Easiest banks to deal with ?

    Hi fellow TA members.
Which banks do people think are the easiest to deal with ?  understand they are all pretty much governed by central government, however i’ve had conflicting stories about various banks. so i thought i’d throw it out there to see what thd members opinions are…,

Kind regards

bb
   

    -@Michael Boylan

It depends upon how exactly you want to use your bank account.

My wife and I have been using Agribank (separate accounts) since I obtained my 3-year spousal TRC in September 2022.

I'm able to transfer money to her and she can transfer back to me.

I have the domestic ATM card that uses the NAPAS instant payment service and qualifies for use with MOMO, Grab and other payment services.

However, I haven't been able to get them to give me a Visa debit card.

When I opened the account they told me not to bother opening a foreign currency account for my wire transfers.

For a brief time my wire transfers were immediately credited to my account in Việt Nam đồng, but in recent months the transfers are not cleared immediately and it requires us to call the individual branch where my account was opened.

Then the bank officer clears the deposit once I confirm my passport number and state that the source of the funds is from my USA Charles Schwab Bank, the place where my USA benefits are direct deposited.

ACB has finally issued me a NAPAS atm card in addition to renewing my Visa debit card, but I'm unable to transfer money to my wife.

However I am able to transfer money to my Agribank account.

NAPAS payments and transfers I make with Agribank are free so far, but ACB indicates a ₫10,000 VNĐ charge per payment, so I'm simply not using their card for payment purposes.

I already had a FOREX account at ACB, and when I wire US Dollars there it's credited immediately at the opening of the business day.

I then have to open up their main website with a web browser to basically sell my dollars to my VND account.

I can't do that in the app.

I'm still planning to look into Vietcombank to see if I can get the better combination of everything I need.

I'm also hoping that they will allow savings deposit accounts by foreigners that the government allows under current law.

Unfortunately, even though the government does allow savings accounts for foreigners it seems that the individual banks are resisting opening them because of the paperwork involved, especially under the requirements of the US internal revenue service for US citizens abroad.

VP Bank is another that has gotten good reviews from people I know here, and I might be checking that out soon.

There are a lot of people who have been living here for a long time who can tell you about the experiences they've been having with their bank, but for you, right now, the biggest challenge is going to be finding a bank that doesn't make it difficult for you to open an account under current regulations and also individual bank restrictions.

The current laws do allow certain things but they don't mandate that the banks must allow all of those benefits to foreigners.

Good luck!

Go with a foreign bank like HSBC, the local banks start to have more and more restriction (example VIB)   

    Hi fellow TA members.
Which banks do people think are the easiest to deal with ?  understand they are all pretty much governed by central government, however i’ve had conflicting stories about various banks. so i thought i’d throw it out there to see what thd members opinions are…,

Kind regards

bb
   

    -@Michael Boylan, Are you referring to languages that are easier to work with? If that's the case, I recommend considering international banks like HSBC, Shinhan Bank, or ANZ.,The most of the staff members are proficient in English and provide a good level of service compared to local banks.

Regarding rules and regulations, it appears that most banks in Vietnam adhere to similar guidelines. There isn't much variation from bank to bank. I believe you were already aware of this, as you mentioned it was quite conflicting.

I dont think there is any "easy" bank to deal with. Some just more difficult than others. I think most of the difficulties come from the state bank of Vietnam and their regulations on foreigners that impact all banks. In my search for a bank I got downright denied by everyone except Timo. I use to recomend Timo due to their ease of setting up an account and them actually accepting me instead of just turning me away. Ill also point out that most banks stated they wouldnt accept me because I was a US citizen, not because I was a foreigner. US citizens have much stricter guidelines that some banks just dont want to deal with. Not Vietnams fault, its requirements for reporting back to the US. My experience with Timo has been pretty aweful lately. Every time there is a new rule change Im required to drive back downtown to the local branch in person and verify my identity. It got so bad I had to do this 3 times in 2 weeks. If I didnt do it my account was locked. My wife uses Sacombank and she had the same requirements for identity verification but she was allowed to snap photos and upload them through the app. I was not. Unfortunately Sacombank is also one of the ones that wouldnt allow me due to being a US citizen. Luckily I live in Saigon but if you dont live in Saigon, Da Nang or Ha Noi then its a no to Timo.

@Michael Boylan Highly rcm you to go with international banks such as HSBC, Standard Chartered. They have more experiences in supporting expats/foreigners with international banking services.

You can go to directly to these banks or just contact w them online. My HSBC consultant helped me a lot with international banking

BIDV, Vietcombank, Vietinbank are good banks. Their apps are easy to use.

@Michael Boylan

You can search for top of bank in Viet Nam. Sacombank, Viettinbank is top.

    BIDV, Vietcombank, Vietinbank are good banks. Their apps are easy to use.       -@Hocthuenet

    @Michael Boylan
You can search for top of bank in Viet Nam. Sacombank, Viettinbank is top.
       -@Phan Ngoc Vy

Neither one of you is a foreigner using a Vietnamese bank.

It would be helpful if you would fully read the post again and provide specific insights as to why one bank is easier for foreigners to use.

HSBC is great for transferring money to and from a U.S. bank account. Not many branches but you can use any ATM that accepts Visa cards for free.

    HSBC is great for transferring money to and from a U.S. bank account. Not many branches but you can use any ATM that accepts Visa cards for free.
   

    -@Ford Prefect

Always nice to see your input since you've been in Vietnam along time.

We often have conflicting reports about HSBC and I wonder if your unique situation plays into your assessment of them?

I assume that you have a work permit and perhaps even get your pay direct deposited to your HSBC account by your employer?

If that's the case and you have that automatic proof of the source of your income, that would probably make it much easier for you to send money out of Vietnam.

Anyone attempting to send unverified source funds from their account to a bank outside of Vietnam is going to run into a stone wall no matter what bank they use.

@OceanBeach92107

I have been an HSBC customer for over 10 years, and I haven't encountered any problems with sending or receiving money through their accounts. I'm just an ordinary customer, nothing special. The bank has never inquired about the source or purpose of the money when I send funds from Vietnam to other countries.

If you've received money from overseas, you can also remit money back using the same account. That's what I was informed by the bank a while ago.

@OceanBeach92107

I have a work permit and my payroll is direct deposited into my HSBC account. I transfer money from that to my U.S. account and occasionally vice-versa. But I've never attempted to deposit cash or have a Vietnamese person transfer funds to my account for the very reasons you've stated.