Opening a Bank account

Strange, i opened an account here without any problems. I had to prove the money had come from my legitimate earnings (salary) from my employment outside Vietnam & then moved the money from my account in USD & they were very very happy to get it.

HWJ wrote:

Hi
Im  Harold,
Iv been following this forum for a little bit,  forgive my ignorance if this topic has already been covered. Im hoping to move from Australia to Saigon and open up a small business and eventually live here once it stabilizes.
I have been to Vietcombank and the Sacombank and the HSBC bank and none of them will allow me to open up an account using AUD dollars or any currency!!!!!.
The Vietcombank will allow it but I cant open it with no more than 50k vnd  and once the business starts earning money then that's where I can bank it. The HSBC told me I must first reside in VN for 12mths with a valid work permit before I can apply for an account!. Sacombank told me to go see a Lawyer which I will tomorrow.
All I want to do is bring funds into this country to start up a business.

Can someone out there please tell me what I am doing wrong!.

I had no problems opening an account at Sacombank with a 3 month tourist visa.
Try another branch.

Go to Pasteur Street to TIMO Hangout and open an account in some minutes.

I only had to show my passport and visa at both banks.

Vietcombank wouldn't accept cash to open the account, they said I needed to prove where it came from, I said no prob I will get my accountant in ozz to email my latest tax return,  I said will I need the email translated? He said no because they will only accept it from an accountant in Vietnam.... WTF!!!!!
I said ok look heres my credit card please draw so much from it and use it to open the new account. That threw them. They went into a huddle  but came back with a refusal.
Fairdinkum.

As far as I know, you need about 500k to open an account.

Bring a Vietnamese and let the Vietnamese pay 500k into your account.

HWJ wrote:

Vietcombank wouldn't accept cash to open the account, they said I needed to prove where it came from, I said no prob I will get my accountant in ozz to email my latest tax return,  I said will I need the email translated? He said no because they will only accept it from an accountant in Vietnam.... WTF!!!!!
I said ok look heres my credit card please draw so much from it and use it to open the new account. That threw them. They went into a huddle  but came back with a refusal.
Fairdinkum.

Banking in VN is very much geared against foreigners. I dont bank with any government owned bank, their mindset is prehistoric. Try one of the smaller banks like HD Bank or Tien Phong bank.

Cheers will give it a try.

My own recent experiences have flipped my understanding of this issue.

Some of us have opened INTERNATIONAL accounts which are really prepaid debit card accounts.

I got mine at Asia Commercial Bank (ACB Bank)

There is a Swift code connected to that type of account, and in theory (I didn't try it yet) you can use it for direct deposits or wire transfers from outside the  country.

Maximum total balance allowed in my account is ₫200,000,000 VND

Up until a week ago, every bank told me that was the only kind of account I could open.

They all said I needed to meet more requirements (especially the employment contract) in order to open a DOMESTIC account, because (they said) with a DOMESTIC account, the bank must be able to prove the origin of deposits.

With my INTERNATIONAL account, I can simply walk into the bank and add cash to my account (prepaid debit card).

Then I was speaking to the bank again a week ago, and I guess I asked my question (again) in a slightly different way.

I said that I didn't want the account for local (in Việt Nam) deposits.

I asked if I could have the account just for deposits coming from the U.S. Government.

She said YES!

She immediately opened the new DOMESTIC account for me. She even linked it with (NOT "To") the debit card account online, so I can do internet banking with one username online.

The account has a ZERO balance, but it is open.

I'm not allowed to add any cash to it.

However, I have the Swift code and account number and address to use for the main Đà Nẵng branch.

So if my application for US Social Security goes through, ACB will accept the funds.

Further, she said I can wire transfer from Schwab Bank (U.S.) as well, since they can trace the source of that money.

I'm thinking that a lot of the confusion about this issue has come from the many foreigners who are here working under the table, getting cash and looking for a bank account to use.

I think it's just a knee-jerk reaction on the part of the banks to say no you can't open an account unless you have these requirements fulfilled.

So it probably helps to make it very clear to them that you want to open an account for electronic funds transfer.

Individual Banks may still turn you down, but this experience has taught me that it is possible to open an account here for electronic transfers.

I think its the amount i want to deposit is causing the problem.

HWJ wrote:

I think its the amount i want to deposit is causing the problem.

It also depends on which bank you are using. I have transferred large amounts without any issues.

I have an account in AUD here in Viet Nam.

Are you trying to open the account in your name or a business name?

Just need it in my name

HWJ wrote:

I think its the amount i want to deposit is causing the problem.

If it's cash.

Can you deposit it electronically?

Hopefully you realize that, if you are wanting to bring in a large amount of cash for a bank deposit, you may be raising red flags for money laundering, or the suspicion that you are attempting to evade taxation on income earned in Vietnam...?

Will need to wait until my partner registers the Company and me as the director then we can open a business account i can then start building capital up.

HWJ wrote:

Will need to wait until my partner registers the Company and me as the director then we can open a business account i can then start building capital up.

All well and good, but that wasn't your initial question.

I was just trying to get you to say if you are in fact attempting to bring a large amount of cash into the country, not attempting to make a large electronic transfer deposit here.

For the sake of the casual reader here on the Forum it's helpful for them to understand the issue you're facing by being specific.

HWJ wrote:

All I want to do is bring funds into this country to start up a business.

Should be easy.

HWJ wrote:

I think its the amount i want to deposit is causing the problem.

Sounds like the problem is you want to deposit cash. Guessing you brought a handful on the plane. But banks believe only crooks would have cash to deposit, because normal people squirrel away cash and gold in their houses. Really.

HWJ wrote:

Will need to wait until my partner registers the Company and me as the director then we can open a business account i can then start building capital up.

Might be a catch 22. Can't open a business account without income, but can't have income without a business.

HWJ wrote:

Can someone out there please tell me what I am doing wrong!.

As an experiment, try opening a personal account with 100.000d or whatever. Then try wiring $1000 from Australia using the swift code. Let us know how it goes.

gobot wrote:

HWJ wrote:

I think its the amount i want to deposit is causing the problem.

Sounds like the problem is you want to deposit cash. Guessing you brought a handful on the plane. But banks believe only crooks would have cash to deposit, because normal people squirrel away cash and gold in their houses. Really.

After opening a Timo account (VPBank), I wanted to transfer money from my Sacombank account to the new Timo account.

So I wanted to move 500 million dong from my Sacombank Savings Book (a real little book) to my own Sacombank current account.

But that wasn't possible.

So I had the money paid out in cash and drove it to the nearest VPBank branch.

The VPBank first didn't want to accept the money and deposit it into my new Timo account.

My wife then told them that we had just withdrawn the money from my Sacombank Savings Book.

We showed them the receipts and they accepted the money and deposited it into my new Timo account.


So I think if you can proof from where the money comes and you have someone who is Vietnamese with you, it is possible to deposit cash into your account.

Andy Passenger wrote:

gobot wrote:

HWJ wrote:

I think its the amount i want to deposit is causing the problem.

Sounds like the problem is you want to deposit cash. Guessing you brought a handful on the plane. But banks believe only crooks would have cash to deposit, because normal people squirrel away cash and gold in their houses. Really.

After opening a Timo account (VPBank), I wanted to transfer money from my Sacombank account to the new Timo account.

So I wanted to move 500 million dong from my Sacombank Savings Book (a real little book) to my own Sacombank current account.

But that wasn't possible.

So I had the money paid out in cash and drove it to the nearest VPBank branch.

The VPBank first didn't want to accept the money and deposit it into my new Timo account.

My wife then told them that we had just withdrawn the money from my Sacombank Savings Book.

We showed them the receipts and they accepted the money and deposited it into my new Timo account.


So I think if you can proof from where the money comes and you have someone who is Vietnamese with you, it is possible to deposit cash into your account.

I'm guessing you and the Vietnamese friend would need an official notarized document (with red stamp) stating something like:

"Tôi xác nhận rằng tiền đến từ dưới giường của chúng tôi"

OceanBeach92107 wrote:

Andy Passenger wrote:

gobot wrote:

Sounds like the problem is you want to deposit cash. Guessing you brought a handful on the plane. But banks believe only crooks would have cash to deposit, because normal people squirrel away cash and gold in their houses. Really.

After opening a Timo account (VPBank), I wanted to transfer money from my Sacombank account to the new Timo account.

So I wanted to move 500 million dong from my Sacombank Savings Book (a real little book) to my own Sacombank current account.

But that wasn't possible.

So I had the money paid out in cash and drove it to the nearest VPBank branch.

The VPBank first didn't want to accept the money and deposit it into my new Timo account.

My wife then told them that we had just withdrawn the money from my Sacombank Savings Book.

We showed them the receipts and they accepted the money and deposited it into my new Timo account.


So I think if you can proof from where the money comes and you have someone who is Vietnamese with you, it is possible to deposit cash into your account.

I'm guessing you and the Vietnamese friend would need an official notarized document (with red stamp) stating something like:

"Tôi xác nhận rằng tiền đến từ dưới giường của chúng tôi"

I think if the money is hidden for a long time in the mattress, it is laundred and the origin can no longer be proven. 

I have just xfered funds into 7 different accounts, 5 banks, 3 countries, via 3 beneficiaries from 2 countries. 4 currencies.

I am still tabulating the fees, exchange rates/spread, and documenting all the rules that we had to comply with.

Every VN bank neglected to fully disclose their  policies. no fee? No problem!  Once money arrives, no fee requires 30 days to not touch, and then 2-3 days prior notice, so bank can physically move cash.

It has been one heck of an eye opener.

Banking here is the most confusing process... want to open account, nope... cannot.
Even want to deposit cash .. nope

So have to trust apartment is secure to leave cash hidden... or hope i dont get robbed on the street

I have watched with interest many of the discussions on banking in Vietnam.  People are calling the banks irresponsible, saying that the bank staff will not help, calling the tellers stupid and more.  An outsiders arrogance will get you the following results at a local bank:   Nothing/None.

I have been living in Vietnam since 2006 and bank with Vietcombank.  It has been a good bank to deal with.  My accounts are in the Vietcombank tower building in District 1.

There are two very important considerations you should try to understand.  Banks are covered by very strict FOREX regulations imposed on them by the government.  Tellers are generally not going to go outside of a very narrow road map to assist you.  It is not that they are trying to be difficult, it is the culture of their work environment keeps them within narrow boundaries.  This is not just limited to the banking industry.

Most of the time, I have found that when I am facing difficulties at the bank, ti is because they do not fully understand what I want.  Even though many of the bank personnel speak English, Their English does not include slang or otherwise statements that are not worded in a simple format as well as dealing with multiple issues at once.

Regarding bank accounts.
Banks in Vietnam will not accept cash from a foreigner under almost any condition.  You cannot deposit or wire funds into a personal account unless you have an employment contract, and then you employer will have to make the transfer.

To bring foreign currency into Vietnam, you need an foreign exchange account for each currency you plan to bring into Vietnam.  I have  USD, EU and HKD accounts and have not seen a limit on the amount of money that can be transferred.  You will also need a VND personal account that allows only funds  from your foreign currency accounts be transferred into..  You will not be be able to deposit any cash into your personal account.  If you plan on investing in Vietnam, you will need an additional account strictly for investing against a known entity.  Again, these funds must be wired in from outside of Vietnam.  Hopefully sometime in the future, Vietnam will ease the restrictions on banking, but for now that's life.

You are a guest in their country.  Even educated young people may not have the worldly experience you have.  There is no reason to get upset and angry at them and them and later write disparagingly about them in a forum.  To what goal will you reach with such an attitude.  There definitely are people within the banking world in Vietnam that do not try and may see disrespectful.  They are few and I would guess a product of how they have been treated by foreigners.  Treat them with respect and understanding, you will find life much easier and less stressful.

I write this missive out of the experience I have in Vietnam since 2006 using my company.  I have done projects were we have brought several hundred million dollars at one time into Vietnam, there is an additional bureaucratic overhead when large sums are brought in, but not one problem.

Again, be respectful and patient, it will produce favorable results for you.

drailton wrote:

I have watched with interest many of the discussions on banking in Vietnam.  People are calling the banks irresponsible, saying that the bank staff will not help, calling the tellers stupid and more.  An outsiders arrogance will get you the following results at a local bank:   Nothing/None.

I have been living in Vietnam since 2006 and bank with Vietcombank.  It has been a good bank to deal with.  My accounts are in the Vietcombank tower building in District 1.

There are two very important considerations you should try to understand.  Banks are covered by very strict FOREX regulations imposed on them by the government.  Tellers are generally not going to go outside of a very narrow road map to assist you.  It is not that they are trying to be difficult, it is the culture of their work environment keeps them within narrow boundaries.  This is not just limited to the banking industry.

Most of the time, I have found that when I am facing difficulties at the bank, ti is because they do not fully understand what I want.  Even though many of the bank personnel speak English, Their English does not include slang or otherwise statements that are not worded in a simple format as well as dealing with multiple issues at once.

Regarding bank accounts.
Banks in Vietnam will not accept cash from a foreigner under almost any condition.  You cannot deposit or wire funds into a personal account unless you have an employment contract, and then you employer will have to make the transfer.

To bring foreign currency into Vietnam, you need an foreign exchange account for each currency you plan to bring into Vietnam.  I have  USD, EU and HKD accounts and have not seen a limit on the amount of money that can be transferred.  You will also need a VND personal account that allows only funds  from your foreign currency accounts be transferred into..  You will not be be able to deposit any cash into your personal account.  If you plan on investing in Vietnam, you will need an additional account strictly for investing against a known entity.  Again, these funds must be wired in from outside of Vietnam.  Hopefully sometime in the future, Vietnam will ease the restrictions on banking, but for now that's life.

You are a guest in their country.  Even educated young people may not have the worldly experience you have.  There is no reason to get upset and angry at them and them and later write disparagingly about them in a forum.  To what goal will you reach with such an attitude.  There definitely are people within the banking world in Vietnam that do not try and may see disrespectful.  They are few and I would guess a product of how they have been treated by foreigners.  Treat them with respect and understanding, you will find life much easier and less stressful.

I write this missive out of the experience I have in Vietnam since 2006 using my company.  I have done projects were we have brought several hundred million dollars at one time into Vietnam, there is an additional bureaucratic overhead when large sums are brought in, but not one problem.

Again, be respectful and patient, it will produce favorable results for you.

Why does your profile introduction talk about you in the third person?

I would guess I copied the profile from one of the projects my company is involved in.