Banking in Vietnam

I bank with HSBC. They are also connected with Techcom Bank so you get to access your VND account through Techcom ATMs.

As for drawing interest rate, I have not yet.

Don't go with Sacombank. They are struggling.

The interest paid by VN banks is illusory, since it is less than the rate of inflation. In other words the VN Dong is falling in value, around 50% in the past ten years.

Banks here are regulated by the State Bank of VietNam. It trots out new policies almost weekly. We have a fine new Governor of the SBV who is letting everyone know there is a new guy in town by enforcing regulations like crazy. He even fines government owned businesses.

Th SBV proclaims the rate of exchange, there is no Forex market governing the rate.

Banks here, including the HSBC, are thieves and robbers. You send money here and, magically, it disappears and you are given Dong at an exchange rate that is unbelievably low.

Even if you set up a Dollar Account (NO interest) you can't always get the money out in Dollars. In other words you have been screwed by the bank (including the HSBC).

So you keep your money overseas where money is money.

If you bring money in through an ATM there is no record of the transaction which will satisfy the SBV you brought money here. In other words, you have been screwed by your bank.

(Have you ever noticed that ATM receipts fade to blank after one year?)

So you use SWIFT, which produces sufficient paperwork to prove you brought money in. But then you have to get Dollars and you are using a thieving bank, like the HSBC - again. And you want Dollars?

Or you bring over USD$5,000 cash and declare it to customs. They give you acceptable proof you brought it in.

The game banks play is to acquire real, US Dollars, then they sell them to you IF YOU MEET SBV REQUIREMENTS and GET PERMISSION at extremely high rates.

THAT is why there is a thriving business in US Dollar cash notes.

If you think bankers are crooks because of their extremely high bonus payments, coming here to deal with them gives a whole new meaning to the definition of crook.

I do business here, and I bank, reluctantly, with the HSBC.

Hey guys,

That is a pretty good way to sum it up, Jaitch. 

I have been been here for a little over 3 years and got my Vietnamese citizenship for 2 years now, but I have only brought in no more than what I actually need: my business and no more. 

Furthermore, as a businessman, I am cofident that you will find better means to generate higher income than jumping all those loops for a 10% earning, Stephen.  When it is all said and done, that is about what you will get back in dollars, but you must be on the ball, or else...

Howie

Hey guys,

I'm coming to Saigon to live for a while and work as a teacher, I may stay for a long time if it works out. Would you say it's worth my while opening an account or you think I just just hang on to my dollars and spend them as I need to. (Keep them under the matteress so to speak)

Regards

Jed

I bank with Wells Fargo here in the US.  I have set up international funds transfer that I can collect in VN as US$.  I'm sure other major banks can also do this for you.  Your cash stays safe in the US but can be transfered overnight when you need it.

perry88 wrote:

have set up international funds transfer that I can collect in VN as US$

Yup.  That is what I do.  Just bring in what I need because transfering out is a pain.  I then exchange my dollars in the jewelry shops, not the banks.  I get a much better rates.

Howie

perry88, that works except for one hiccup. If you change your States side address with the bank to your address here in Vietnam to receive correspondence from them and such, they will no longer do the transfer. I changed mine with BoA when we retired over here and shortly after that attempted to do a transfer and they wouldn't allow it.
Howie, do you think it's safe enough now to start using the jewelry stores again? I'm still worried about the crack down on FOREX.

Budman1,

I have been using them for the last 2 weeks.  I think I am going to use them again later on today or tomorrow.  It is OK now, as far as I know.  Just spread it out a little...

Howie

When I retire in a few years we plan to keep our home in the US and spend part of the year in Nha Trang.  I've been with the banks(s) that became Wells Fargo for almost 30 and I don't plan on changing that relationship anytime soon.  All part of the road map leading to retirement.

Perry88,

A few years over there is like light years here.  For better or for worst, things change very quickly here.  You don't have to worry about that now.

Personally, I think by the time you actually retire, most of these strange monetary policies will not be there.  It is just a hunch...  So, worry more about saving up, my friend.

Howie