Bank advice - AUD to VND

Find a bank that will let you open an AUD account, send the funds in AUD then exchange into VND at the bank or gold shop. Dont receive it as VND, the exchange rate is usually lower.

Thank you

depending on the amount of superannuation you receive you could open an ING account and just have the superannuation paid into it and use your Australian cards here. I have been doing it for 2 years and it works well.

1. VN Bank fees to use ATM = reimbursed by ING.
2. ING overseas ATM fees - reimbursed.
3. 2.5% fee for overseas transactions = reimbursed.

$1000 AUD per month into the ING account and 5 eligible transactions and you get those benefits.

I have Grab and Lazada set up on one of my cards (I have 2 accounts - your combined transactions etc count)

The rate the bank charges is really good also. You get the mid-rate minus about 0.3%

You can take out 3-10 million VND per transaction depending on the bank and you can just do multiple withdrawals if you need more.

A lot easier than dealing with a Vietnamese Bank.

Thanks so much for this information, it really is very helpful.

Sounds like the type of bank I require as well. I retire this Wednesday and when Covid-19 settles down my wife and I will be spending 2-3 months at a time in her home town of Saigon. Are ING cards readily accepted at most of the ATMs? Thanks for your advice.
Tony

@ussieDave wrote:

depending on the amount of superannuation you receive you could open an ING account and just have the superannuation paid into it and use your Australian cards here. I have been doing it for 2 years and it works well.

1. VN Bank fees to use ATM = reimbursed by ING.
2. ING overseas ATM fees - reimbursed.
3. 2.5% fee for overseas transactions = reimbursed.

$1000 AUD per month into the ING account and 5 eligible transactions and you get those benefits.

I have Grab and Lazada set up on one of my cards (I have 2 accounts - your combined transactions etc count)

The rate the bank charges is really good also. You get the mid-rate minus about 0.3%

You can take out 3-10 million VND per transaction depending on the bank and you can just do multiple withdrawals if you need more.

A lot easier than dealing with a Vietnamese Bank.

Helpful about ING,  ty.

All i need now is some money. :-)

Can i add, for Australians, if you want cash, using the AU-VN money transfer service, HAI HA, you can get money (from your AU bank account) delivered to your door (in VN) - same day or next day - at very low fee and very good exchange rate (or they can put in a VN bank account).

They were an absolute lifesaver for me for all those reasons.

(for US, use RIA service for the same reasons. It is also in AU, but at some point ages ago, they made the system/requirements more difficult, so i haven't checked or used them for ages.)

1. Open a Global HSBC account in AUD and VND in both Australia & Vietnam.
2. Transfer AUD funds into your hsbc a/c
3. Open a WISE account in AUD and VND
4. Transfer AUD funds from HSBC into your WISE a/c
5. Convert AUD into VND as needed in your Wise a/c
6. Send VND funds to your HSBC Vietnam account from your Wise a/c

Notes:
-  I know of no other entity that provides the most favorable rate of exchange, at the lowest and most transparent cost than Wise
- HSBC is the only bank I know of that allows you to transfer online, & at zero cost, funds between all of your HSBC accounts that you have opened in multiple countries.

Hello I am Peter Wije from melbourne.

Transferring your AUD to a Vietnamese account is easy as ABC.  It is a  different ball game in the opposite direction.

As you will be working there with a long term  TRC Visa and work permit  you can open up a Bank account in VND or AUD or USD with a reputable Vietnamese Bank (who speaks English) to make your life easier.
In my case I use Sinhan Bank (formerly ANZ Bank) but now taken over by a Korean Bank. There are other Banks as well you can shop around or ask for advice from your working mates.

You can use your own Bank ANZ (Australian) and via Internet from Vietnam or any where in the world, you can  transfer AUD to you account in a Vietnam Bank . No problem.

Open an AUD account and transfer money directly to that. If it is a VND account you have to convert AUD to VND before sending it (the transferring bank or institution will do that for you.

Also remember in Vietnam, the Banks use names the other way.  That is the surname comes first followed by the other names.  so when you send money to your own account follow EXACT wordings in your account name.  If there is little gap or hiccup or letter wrong the transfer will be rejected. (there is no "Thinking outside the square being programmed for Vitnamese Bank staff).

Before you leave Australia,  remember to add the "Roaming " to your phone registered with the Australian Bank so that your will receive the authuntication  code or OTP (one time password) for transfers when you do transfers while you are in Vietnam via the  internet.

I find the Banks tend to charge a lot plus the Exchange rate is not favorable although it is reliable.
You have other cheaper options as well:
  I use the Australian Western Union they do not charge any transfer fees but they tend to make their profit on the differed exchange rate. Quite fast within say in less than 3  hours the money is in the VN Bank account. (take in to account the time difference of -3hrs)
  I also use the Tansferwise their exchange rate is the current rate (Best rate) , they charge a fee for transfer depending on the amount.
Depending on the amount you want to transfer each month,  you can calculate who offers the best rate and reliability before sending the money. Or to make life easy have a  standing order via your Australian Bank to transfer the money every Month to give you peace of mind at an expense.

I hope you got all the info needed. I will see you in Saigon when the COVID is finished (???)

peter Wije (Essendon)

Thank you Peter and to all other expats for your great advice.

We have 'struck a snag', you might say. The ball was rolling with the reputable employer and I was impressed with the communication standard. However, the employer submitted my husband's work visa application to the govt, and it was rejected. The reason stated was he didn't have the correct teaching qualifications, he has been an academic for 30years, in Australia and Europe, PHD, doctorate and author etc.  The employer requested he complete a course to comply with the govt, he has done that.  The employer previously were paying for the visa applications as part of the relocation package. Now the employer wants to delegate the visa application task to an agent at the cost of $600.
I am starting to become a bit unsure of this process, and if we are chasing something that is doomed to fail at a cost of $600, and letting other opportunities pass.

Given the CV19 situation the delay isn't an issue and understandable, the upfront payment is concerning and now not met by the employer. I have heard some the agents are not that honest, and are after a 'quick buck', for no result. 
Sitting in limbo, may be someone else has had this situation occur??????

mlehdey wrote:

Thank you Peter and to all other expats for your great advice.

We have 'struck a snag', you might say. The ball was rolling with the reputable employer and I was impressed with the communication standard. However, the employer submitted my husband's work visa application to the govt, and it was rejected. The reason stated was he didn't have the correct teaching qualifications, he has been an academic for 30years, in Australia and Europe, PHD, doctorate and author etc.  The employer requested he complete a course to comply with the govt, he has done that.  The employer previously were paying for the visa applications as part of the relocation package. Now the employer wants to delegate the visa application task to an agent at the cost of $600.
I am starting to become a bit unsure of this process, and if we are chasing something that is doomed to fail at a cost of $600, and letting other opportunities pass.

Given the CV19 situation the delay isn't an issue and understandable, the upfront payment is concerning and now not met by the employer. I have heard some the agents are not that honest, and are after a 'quick buck', for no result. 
Sitting in limbo, may be someone else has had this situation occur??????

Sounds like a load of bull.
If he has the correct documents for the work permit his employer can get the work permit no problem. Id say the person you are liasing with is pulling a shifty and doing a deal with an agent and sharing the money.

If you can, open a Charles Schwab investment checking account. Deposit as much as you'll need in AU Dollars, Order a debit card. Mine works on ATMs anywhere and dispenses local currency at the official exchange rate with no fees whatsoever. Oh, and ALL ATM FEES ARE REFUNDED at the end of each month. Try to find them online. Excellent customer service!

jimmythepiipe wrote:

If you can, open a Charles Schwab investment checking account. Deposit as much as you'll need in AU Dollars, Order a debit card. Mine works on ATMs anywhere and dispenses local currency at the official exchange rate with no fees whatsoever. Oh, and ALL ATM FEES ARE REFUNDED at the end of each month. Try to find them online. Excellent customer service!

The OP is Australian.  While US residents can open a Schwab account for any amount of money  (we opened ours with $1), international clients would need $25k (AUD$34k) minimum deposit.

Not a good idea unless he has that much of cash sitting idle.

I agree.
Alternatively the employer has changed their mind & asked their government contact to reject the application.

The government is refusing expat visas & my understanding is because many expats do not have private health insurance.
Knowing how inadequate the hospital & medical facilities were before CV the government does not want those expats placing an additional burden on the system.

Ciambella wrote:

jimmythepiipe wrote:

If you can, open a Charles Schwab investment checking account. Deposit as much as you'll need in AU Dollars, Order a debit card. Mine works on ATMs anywhere and dispenses local currency at the official exchange rate with no fees whatsoever. Oh, and ALL ATM FEES ARE REFUNDED at the end of each month. Try to find them online. Excellent customer service!

The OP is Australian.  While US residents can open a Schwab account for any amount of money  (we opened ours with $1), international clients would need $25k (AUD$34k) minimum deposit.

Not a good idea unless he has that much of cash sitting idle.

Not necessarily sitting idle dear girl, just invest in a S & P 500 tracker EFT & take a chance it will double in value in a year or 5

Thanks for confirming the situation is not normal, I wasn't sure, just wait and see I guess. Who knows if this  business will even stay afloat after this CV19 mess.

goodolboy wrote:

Not necessarily sitting idle dear girl, just invest in a S & P 500 tracker EFT & take a chance it will double in value in a year or 5

If you deposit it in a Schwab international account (you have one, if I remember correctly), can you use it to invest and Schwab still count it as your account balance?  What if you lose part of it, do you need to add to it to maintain the $25k requirement?

Ciambella wrote:

goodolboy wrote:

Not necessarily sitting idle dear girl, just invest in a S & P 500 tracker EFT & take a chance it will double in value in a year or 5

If you deposit it in a Schwab international account (you have one, if I remember correctly), can you use it to invest and Schwab still count it as your account balance?  What if you lose part of it, do you need to add to it to maintain the $25k requirement?

Not sure Ciambella never been in that situation to be honest. The stock portfolio certainly counts it does not need to be in cash. By the way not only do you get ATM fee's back, all or any wire transfers out of your account are free of transaction fee's also.
All I know is that since Covid hit the US markets rock bottom round about March 2020, anyone who had the bottle to invest at that time as it recovered have at least doubled their money if not trebled. The S & P 500 has doubled since its low March 2020 & the Nasdaq similar & Russel 2,000 similar.

goodolboy wrote:

Ciambella wrote:

goodolboy wrote:

Not necessarily sitting idle dear girl, just invest in a S & P 500 tracker EFT & take a chance it will double in value in a year or 5

If you deposit it in a Schwab international account (you have one, if I remember correctly), can you use it to invest and Schwab still count it as your account balance?  What if you lose part of it, do you need to add to it to maintain the $25k requirement?

Not sure Ciambella never been in that situation to be honest. The stock portfolio certainly counts it does not need to be in cash. By the way not only do you get ATM fee's back, all or any wire transfers out of your account are free of transaction fee's also.
All I know is that since Covid hit the US markets rock bottom round about March 2020, anyone who had the bottle to invest at that time as it recovered have at least doubled their money if not trebled. The S & P 500 has doubled since its low March 2020 & the Nasdaq similar & Russel 2,000 similar.

Someone posted a while back, implying that on the international account, ATM fees are immediately refunded? Not rebated at the end of the month? Is that correct?

OceanBeach92107 wrote:

goodolboy wrote:

Ciambella wrote:

If you deposit it in a Schwab international account (you have one, if I remember correctly), can you use it to invest and Schwab still count it as your account balance?  What if you lose part of it, do you need to add to it to maintain the $25k requirement?

Not sure Ciambella never been in that situation to be honest. The stock portfolio certainly counts it does not need to be in cash. By the way not only do you get ATM fee's back, all or any wire transfers out of your account are free of transaction fee's also.
All I know is that since Covid hit the US markets rock bottom round about March 2020, anyone who had the bottle to invest at that time as it recovered have at least doubled their money if not trebled. The S & P 500 has doubled since its low March 2020 & the Nasdaq similar & Russel 2,000 similar.

Someone posted a while back, implying that on the international account, ATM fees are immediately refunded? Not rebated at the end of the month? Is that correct?

I was that someone  & yes that is correct. Been a while now because of lock down since I used my card but thats my last Schwab card ATM withdrawal.

02/18/2020 as of 02/14/2020
Schwab ATM Rebate
SCHWAB ATM REBATE ATM SURCHARGE WAIVED
$1.94
02/18/2020 as of 02/14/2020
ATM Withdrawal
ATM0020 PGD DONG HUNG T HO CHI MINH

Open a Wise account and do the paperwork whilst in Australia.
Alternatively, use ofx.com but the rates are better using Wise.
Open both as a back-up plan maybe? But I've never had any issue with Wise.
Transfers from any Australian bank (OSKO compliant) to a Vietnam bank account takes literally seconds before the funds are available in VN.

Also ING Orange Everyday Account ATM Debit card use is free at all VN ATMs but the exchange rate is not as good as Wise / OFX.