Opening savings account in Vietnam

Lanna Prince · 2019-02-18T10:26:54+01:00

I have tried to update myself on the current rules for opening a savings account in a Vietnam bank. A number of forums about bank accounts are dated--I am sure rules have changed. Despite the fact many retirees are living in Vietnam, is it true that a work permit plus employment contract is required to open a bank account? Am interested in simply using said account to receive my monthly SSA pension payment from the U.S.A. Inconveniently, the SSA regional office in Manila refuses to provide me guidance on which banks they deal with in respect to direct-deposits of monthly pension payments. I've been referred by others to a number of banks's websites (Vietcom, Vietin, HSBC, SACOM among others) and keep encountering the same "work permit" reqm't. Surely people who are not running a business or currently employed--or holding a residency card-- are opening accounts in Vietnam these days? Pls advise.

Last activity 28 December 2019 by Peeweeaz1

3103 Views

41 replies

Post new topic

GuestPoster697Guest28 December 2019 03:07:14

#41

214245

OceanBeach92107 wrote:
Peeweeaz1 wrote:
I have frequently used Sharemoney to transfer money from my US bank account to an individual in VN for pick up at a local SACOM bank. Easy peasy.

That's an incredibly expensive solution for large sum transactions.

Their online fee is 2.99% and the maximum transaction is $2,999.00

At that rate, it would cost $89.67 for a $2,999.00 transfer, not including any fees by the receiving bank in Vietnam.

Charles Schwab Bank (for example) charges a $25.00 flat rate fee.

Not sure what Transferwise would charge for that same transaction from the USA to Vietnam, but I seem to recall that it's cheaper than Sharemoney and more expensive than Schwab.

There is another thread on here where we discussed that specific subject 'ad nauseam'.

I think he's talking about cash withdrawals without having a local bank account.
That would have to be compared to WesternUnion.
TransferWise does not offer such a service, and I don't think Schwab does either.

Peeweeaz1Active member28 December 2019 03:08:42

#42

Thank You

Articles to help you in your expat project in Vietnam

Opening a bank account in Vietnam
If you have decided to settle in Vietnam, you will definitely need to open a bank account. Not only will this be ...
Dating In Vietnam
If you're considering moving to Hanoi, or Ho Chi Minh City, the dating scene may be of interest to you. ...
Making phone calls in Vietnam
The telecommunications sector in Vietnam has flourished throughout the past two decades. Like many foreigners, ...
Moving to Vietnam with your pet
If you are planning to move to Vietnam with a pet, there are a number of formalities that have to be completed ...
Getting married in Vietnam
Have you met that perfect someone who you want to spend the rest of your life with? Luckily, getting married in ...
Driving in Vietnam
Vietnam is known for four categories of lush and diverse landscapes, and one of the easiest ways to see firsthand ...
The most popular neighbourhoods in Hanoi
Formerly known as Thang Long, Vietnam's present capital city was renamed Hanoi in 1831. This enchanting, ...
Sports activities in Hanoi
We know there's a lot of attention on the drinking culture in Hanoi, but what about the options for a healthy ...