Transferring Money to Vietnam

International MD wrote:

Is American Express widely accepted in HCMC (is. grocery stores, shops, restaurants, etc) for daily living?

No.

International MD wrote:

Hi everyone,

  In my research I read about the American Express' Bluebird card which allows one to put money on it without a bank account for purchases. Is American Express widely accepted in HCMC (is. grocery stores, shops, restaurants, etc) for daily living? I don't want a bank account until I get established and I need a way to move my money to Vietnam from the US. so I was thinking that this would be a good option. Plus, my family in the US could add money to my card (the US only allows you to take out a limited amount of money from the country and Vietnam only allows you to bring in a max amount without declaring at customs). Thoughts?

I was going to recommend the Brinks card because I've heard good things about it from friends, but now that I look at this list I would probably go with the PayPal card.

High Limit Debit Cards

I don't know that website so all six of these recommendations might not be worthwhile, but it gives you a place to start

Thanks for the website, OB! Which credit cards do the majority stores take there in HCMC?

International MD wrote:

Thanks for the website, OB! Which credit cards do the majority stores take there in HCMC?

Vietnam is a cash society, credit cards are still not widely used by the average VN.

visa and master card are accepted at many non-street shops. as for money laundering that's another story for another site. opening a bank account is super easy here unlike in other countries, you just need to show up and they give you an account. if you don't want to go that route then I would recommend opening a charles schwab checking account which gives you a visa card and lets you take out money using any non-shit bank ATM and they even refund ATM fee's and international transaction fees.

International MD wrote:

Thanks for the website, OB! Which credit cards do the majority stores take there in HCMC?

Visa is accepted at large supermarkets, large restaurants, large stores, and almost all hotels except the inexpensive ones. You can use Visa to pay for TV/Internet at home and WiFi data on your phone.  i use Visa for large transactions as often as possible, but never Charles Schwab Visa/debit card because that's my only cash withdrawing method. 

Once in a while, MasterCard logo is seen at the cash register.  Amex is a no-no. 

The credit card issued by local banks is accepted everywhere (except mom and pop stores).

International MD wrote:

I need a way to move my money to Vietnam from the US .... Plus, my family in the US could add money to my card (the US only allows you to take out a limited amount of money from the country and Vietnam only allows you to bring in a max amount without declaring at customs). Thoughts?

Open a Charles Schwab account.  The standard daily withdrawal limit is $1000 (higher limit is available upon request).  ATM fees are reimbursed and no foreign transaction fee is charged.  However, I strongly suggest that you do not use CS card as a credit card/debit card at POS, because if there's a flag on the card, you will not be able to withdraw money for your living expense until it's replaced.

Use your other Visa (more popular) or MC (less popular) at POS.

Widely no, but I have used my American Express at many places in HCMC and Hanoi.

For USA you may bring into or take out of the country, including by mail, as much money as you wish. However, if it is more than $10,000, you will need to report it to CBP. Use the online Fincen 105 currency reporting site or ask a CBP officer for the paper copy of the Currency Reporting Form (FinCen 105). The penalties for non-compliance can be severe.
Ten thousand dollars will go a long way in Vietnam. The money limit coming into Vietnam is $5000. There are Western Union transfer and receipt options available at most banks so your family could send you money that way. Keeping in mind that transactions of $5000 at Western Union will get federal scrutiny.

pogiwayne wrote:

There are Western Union transfer and receipt options available at most banks so your family could send you money that way. Keeping in mind that transactions of $5000 at Western Union will get federal scrutiny.

Or your family can simply deposit the money into your CS account and you withdraw it here, no declaration or commission required.

Be aware that if the money is deposited to a CS account on Friday evening, it'll not show up on your account (even though it's there) until Monday morning Central Time (which is Monday evening VN time).

I haven't had any problems using a MC at stores that accept CCs.  I haven't found many that will take an AmEx, but there are some.

I use a CapitalOne 360 checking account with their MC debit card for cash.  CapOne doesn't charge any fees, unlike my credit union Visa, which charges 1% on foreign transactions.  There are a couple of Vietnamese bank ATMs that don't charge any fee with this card, so I'm incurring no extra costs this way.

I also recently opened a Vietcombank checking account to pay my rent and various other costs, like phone and electricity.  I funded it with Wise transfers from my credit union.  That cost me a bit less than 1% in fees, but it was worth it to me for the convenience of paying bills on my phone or computer.

I've used both u.k. bank issued visa and mastercard at Lotte Mart (which is one of the major supermarkets here in Vietnam). Not tried Amex.

The reason I say U.K issued is because when I tried to link one of these debit or credit cards with Grab Taxi, the app wouldn't let me as it was an 'international card'. Presumably, local bank issued visa/mastercard would have been fine.

I've since been able to link a local bank issued NAPAS card - which is a popular network in Vietnam.

cashless payment systems such as MoMo are also catching on:
https://agiletech.vn/momo-wallet-vietnam-super-app/

also VN VNPAY

sanooku wrote:

I've used both u.k. bank issued visa and mastercard at Lotte Mart (which is one of the major supermarkets here in Vietnam). Not tried Amex.

The reason I say U.K issued is because when I tried to link one of these debit or credit cards with Grab Taxi, the app wouldn't let me as it was an 'international card'. Presumably, local bank issued visa/mastercard would have been fine.

I've since been able to link a local bank issued NAPAS card - which is a popular network in Vietnam.

cashless payment systems such as MoMo are also catching on:
https://agiletech.vn/momo-wallet-vietnam-super-app/

also VN VNPAY

About 18 months ago i used a ik issied card for grab and it worked fine, maybe i just got lucky

Jlgarbutt wrote:

sanooku wrote:

I've used both u.k. bank issued visa and mastercard at Lotte Mart (which is one of the major supermarkets here in Vietnam). Not tried Amex.

The reason I say U.K issued is because when I tried to link one of these debit or credit cards with Grab Taxi, the app wouldn't let me as it was an 'international card'. Presumably, local bank issued visa/mastercard would have been fine.

I've since been able to link a local bank issued NAPAS card - which is a popular network in Vietnam.

cashless payment systems such as MoMo are also catching on:
https://agiletech.vn/momo-wallet-vietnam-super-app/

also VN VNPAY

About 18 months ago i used a ik issied card for grab and it worked fine, maybe i just got lucky

There is a difference in the GRAB app between adding a payment method and linking a payment method to the "Moca wallet" (which is how you then access all of their special promotions and discounts).

I've also successfully used an international credit card (U.S. Mastercard) as a payment method many times in the GRAB app.

However, I can't add the card to the Moca wallet.

Also, I can't add either one of my ACB Bank Visa debit cards to Moca, even after the bank attempted to help me with it for about 20 minutes.

ACB cards are supposed to be eligible, however it seems my particular accounts (for a foreigner) are not eligible.

I think sanooku has found 1. an eligible card AND has 2. an eligible account

Thanks to everyone for your advice and replies. Preparing for a new country is overwhelming to say the least! Now, I just need to find a job there....🙂

An American friend has been using PayPal Xoom ... His VN Wife opened an HSBC account.  They linked Xoom via Paypal and their USA funds.  $3 usd to transfer and about 1.5% exchange rate.  Last time, transfer took 8 hours.   Hsbc ATMs are free to use, and local banks (vnd) pay out nearly 8%.
   USA bank debit Cards are good, but have higher fees.  Cash back credit cards with No Currency Exchange fees is helpful. Besure to install the credit card and banks apps.

dionstravels wrote:

...opening a bank account is super easy here unlike in other countries, you just need to show up and they give you an account...

Only if the person meets the requirements of banking regulations:

expat.com/forum/viewtopic.php?id=859279

dionstravels wrote:

...opening a bank account is super easy here unlike in other countries, you just need to show up and they give you an account...

For some reason you seem to have none of the problems that over 90% of other expats seem to have.  You have also reminded us that bribery works just fine in Vietnam.  Perhaps you should write a book.   

I'm a realist, I'm just telling things as they are for me. This is a public forum if your opinions are different then feel free to voice them out.

dionstravels wrote:

I'm a realist, I'm just telling things as they are for me. This is a public forum if your opinions are different then feel free to voice them out.

No.

You don't do that.

What you do is, you make broad statements in this thread and in other threads which imply that you have knowledge about everything related to that subject.

But now when you are called on it, you back up and say, well it's just my anecdotal experience.

And now you are also saying it's your opinion, and not that you are sharing an actual known fact.

If you want to have your input respected, you might just clarify that from the start.

If you have a personal experience or anecdotal experience from someone else to share, or an "opinion", fine.

But please don't put forth things as general knowledge when in fact they aren't.

I have not backtracked on anything I have said. I'm speaking on my personal experiences and not on speculation, also in general I don't think it's wise for anyone to be seeking expert advice on a public forum, which is what I see happening often, and it's always a handful of 'experts' chiming in with their 2 cents. As with anything in life YMMV.

dionstravels wrote:

I have not backtracked on anything I have said. I'm speaking on my personal experiences and not on speculation, also in general I don't think it's wise for anyone to be seeking expert advice on a public forum, which is what I see happening often, and it's always a handful of 'experts' chiming in with their 2 cents. As with anything in life YMMV.

Booom... Crashed and burned.. there are lot of people here with considerable experience who would be the go to source for information that your shady misguided opinions..

People only want facts not stories when it comes to dealing with daily challenges

I also had no problem in getting a VietcomBank account and debit card.
Just needed passport and reesidence.

Davet109 wrote:

I also had no problem in getting a VietcomBank account and debit card.
Just needed passport and reesidence.

And you did this how long ago and under what set of regulations?

What sort of Visa did you have in that passport? How long was it valid for?

It's nice to know that there was a time that you were able to do that.

However under current regulations you're describing a process that's impossible unless you are approved to be in the country for more than one year, per your Visa.

OceanBeach92107 wrote:

...However under current regulations you're describing a process that's impossible unless you are approved to be in the country for more than one year, per your Visa.

My one-year visa expired 10 October, 2020 and I successfully applied for a bank account with Vietcombank on 15 December, 2020 on a three-month visa extension.  Because I no longer had a one-year visa, the bank told me that my account was limited -- no cash deposits, with funding only allowed from a foreign account, no debit card, no credit card and a few other restrictions, but I was able to open an account, in about 30 minutes.

paulmsn wrote:

OceanBeach92107 wrote:

...However under current regulations you're describing a process that's impossible unless you are approved to be in the country for more than one year, per your Visa.

My one-year visa expired 10 October, 2020 and I successfully applied for a bank account with Vietcombank on 15 December, 2020 on a three-month visa extension.  Because I no longer had a one-year visa, the bank told me that my account was limited -- no cash deposits, with funding only allowed from a foreign account, no debit card, no credit card and a few other restrictions, but I was able to open an account, in about 30 minutes.

Reminds me of the story of the rancher who said that one of his cows had given birth to something that had no legs and was blind and couldn't hear or smell, but it was still a cow...

OceanBeach92107 wrote:

.

Best reply ever!   

OceanBeach92107 wrote:

Reminds me of the story of the rancher who said that one of his cows had given birth to something that had no legs and was blind and couldn't hear or smell, but it was still a cow...

Somehow, though, I can pay my bills on my phone, transfer money to others and take out money. 

I remember a time when bank accounts didn't have credit cards or debit cards.  When did that become the definition of a bank account?

It waqs a few years back and yes you are correct i had a three year Visa.

paulmsn wrote:

OceanBeach92107 wrote:

Reminds me of the story of the rancher who said that one of his cows had given birth to something that had no legs and was blind and couldn't hear or smell, but it was still a cow...

Somehow, though, I can pay my bills on my phone, transfer money to others and take out money. 

I remember a time when bank accounts didn't have credit cards or debit cards.  When did that become the definition of a bank account?

& I remember a time when Banks actually paid you to have money saved in their bank. I had a right shock the other day with an account held in Channel Islands in EURO. I stupidly thought they were paying me 0.7% interest on that account. Turns out I was paying them 0.7% just for the privilege of having my money there!!

goodolboy wrote:

& I remember a time when Banks actually paid you to have money saved in their bank. I had a right shock the other day with an account held in Channel Islands in EURO. I stupidly thought they were paying me 0.7% interest on that account. Turns out I was paying them 0.7% just for the privilege of having my money there!!

My banks still pay me money, but it amounts to dollars or cents a month.  Even my account here at Vietcombank pays me a little.  I couldn't figure out why I had a few thousand dong more than before one time, but after translating the message I found they were paying me interest.  They never told me that when I set up the account.

2014 in Hanoi I attempted to mail a personal check drawing on a US bank account to a friend in the US. A that time an envelope always had to be open for inspection before licking it closed. The post office refused to send it even after I explained no funds are being sent out of Vietnam. It was a no go.  I drove a short distance to another post office, pre-licked the envelope closed, handed it to the clerk, paid the postage, and the personal check was on its way. Always more efforts involved, best to roll with the punches and smile (when possible).

River Frogs wrote:

2014 in Hanoi I attempted to mail a personal check drawing on a US bank account to a friend in the US. A that time an envelope always had to be open for inspection before licking it closed. The post office refused to send it even after I explained no funds are being sent out of Vietnam. It was a no go.  I drove a short distance to another post office, pre-licked the envelope closed, handed it to the clerk, paid the postage, and the personal check was on its way. Always more efforts involved, best to roll with the punches and smile (when possible).

Uniformity is an unknown thing here.

I used my passport and the address for the Hotel I was staying in on Pham Ngu Lao in Saigon to Open my account in Sacom Bank...........in fact they opened two accounts for me, one for Vietnam Dong and one for US dollars, and gave me a Mastercard.........I was a tourist when I did this.    But that was 2 years ago, pre-pandemic, don't know if rules have changed or not.     Peace

Free transfers using Citibank US to Citibank VN has been explained either in this thread or others.  They call this Citi Global Transfer and the big downside is that you need a Citi account on both sides. 

Citi US is now advertising that they will make free wire transfers to other countries and presumably to other banks.  The downside may be that the transfer is described as "in foreign currency" which means you will get their exchange rate in New York which is almost surely a lot worse than a gold shop in Saigon.  Also, they are also not describing a zero fee schedule but a waiver of the regular $35 fee so this may be temporary.

I don't have any experience with and am not endorsing this method.  I am simply passing it along as something new.

tunnelrat69 wrote:

I used my passport and the address for the Hotel I was staying in on Pham Ngu Lao in Saigon to Open my account in Sacom Bank...........in fact they opened two accounts for me, one for Vietnam Dong and one for US dollars, and gave me a Mastercard.........I was a tourist when I did this.    But that was 2 years ago, pre-pandemic, don't know if rules have changed or not.     Peace

... choi oi. i don't understand, but wow. i know the only consistency is inconsistency, but ...

(btw, it was two years ago when i was refused everywhere)

Jlgarbutt wrote:

sanooku wrote:

I've used both u.k. bank issued visa and mastercard at Lotte Mart (which is one of the major supermarkets here in Vietnam). Not tried Amex.

The reason I say U.K issued is because when I tried to link one of these debit or credit cards with Grab Taxi, the app wouldn't let me as it was an 'international card'. Presumably, local bank issued visa/mastercard would have been fine.

I've since been able to link a local bank issued NAPAS card - which is a popular network in Vietnam.

cashless payment systems such as MoMo are also catching on:
https://agiletech.vn/momo-wallet-vietnam-super-app/

also VN VNPAY

About 18 months ago i used a ik issied card for grab and it worked fine, maybe i just got lucky

oh .. UK issued :-)