Can't deposit cash into my account?

Just deposited cash in my bank yesterday and have many times before. I'm not sure about Vietcombank, maybe those are their rules?

Maybe it was because it was originally foreign currency? I exchanged a couple hundred USD to VND, and then asked if I could deposit the VND in my account and was told that I couldn't.

But it may just be a Vietcombank thing. In any case, it's not like it really matters. Even if it was in my account, I'd eventually just withdraw it from an ATM when I wanted to use it anyway. I just thought it was really weird and it wasn't explained very clearly to me, so I wanted to see if any other expats had similar experiences and knew more about it.

Dear friend,

According to the prevailing regulations of vietnam on foreign exchange control, the bank must verify the source of foreign currency cash deposited into an individual account. If you can show documents evidencing the legal source of that cash, such as: receipt of salary payment by cash, withdrawal slip for that cash from your bank account, then the bank can credit such cash amount in foreign currency into your personal account. If you cannot show any such evidences, your request shall be declined!

Vinh

treesahquiche wrote:

Maybe it was because it was originally foreign currency? I exchanged a couple hundred USD to VND, and then asked if I could deposit the VND in my account and was told that I couldn't.

But it may just be a Vietcombank thing. In any case, it's not like it really matters. Even if it was in my account, I'd eventually just withdraw it from an ATM when I wanted to use it anyway. I just thought it was really weird and it wasn't explained very clearly to me, so I wanted to see if any other expats had similar experiences and knew more about it.

Ah, that may be it. I always exchange my USD to VND from another source then take it to the bank. I was told you have to open a separate account to deposit USD.

I don't think your bank staff is right. To deposit Viet Nam Dong there is no problem, in my experience. If USD you should provide a customs declaration form/arrival card from the immigration where you can deposit upto $3000 within 3 months (HSBC).

Dear friend,

According to the prevailing regulations of vietnam on foreign exchange control, the bank must verify the source of foreign currency cash deposited into an individual account. If you can show documents evidencing the legal source of that cash, such as: receipt of salary payment by cash, withdrawal slip for that cash from your bank account, then the bank can credit such cash amount in foreign currency into your personal account. If you cannot show any such evidences, your request shall be declined!

Vinh

Ah, okay, I understand what happened now. I didn't have a certificate declaring where my USD were from. I got my USD from my bank in the US, and was told at customs that I didn't need to declare such a small amount. I should have exchanged my currency at another bank and then deposited it into my account that way. Oh well, now I know! Thanks everyone for your help.

The basic principle is the foreigner is only allowed to receive the legal income in vietnam . Evidence for legal source of money must be required.

Could you really deposit cash in VND to your account in Vietcombank? Didn't they ask for proof for source of money? Cuz I'm trying to deposit VND into my account and they say no...

I never had any issues with depositing or withdrawing moneys to my bank accounts at any bank in over 7 years now here in Vietnam. You fill in the pay in slip, (passport) copy with it and it's done.

However, there are some exceptions: a Vietnamese can not just so deposit money for a foreigner; some kind of invoice/contract must be shown when doing so, whilst the opposite way works just as normal
Currency withdrawing: the bank account must be in the currency, you want to withfraw

If your visa is more than 3 months then you can open an account in any bank.
Opening account in bank is not for joke as you know. Of course for transactions. If they don't know (yeah many khung staff don't know banking rules!) you should teach them 
If you want to deposit your foreign currency, then you should provide some documents ( a customs declaration signed by the immigration authority when you check out from the air port will suffice).
If you are working then should provide labor contract..
Otherwise just say 'business'.
Banking staffs in Vietnam are a 'total waste' for the company!
They just need salary, never care how to make profit for their company 

lenita1011 wrote:

Could you really deposit cash in VND to your account in Vietcombank? Didn't they ask for proof for source of money? Cuz I'm trying to deposit VND into my account and they say no...

lenita1011 wrote:

Could you really deposit cash in VND to your account in Vietcombank? Didn't they ask for proof for source of money? Cuz I'm trying to deposit VND into my account and they say no...

Vietcombank is the dumbest bank around. It is owned by the government.

What HSBC can do with two tellers a VCB across the road takes 10!

And what the VCB, and one user, said are plain wrong. I deposit cash-money, USD and Dong in my accounts regularly. On the one occasion I was asked the source of my deposit I told them I had just come in from overseas. The airhead asked for paperwork and I explained no paperwork, or declaration, is required for amounts under USD7,500. She took the money anyway.

And people ask me why I keep all my money dotted around overseas.

treesahquiche wrote:

I didn't have a certificate declaring where my USD were from. I got my USD from my bank in the US, and was told at customs that I didn't need to declare such a small amount.

THIS IS ALL YOU HAVE NEEDED TO TELL THE IGNORANT TELLER.

Jaitch wrote:

lenita1011 wrote:

Could you really deposit cash in VND to your account in Vietcombank? Didn't they ask for proof for source of money? Cuz I'm trying to deposit VND into my account and they say no...

Vietcombank is the dumbest bank around. It is owned by the government.

What HSBC can do with two tellers a VCB across the road takes 10!

And what the VCB, and one user, said are plain wrong. I deposit cash-money, USD and Dong in my accounts regularly. On the one occasion I was asked the source of my deposit I told them I had just come in from overseas. The airhead asked for paperwork and I explained no paperwork, or declaration, is required for amounts under USD7,500. She took the money anyway.

And people ask me why I keep all my money dotted around overseas.

" And people ask me why I keep all my money dotted around overseas "
and we all thought it was because you must have had too much?

kaka_sheva wrote:

the bank must verify the source of foreign currency cash deposited into an individual account. If you can show documents evidencing the legal source of that cash, such as: receipt of salary payment by cash, withdrawal slip for that cash from your bank account, then the bank can credit such cash amount in foreign currency into your personal account.

Your answer is full of ka-ka.

Verification doesn't require paperwork, just a verbal explanation which the teller writes on one of the many pieces of paper she has.

I always come in with CASH, and I never have a hassle. Just another dumb bank employee. Next time have them check with the legal department.

Thanks everyone    Let me try talking to them again tomorrow and see what they will do... Otherwise I need to open a new account in another bank. Any suggestion on which bank is more expat-friendly in Vietnam?

bluenz wrote:

and we all thought it was because you must have had too much?

Just because I donate a few hours a week instructing doesn't have any relationship to the balance in my bank accounts.

Few here can't afford to help their community by doing this.

Jaitch wrote:

bluenz wrote:

and we all thought it was because you must have had too much?

Just because I donate a few hours a week instructing doesn't have any relationship to the balance in my bank accounts.

Few here can't afford to help their community by doing this.

IT WAS A JOKE!!!!

Just came back from Vietcombank to try to deposit vnd, and the teller also told me I couldn't do that without a contract labor, or anything to show the provenance of that money (vietnamese currency) ....  the first time ever I see a Bank refusing money... how dumb is that? #Vietcombank #suck big time... oh well, I guess I'll just bring my business somewhere else...

With my Citibank account, I have been able to deposit VND, but for USD I have to show where I got it from and verify that I have paid taxes on it. Recently there was some sort of rule change with the banks, and I am not sure what the changes were or if they affect VND deposits or not. I have not tried to deposit VND in the last month.

I have been in Vietnam for 6 years + and just this year recently ran into the same problem. The government and banking industry (all of them) have tightened up on cash deposits because so many people, foreigner and locals, were not paying taxes on their money. I have retired 100% and they can not grasp the fact I have monies in USA and carry it to Vietnam converting to VND on street black market then deposit it in my bank. I just opened a USD account for transfers from USA and signed documents that I was not earning income in Vietnam. It is crazy but if you look at it from their view it makes sense. So many people are not paying taxes in Vietnam, especially the local rich Vietnamese.

Kennethc, is the street black market exchange rate that much better than the bank when converting USD to VND? What about VND to USD, do you happen to know the black market rate for that?

Vietcombank refused my cash deposit 4 months ago 
Just doing it with notorious HSBC!

Saigonizer wrote:

Just came back from Vietcombank to try to deposit vnd, and the teller also told me I couldn't do that without a contract labor, or anything to show the provenance of that money (vietnamese currency) ....  the first time ever I see a Bank refusing money... how dumb is that? #Vietcombank #suck big time... oh well, I guess I'll just bring my business somewhere else...

The interest on the street flexes up and down which is related to the govt. interest rates. Over the past 5 or 6 years of my time in Vietnam I have seen the interest decline from 14% now to 4.5%. Yes indeed, your exchange rate at street gold shops or money exchange places will be higher than the banks and they can be trusted. Just do yourself a favor, do not broadcast to people you intend to exchange money as local crime is bad. In all countries there are people that prey on others and will come to your hotel or apartment to rob you. Sealed lips ..........

In view of the fact that Vietnam has the second most corrupt banking system in the world, I suggest you open an account with a foreign bank...I used ANZ when I was living in Hanoi last year, and never had any problems with any money issues  (except the usual lack of it!!)

This is a subject that will be complained about forever, banks!  It's an old subject and it's going to get a lot worse.  The FACTA regulations, relating to USA citizens, is creating a ton of headaches and many enemies all throughout the banking systems of the world.  It's only going to get worse as FACTA may apply to USA citizens but the USA governement is using is control of the USA $ as the world's reserve currency to realign the future for more goverment control throughout the world. Not some conspiracy its been going on for awhile.   IF I owned my apartment or house in VN I would install a good home safe and ignore the banks.  As a renter is a problem and the best solution is an international bank account with an attached debit card.  I recognize that does solve all problems.

On my return this year to HCMC, Sacombank told me I needed evidence of the source of my dong that I wanted to deposit. (The first time in 6 years).  The branch refused to accept the ATM withdrawal slip as evidence, though I stated that they could easily trace the source back to my bank account in Scotland.
I then headed for the largest Sacombank branch to try again, and they accepted the ATM withdrawal slip as evidence of the source of the money.  I have done it twice now and had no problem at the larger branch, though on the second deposit they asked to photocopy my foreign bank card.  I had no problem with that request.
I understand why the  Government has reiterated the regulation (apparently people dodging tax) but it seems as if some bank staff interpret the regulation differently.
But, I am happy now that I have resolved the problem.......

scotlandwasforever wrote:

On my return this year to HCMC, Sacombank told me I needed evidence of the source of my dong that I wanted to deposit. (The first time in 6 years).  The branch refused to accept the ATM withdrawal slip as evidence, though I stated that they could easily trace the source back to my bank account in Scotland.

Will banks still need to verify the source of my cash if I declare it will customs upon entry?

While I have been able to deposit Dong into my VIETIN a/c, my employer refused, claiming they couldn't.

To open the account, I needed the labour contract. The same for overseas payments by Western Union.

Can it be that you should break your big deposit into smaller ones and make them at different branches? I hate having too much cash at hand!

The bank follws the rule that government set out to avoid money laundering.

I also experienced this as I returned from annual leave with left over foreign currency that I could not re-deposit into my Bank account.

I am married to a Vietnamese lady and I found that she couldd deposit money into my account, however and I get round it that way.

Maybe you go to the bank with a Vietnamese friend and watch them deposit the money into your account for you!
Crazy but it works.!

The government have recently changed the rules for foreigners when depsositintg cash into a bank account in Vietnam. Foreigners can only deposit cash if they can prove where it came from. They will accept a wage slip and / or an employment contract as long as they bear the company stamp.

allthingshcmc.com

The government have recently changed the rules for foreigners when depsositintg cash into a bank account in Vietnam. Foreigners can only deposit cash if they can prove where it came from. They will accept a wage slip and / or an employment contract as long as they bear the company stamp.

allthingshcmc.com

This is not true.  The bank (Vietcom) will tell you that the customs limit has nothing to do with the deposit policy.  You might be able to bring it in, but you cannot deposit it.  Total catch 22 situ that I am dealing with right now.

In my previous response I stated that my wife  (a Vietnamese national) could deposit cash into my account. This is no longer true - they have closed this loophole. This is a source of great amusement to my wife as it means that she then puts the cash into HER account. I bow to the superiority of my wife and the Vietnamese banking rules.

I may change my userename to No money, No honey, No funny.

My other answer is to spend the money in the many venues selling alcohol! When that happens I also face the No money, No honey, No funny. rule as stated aforesaid!

ok jpbsimpson that is a truly hilarious post. Thanks for making my day, after having so many ruined since I got here on Sunday.  FYI I was with local business colleague who came to bank to help me.  We both have accounts at same branch.  No luck.  Flat out "no deposits". I can go online and show them the withdrawals from foreign bank account in my name.  Nope - nogo.   Its crazy.  You end up with tourists and expats running around in Pettycrimeville, VN with thousands of dollars in their pocket.  How that makes sense is beyond me.,

"My other answer is to spend the money in the many venues selling alcohol! When that happens I also face the No money, No honey, No funny. rule as stated aforesaid!"

Thank the gods of wisdom!   Someone knows the Truth!   

..meanwhile, back at the Banks..?     

Hi treesahquiche,

Yes this is true for Vietcombanks. Your account must have been created by your employer to deposit your salary in it correct?

This is the same issue at my company where my employer had open bank accounts for all foreigners working at the company in order deposit our wages in it.

From the slew of responses ive seen on this post, im sure you've already found a solutions to this issue.

Best of luck in Vietnam
Tony

If you are traveling there for short term periods as a tourist I would suggest just carry a debit/ATM card from a foreign bank. Withdraw enough cash as when needed.

If you are working there then obviously there is no problem as you can show a labor contract right?

All very well and good if you are a tourist for a short time or actuall;y employed in Vietnam. I am, and many others are, married to Vietnamese, living in Vietnam, not working in Vietnam (as in working elsewhere or retired), and can still NOT put cash into our bank accounts! The casino development in Vietnam has stagnated from the fact that no more than US$5,000 can be legally taken out of the country at a time in cash, the cash won at the casino can NOT be deposited in a bank account in Vietnam ergo why would the high rollers come to Vietnam to gamble when they can avoid all of these restrictions in Cambodia, Macau etc.? A modicum of common sense would help if the government want to dectect illegal money but the present system is just too resrictive for ordinary people.