this is ACB specific.

With Timo and also with my other Vietnamese bank there is no special account for "domestic" and "international".

AkaMaverick :
OceanBeach92107 :
AkaMaverick :

Another restriction according Circular-No-16-2014-TT-NHNN:

All foreigners will no longer be able to deposit cash into their Timo account using a Timo Cash Deposit machine (CDM) at a Timo Hangout as per this circular. If you do try and deposit funds into a Timo CDM, your funds will be rejected till the time you can prove the source of funds.

However if you have the proper documents to prove your source of funds, you can continue to deposit cash into you Timo account via ANY VPBank branch counter.

Wow...that's huge.

I wonder if they are talking about ALL types of accounts?

As I think I've mentioned before, I have 2 accounts at ACB BANK:

Both Vietnam Đông accounts:

One account which ACB calls a "domestic" account, which has always had the restrictions you noted.

I can send my U.S. government direct deposit there.

I've also been told I can use it for wages sent to the bank by an employer in Vietnam.

My second account is a prepaid Visa debit card account, which ACB BANK calls an "International" account.

As recently as 3 days ago, I took Vietnam Đông withdraw from an ATM and deposited it into that Visa debit card account without any type of documentation; not even my passport.

I had thought that most basic TIMO accounts were similar to the ACB BANK "International" account, but if your information applies to all types of accounts at TIMO, I guess I was wrong.

The regulation is not new.
But Timo has only now restricted the deposit at the cash deposit machine.

I received the email from Timo today (the Timo Master Card is also affected).
https://timo.vn/en/blog/news-and-deals/ … -machines/

Thanks VERY much for including relevant links in your posts to this thread.

Very helpful!

Talked to my bank yesterday, They never heard about any new regulations.

RO

vikingjeger :

Talked to my bank yesterday, They never heard about any new regulations.

So...

You are saying that you showed your banking officer the actual links to new government regulations on official Vietnam government websites which can easily be found through the TIMO link posted in the OP (Original Post in this thread)?

Better still, you used your smartphone to load those official government regulations and then showed the official government banking regulations to your banking officer, and the banking officer denied any knowledge of the regulations?

Yeah, I didn't think so...

Read ..and understand ...
https://english.thesaigontimes.vn/69521 … gners.html

Spreading misunderstanding, never a good thing..

RO

AkaMaverick :

Another restriction according Circular-No-16-2014-TT-NHNN:

All foreigners will no longer be able to deposit cash into their Timo account using a Timo Cash Deposit machine (CDM) at a Timo Hangout as per this circular. If you do try and deposit funds into a Timo CDM, your funds will be rejected till the time you can prove the source of funds.

However if you have the proper documents to prove your source of funds, you can continue to deposit cash into you Timo account via ANY VPBank branch counter.

I got the same email. This is a major blow. Timo was a great device but the higher powers have cracked down. Not even a future date, effective immediately! 😡

OceanBeach92107 :
vikingjeger :

Talked to my bank yesterday, They never heard about any new regulations.

So...

You are saying that you showed your banking officer the actual links to new government regulations on official Vietnam government websites which can easily be found through the TIMO link posted in the OP (Original Post in this thread)?

Better still, you used your smartphone to load those official government regulations and then showed the official government banking regulations to your banking officer, and the banking officer denied any knowledge of the regulations?

Yeah, I didn't think so...

You need to find another hobby and stop trolling Vietnam expat. You and the rest of your cohorts (you know who you are).  Rarely any good advice or help but plenty of self-righteousness and sarcasm. This phenomenon seems to only exist on the Vietnam expat.

vikingjeger :

Read ..and understand ...
https://english.thesaigontimes.vn/69521 … gners.html

Spreading misunderstanding, never a good thing..

RO

You are reposting information that has already been posted in this thread and fully discussed.

That link was a loosening of the regulations specifically for savings accounts.

It's good information for those wanting to open a savings account (in Vietnam Đong only).

However, as the article states, 6 months of residency is still required.

New arrivals are not eligible.

So, returning to the topic of this thread, which is the ability of a new arrival Foreigner or other foreigners to first open a regular bank account here, those regulations are still in force and have not been changed.

"Spreading misunderstanding, never a good thing.."

Lars_Ned :
OceanBeach92107 :
vikingjeger :

Talked to my bank yesterday, They never heard about any new regulations.

So...

You are saying that you showed your banking officer the actual links to new government regulations on official Vietnam government websites which can easily be found through the TIMO link posted in the OP (Original Post in this thread)?

Better still, you used your smartphone to load those official government regulations and then showed the official government banking regulations to your banking officer, and the banking officer denied any knowledge of the regulations?

Yeah, I didn't think so...

You need to find another hobby and stop trolling Vietnam expat. You and the rest of your cohorts (you know who you are).  Rarely any good advice or help but plenty of self-righteousness and sarcasm. This phenomenon seems to only exist on the Vietnam expat.

When people post vague responses without substantiation of their assertions, especially in a sticky thread, and their post amounts to disinformation, I will always be certain to reply in a way that makes the facts clear to a casual reader who might otherwise be misinformed by the post.

And in reality, it was the unsubstantiated comment of vikingjeger which constitutes a "troll".

If you can't see that, and you find my response offensive, perhaps it's not too early after all...

Một, Hai, Ba...

vikingjeger :

Read ..and understand ...
https://english.thesaigontimes.vn/69521 … gners.html

Spreading misunderstanding, never a good thing..

RO

The notifications about changes in banking rules which banks send to their customers will probably not be wrong.

Timo took some time to implement the new rules.
At your bank it may take longer.
I also doubt that your bank has cash deposit machines.
The link I sent refers to these machines.
Cash deposits (and also transfers made from Vietnamese to Vietnamese bank accounts of expats) in general have always been associated with paperwork.

Lars_Ned :
OceanBeach92107 :
vikingjeger :

Talked to my bank yesterday, They never heard about any new regulations.

So...

You are saying that you showed your banking officer the actual links to new government regulations on official Vietnam government websites which can easily be found through the TIMO link posted in the OP (Original Post in this thread)?

Better still, you used your smartphone to load those official government regulations and then showed the official government banking regulations to your banking officer, and the banking officer denied any knowledge of the regulations?

Yeah, I didn't think so...

You need to find another hobby and stop trolling Vietnam expat. You and the rest of your cohorts (you know who you are).  Rarely any good advice or help but plenty of self-righteousness and sarcasm. This phenomenon seems to only exist on the Vietnam expat.

Coming from someone who has posted 10 times. Yep, I'm sure everyone is going to take your advice.

colinoscapee :
Lars_Ned :
OceanBeach92107 :


So...

You are saying that you showed your banking officer the actual links to new government regulations on official Vietnam government websites which can easily be found through the TIMO link posted in the OP (Original Post in this thread)?

Better still, you used your smartphone to load those official government regulations and then showed the official government banking regulations to your banking officer, and the banking officer denied any knowledge of the regulations?

Yeah, I didn't think so...

You need to find another hobby and stop trolling Vietnam expat. You and the rest of your cohorts (you know who you are).  Rarely any good advice or help but plenty of self-righteousness and sarcasm. This phenomenon seems to only exist on the Vietnam expat.

Coming from someone who has posted 10 times. Yep, I'm sure everyone is going to take your advice.

Your permanent poster should finally take into account that the number of posts sent and the number of likes received has nothing to do with your experience as an expat.
And I am sure that many Expats here have opened not their first account here, or have here more than one account.
Thanks to Facebook, Instagram, Twitter and Co. this information is unfortunately considered relevant by many people.
Rather unprofessionally such an attitude.

AkaMaverick :
colinoscapee :
Lars_Ned :


You need to find another hobby and stop trolling Vietnam expat. You and the rest of your cohorts (you know who you are).  Rarely any good advice or help but plenty of self-righteousness and sarcasm. This phenomenon seems to only exist on the Vietnam expat.

Coming from someone who has posted 10 times. Yep, I'm sure everyone is going to take your advice.

Your permanent poster should finally take into account that the number of posts sent and the number of likes received has nothing to do with your experience as an expat.
And I am sure that many Expats here have opened not their first account here, or have here more than one account.
Thanks to Facebook, Instagram, Twitter and Co. this information is unfortunately considered relevant by many people.
Rather unprofessionally such an attitude.

So you are more inclined to take advice from someone who has lived here for a short time and stayed in the tourist area.

The whole idea of these forums is to assist others.Over time you learn how things work here, and are able to convey that in posts.. With time spent here you are able to offer more factual advice than someone who has very little knowledge of the daily workings of VN.

I get a feeling Lars is just another lonely troll.

Almost everyone reading this thread should know that for every rule or government diktat in Vietnam there will be someone who has the opposite anecdotal experience.  This is true whether it is banks, visas, police, or any other government point of contact.  This is why there are so many posts here that say "I just opened an account at XYZ Bank no problems." or words to that effect.  In and of themselves those anecdotes do not disprove the rule.  The banks that are not will eventually get in line with government rulings or the government will reverse itself, whichever comes first.

THIGV :

Almost everyone reading this thread should know that for every rule or government diktat in Vietnam there will be someone who has the opposite anecdotal experience.  This is true whether it is banks, visas, police, or any other government point of contact.  This is why there are so many posts here that say "I just opened an account at XYZ Bank no problems." or words to that effect.  In and of themselves those anecdotes do not disprove the rule.  The banks that are not will eventually get in line with government rulings or the government will reverse itself, whichever comes first.

Thats very true. The spousal TRC in Viet Nam is for 3-years, yet when you go to different parts of VN this can vary from 1-3 years. There is no uniformity here, and the laws change like the weather.

THIGV :

Almost everyone reading this thread should know that for every rule or government diktat in Vietnam there will be someone who has the opposite anecdotal experience.  This is true whether it is banks, visas, police, or any other government point of contact.  This is why there are so many posts here that say "I just opened an account at XYZ Bank no problems." or words to that effect.  In and of themselves those anecdotes do not disprove the rule.  The banks that are not will eventually get in line with government rulings or the government will reverse itself, whichever comes first.

Very true, though the "anecdote" in question was reminiscent of a conversation my brother once had with my mother:

BRO: I don't believe I should have to go to school.

M: You have to go to school. It's the law

BRO: I asked Dad and he said I'm right. I don't have to go to school.

M: Oh really? You asked your father? What did you ask him, specifically. And what words did he answer you with, SPECIFICALLY???


😎

OceanBeach92107:  So do you feel that if your bank breaks the rules and chooses to let you open an account, should you tell them you refuse to do so because it is against regulations?  We have been round and round on this forum about participating in technically illegal actions simply to get through everyday parts of life in Vietnam.  The consensus seemed to be that as long as these transgressions were essentially victimless and common, such as paying a traffic policemen 200K so you can go on your way, that they are acceptable.  Haven't you signified that as long as you have the right agent, it is OK to obtain a one-year DN visa even if one has no real business intentions in Vietnam? 

I may have noted that some persons banking experiences are anecdotal, but that does not mean that they are not real.

THIGV :

OceanBeach92107:  So do you feel that if your bank breaks the rules and chooses to let you open an account, should you tell them you refuse to do so because it is against regulations?  We have been round and round on this forum about participating in technically illegal actions simply to get through everyday parts of life in Vietnam.  The consensus seemed to be that as long as these transgressions were essentially victimless and common, such as paying a traffic policemen 200K so you can go on your way, that they are acceptable.  Haven't you signified that as long as you have the right agent, it is OK to obtain a one-year DN visa even if one has no real business intentions in Vietnam? 

I may have noted that some persons banking experiences are anecdotal, but that does not mean that they are not real.

My post and your reply seem like a comparison of apples to oranges in my opinion.

I haven't been castigating ANYONE for successfully opening an account without having to comply with the new regulations.

If someone can, more power to them.

But in this particular thread, no one has convinced me that, in the face of these new regulations, they have somehow managed to open an account without completely complying with those same regulations.

Virtually all of the posts challenging the info in the OP of this thread have eventually been shown to be examples of past performance, prior to the enactment of the new regulations.

They other naysayers are basically saying that the real restrictions shouldn't be as reported in the OP.

As the OP in this particular thread, I have a special sense of responsibility to keep the conversation on point, if possible, and to clarify any confusing or unfounded information

OceanBeach92107 :

Virtually all of the posts challenging the info in the OP of this thread have eventually been shown to be examples of past performance, prior to the enactment of the new regulations.

Perhaps this threads need an unwritten rule that anyone who describes opening an account must specify the exact type, exact bank, exact branch, and exact date?

THIGV :

OceanBeach92107:  So do you feel that if your bank breaks the rules and chooses to let you open an account, should you tell them you refuse to do so because it is against regulations?  We have been round and round on this forum about participating in technically illegal actions simply to get through everyday parts of life in Vietnam.  The consensus seemed to be that as long as these transgressions were essentially victimless and common, such as paying a traffic policemen 200K so you can go on your way, that they are acceptable.  Haven't you signified that as long as you have the right agent, it is OK to obtain a one-year DN visa even if one has no real business intentions in Vietnam? 

I may have noted that some persons banking experiences are anecdotal, but that does not mean that they are not real.

I totally agreed with this.

THIGV :
OceanBeach92107 :

Virtually all of the posts challenging the info in the OP of this thread have eventually been shown to be examples of past performance, prior to the enactment of the new regulations.

Perhaps this threads need an unwritten rule that anyone who describes opening an account must specify the exact type, exact bank, exact branch, and exact date?

I thought that would be the "unwritten rule",  but I guess there will always be naysayers

THIGV :
OceanBeach92107 :

Virtually all of the posts challenging the info in the OP of this thread have eventually been shown to be examples of past performance, prior to the enactment of the new regulations.

Perhaps this threads need an unwritten rule that anyone who describes opening an account must specify the exact type, exact bank, exact branch, and exact date?

You forgot: nationality, type of visa, where and by what means of conveyance the morons entered the country (and if they declared their cash at Customs).

Unfortunately, you can't control anecdotal stupidity on a forum such as this.

The good thing is -
It's Vietnam... they will change the 'goalposts' next week... or, in two minutes with no notice.  :unsure

cruisemonkey :
THIGV :
OceanBeach92107 :

Virtually all of the posts challenging the info in the OP of this thread have eventually been shown to be examples of past performance, prior to the enactment of the new regulations.

Perhaps this threads need an unwritten rule that anyone who describes opening an account must specify the exact type, exact bank, exact branch, and exact date?

You forgot: nationality, type of visa, where and by what means of conveyance the morons entered the country (and if they declared their cash at Customs).

Unfortunately, you can't control anecdotal stupidity on a forum such as this.

The good thing is -
It's Vietnam... they will change the 'goalposts' next week... or, in two minutes with no notice.  :unsure

Brilliant post!

:up:  :one  :up:

I think the best that can be done is to point out misleading and incorrect posts as they happen, for the sake of future casual readers.

"Maybe" I should cut back on the sarcasm.

Maybe...

:D

I moved this over from the thread on Buying a condo in Vietnam.

OceanBeach92107 :

The links to the regulations are unchanged.

Your links are still second hand.  That is they link to a page from Timo/VP Bank and not the government.  Colinoscapee's link goes to SCB (Saigon Commercial Bank.)  Both are Joint Stock Commercial Banks and their information should be equally reliable.

Although your Timo/VP link cites government circulars, the links do not appear to be live.  In any case, one would need to be a Vietnamese lawyer to have much of a chance of successfully interpreting the circulars.  Not having a Timo account, I don't know exactly how it works, but perusing their website, it seems to me that part of their problem may be tied to the ability to deposit through use of the card.  There also seems to be an ability to move money around to related accounts by online devices as a phone, which may be another problem for the government.  The circulars may affect Timo in ways that do not affect other banks and account types.

I don't understand all the discussions.
I shared a link on November 1st with Timo announcing a change regarding the Cash Deposit Machines (CDMs).
This change is simply a fact and needs no discussion.
It should be helpful for Timo users and nobody else.

AkaMaverick :

I don't understand all the discussions.
I shared a link on November 1st with Timo announcing a change regarding the Cash Deposit Machines (CDMs).
This change is simply a fact and needs no discussion.
It should be helpful for Timo users and nobody else.

We agree

New topic