Transferring USD to Dong in Vietnam

Ksinger101 wrote:

My question is simple yet difficult for me.  I have read on here different requirements to open a domestic bank account in Vietnam.

My situation is pretty simple.  What is the best way to transfer USD to VD? 

I have currently been declared disabled and plan to move to Saigon because of the low cost of living.  I receive direct deposits monthly from SS into a US bank account.  I am unable to switch direct deposits to a bank overseas.  I am looking for a simple way to TRANSFER funds from my US bank account to a Vietnamese bank.

Of coarse I wish to do this for little or no fees.  I will not be working and have a one year tourist visa.  I assume after visa expires I will have to leave the country and return.  That, however, is a completely different issue.

If I were you...

I would open a Schwab Bank account and switch my direct deposits there.

Then, in Vietnam, I would withdraw dong from any ATM.

Once a month, Schwab will rebate your ATM withdrawal fees to your bank account.

So your first month here you will take a hit against your bank balance for the charges, but every month after that the charges will be offset by the monthly rebate.

Now, before you ask follow up questions to clarify, PLEASE do a keyword search in the Vietnam forum for "ATM".

The subject has recently been discussed here ad nauseam.

Good luck!

What OB said. That is by far the cheapest and easiest.

I use my Capital One Master Card in Vietnam for CC purchases. There are no fees associated with its use WRT transaction fees or conversion to vnd.

Jim-Minh wrote:

What OB said. That is by far the cheapest and easiest.

I use my Capital One Master Card in Vietnam for CC purchases. There are no fees associated with its use WRT transaction fees or conversion to vnd.

Yes, Schwab is apparently not the best for everything.
https://www.nerdwallet.com/blog/banking … al-travel/

But these are banks for those resident in the USA.

For others, unfortunately, there are not many options.

I think that the vast majority have to live with having to lose a few percent for currency loss and fees.  This is especially true for those who do not return to their home country a few times a year or for those who sometimes need more money than they can get from the ATM.

American? Repeating what everyone says. I've used Schwab checking for 4 years here. Can withdraw up to $1000 per day here at ATMs. ATMs fees reimbursed. Good currency conversion rate. Bring credit cards that pay 2% cash back too, you can use them in big stores, flying, hotels, online purchases, etc.  Bring cash too though, up to $5000 in new $100 bills. For emergency cash is king. You don't want a Viet bank account.

Just in case the above-mentioned ideas are not suitable, here is another answer. Opening up a TIMO bank account is very easy and takes about 15 minutes. You get an ATM/ debit card immediately. The TIMO account has other benefits too, such as topping-up your mobile phone account. You can then use Transferwise to transfer money from your home bank account to your TIMO account. There is no charge to withdraw money in Vietnam from your TIMO account. On a different subject, you still have to leave the country every 90 days on the one-year tourist visa -- just cross the border and re-enter is fine.

2x on the Timo card

TheProf3141 wrote:

Just in case the above-mentioned ideas are not suitable, here is another answer. Opening up a TIMO bank account is very easy and takes about 15 minutes. You get an ATM/ debit card immediately. The TIMO account has other benefits too, such as topping-up your mobile phone account. You can then use Transferwise to transfer money from your home bank account to your TIMO account. There is no charge to withdraw money in Vietnam from your TIMO account. On a different subject, you still have to leave the country every 90 days on the one-year tourist visa -- just cross the border and re-enter is fine.

I am also very satisfied with TIMO.

Especially the app is great.

Once you have paid the first electricity bill with TIMO, the next time you pay, you will automatically see the open bill for the current month. All you have to do is confirm and enter the OTP.

Phone topup is also very simple. The numbers can be taken from the phone contacts.

Wire transfers are also easy. Simply enter the bank and the account number and the account holder is automatically displayed.

Term deposits can be created several with different maturities with only a few clicks.

With the debit bank card 20 million per transaction can be withdrawn at the VPBank ATMs and at the TIMO Hangout and 100 million per transaction can be deposited at the TIMO Hangout.


The Sacombank e-banking and phone app are also great.


With both apps, you can log in to the bank by your phone fingerprint function. Both use OTP for each transaction.


My Swiss bank can't keep up.

Andy Passenger wrote:

TheProf3141 wrote:

Just in case the above-mentioned ideas are not suitable, here is another answer. Opening up a TIMO bank account is very easy and takes about 15 minutes. You get an ATM/ debit card immediately. The TIMO account has other benefits too, such as topping-up your mobile phone account. You can then use Transferwise to transfer money from your home bank account to your TIMO account. There is no charge to withdraw money in Vietnam from your TIMO account. On a different subject, you still have to leave the country every 90 days on the one-year tourist visa -- just cross the border and re-enter is fine.

I am also very satisfied with TIMO.

Especially the app is great.

Once you have paid the first electricity bill with TIMO, the next time you pay, you will automatically see the open bill for the current month. All you have to do is confirm and enter the OTP.

Phone topup is also very simple. The numbers can be taken from the phone contacts.

Wire transfers are also easy. Simply enter the bank and the account number and the account holder is automatically displayed.

Term deposits can be created several with different maturities with only a few clicks.

With the debit bank card 20 million per transaction can be withdrawn at the VPBank ATMs and at the TIMO Hangout and 100 million per transaction can be deposited at the TIMO Hangout.


The Sacombank e-banking and phone app are also great.


With both apps, you can log in to the bank by your phone fingerprint function. Both use OTP for each transaction.


My Swiss bank can't keep up.

Since there are several companies vying to be the "winner" in this field I keep a low balance on my Timo. Their relationship with vpbank is a bit vague, or it was last year. Their offices "hangouts" are a coffeeshop. So if they go under, poof maybe goes the balance. I was able to do a withdrawal at a VPbank so perhaps they are connected better again. At one point the hangout told me vpbank not really connected, more a partner. But this was August last. Yes the option to lock/unlock on the app is great. And when I did two quick 2mil withdrawals they immediately contacted me to make sure I was not hacked or ATM skimmed. Love my Timo. Carry just it, and a copy of passport / visa and a few dong, good to go. And a few hundred K in my shoe for plan "C" so that I can get home if pickpocketed.

BiaRia#1 wrote:

Since there are several companies vying to be the "winner" in this field I keep a low balance on my Timo. Their relationship with vpbank is a bit vague, or it was last year. Their offices "hangouts" are a coffeeshop. So if they go under, poof maybe goes the balance.

Don't worry.
Timo is VPBank.

This is from the Timo terms and conditions:

Article 1. Definitions

1.        “VPBank/Bank”: is Vietnam Prosperity Joint Stock Commercial Bank. VPBank includes Branches, Transaction Offices and other sale channels of Vietnam Prosperity Joint Stock Commercial Bank.

2.        “Timo Channel/Timo”: is the sale channels for e-banking services of VPBank, which allow Customer to perform banking transactions after being identified, open spend account and register e-banking services in accordance with regulations.

If you have a credit card and have computer access to your bank account you can use a money transfer service via computer to get money delivered to you personally. It is not the cheapest way but it is fast, like tomorrow.

I came here in 2005 and had a US Chase account.  Using an ATM over here was killing me.  In 2009 I changed everything to HSBC out of Buffalo, NY.  HSBC is everywhere...world wide.  I transferred my military retired payment to them and now have my SS checks direct deposited as well.  I have no residence in the US and have been using a Vietnamese address here for the past 6 years.  It costs me $3.00 a month in maintenance fees and when using a HSBC ATM anywhere thus far has cost me no additional fees.  July will be 10 years and I've advised many about such from America and to those who are Vietnamese to open an HSBC account in the States and in Vietnam to transfer much easier.  I swear by HSBC.

An add on...I do not have a HSBC account in Vietnam...the nine pages of paperwork is far too much for me to accept.  Again, I do not have a residence in the States...haven't for 15 years.

Anthony64 wrote:

An add on...I do not have a HSBC account in Vietnam...the nine pages of paperwork is far too much for me to accept.  Again, I do not have a residence in the States...haven't for 15 years.

Be clear, please:

Is the official bank address ON YOUR HSBC ACCOUNT here in Vietnam?

You know, if you were to print out a statement or any official bank notice for your account, what (nation) address would show?

Why do you state not to have Vietnamese bank account?  It would seem to be convenient

I agree with OB. The Schwab investment checking account is the way to go. ALL ATM fees are refunded once a month. There are no currency conversion fees, and exchange rates are at daily par value. HSBC allows a daily ATM withdrawal of up to $1000 in VND. The process for transferring a sum from Schwab to an account in VN, i.e. your landlord, is relatively simple, but there are fees for those transactions. No bank will allow withdrawals in USD and opening an account at a Vietnamese bank is a huge hassle for expats, requiring employment, work permits and sometimes temporarily unavailability of your funds. Someone posted that a reserve fund of $5000 USD is a good idea. I agree. Just get used to using dong or a no-fee credit card for all your routine purchases. My Chase United Airlines Card is great. No currency conversion fees.

jimmythepiipe wrote:

I agree with OB. The Schwab investment checking account is the way to go. ALL ATM fees are refunded once a month. There are no currency conversion fees, and exchange rates are at daily par value. HSBC allows a daily ATM withdrawal of up to $1000 in VND. The process for transferring a sum from Schwab to an account in VN, i.e. your landlord, is relatively simple, but there are fees for those transactions. No bank will allow withdrawals in USD and opening an account at a Vietnamese bank is a huge hassle for expats, requiring employment, work permits and sometimes temporarily unavailability of your funds. Someone posted that a reserve fund of $5000 USD is a good idea. I agree. Just get used to using dong or a no-fee credit card for all your routine purchases. My Chase United Airlines Card is great. No currency conversion fees.

What you're saying is just not true.

There is nothing easier than opening a bank account in Vietnam.

I have several bank accounts with Vietnamese banks without any employment contract.

Everyone here in the forum slowly knows that Schwab is the best solution.  But only for Americans.

Supplement for OB and his friends:
I know the OP is American.

Anthony64 wrote:

I came here in 2005 and had a US Chase account.  Using an ATM over here was killing me.  In 2009 I changed everything to HSBC out of Buffalo, NY.  HSBC is everywhere...world wide.  I transferred my military retired payment to them and now have my SS checks direct deposited as well.  I have no residence in the US and have been using a Vietnamese address here for the past 6 years.  It costs me $3.00 a month in maintenance fees and when using a HSBC ATM anywhere thus far has cost me no additional fees.  July will be 10 years and I've advised many about such from America and to those who are Vietnamese to open an HSBC account in the States and in Vietnam to transfer much easier.  I swear by HSBC.

I've been thinking about that, too.

But unfortunately I had to realize that HSBC Switzerland is only for rich and business customers possible.

Perhaps with a Vietnamese wife it's easy. As a non citizen, it's a pain in the butt.

jimmythepiipe wrote:

Perhaps with a Vietnamese wife it's easy. As a non citizen, it's a pain in the butt.

I opened my first account with a 3-month tourist visa.  I wasn't married then. It was very easy like I said before.

Andy is correct.  Opening an account in Vietnam is simple, I've done that over text message, only came to the bank (Sacombank) to sign on the dotted line.  Granted, one of the bank officers was a friend of my relatives but even if she weren't, the procedure would've been the same.  For anyone who doesn't know, I'm not a Vietnamese citizen (neither is my spouse), and even though I speak the language, I don't understand bank terms especially in the new made up vocab that they use now, so I had to ask many questions before signing.

The only reason I closed the accounts was that Schwab provided everything we needed and the Sacombank account was just sitting there doing nothing.  (Even transfering money was cheaper with Schwab's $25 flat fee.) 

Andy is also correct that as good as Schwab is, it's not suitable for expats from other countries.  For American expats, however, Schwab is THE way to go, and for me and many other American expats, it's the only thing we need while living abroad sans local banking.

Andy and Ciambella, I stand corrected on the ease of opening a bank account in Vietnam. Another reason I choose to stay with a US bank, and not sign up with a VN institution is that it's easier to stay under the radar. Something to consider.

jimmythepiipe wrote:

... that it's easier to stay under the radar. Something to consider.

Only those who want to cheat (e.g. tax evasion)  say something like that.
And then they wonder to be on the black list.
Something to consider.

I'm not a cheat and have no taxes to evade. I simply don't need the government up in my financial business.

jimmythepiipe wrote:

Andy and Ciambella, I stand corrected on the ease of opening a bank account in Vietnam. Another reason I choose to stay with a US bank, and not sign up with a VN institution is that it's easier to stay under the radar. Something to consider.

Not sure if you realise that the ward police usually keep a file on each foreigner living in the ward. This is very true in the smaller cities. The local snitch, plus your neighbors will inform the police about all your activities and visitors. Having a VN bank account is the least of your worries.

OceanBeach92107 wrote:

Ksinger101 wrote:

My question is simple yet difficult for me.  I have read on here different requirements to open a domestic bank account in Vietnam.

My situation is pretty simple.  What is the best way to transfer USD to VD? 

I have currently been declared disabled and plan to move to Saigon because of the low cost of living.  I receive direct deposits monthly from SS into a US bank account.  I am unable to switch direct deposits to a bank overseas.  I am looking for a simple way to TRANSFER funds from my US bank account to a Vietnamese bank.

Of coarse I wish to do this for little or no fees.  I will not be working and have a one year tourist visa.  I assume after visa expires I will have to leave the country and return.  That, however, is a completely different issue.

If I were you...

I would open a Schwab Bank account and switch my direct deposits there.

Then, in Vietnam, I would withdraw dong from any ATM.

Once a month, Schwab will rebate your ATM withdrawal fees to your bank account.

So your first month here you will take a hit against your bank balance for the charges, but every month after that the charges will be offset by the monthly rebate.

Now, before you ask follow up questions to clarify, PLEASE do a keyword search in the Vietnam forum for "ATM".

The subject has recently been discussed here ad nauseam.

Good luck!

Ralph...

🤑🤑🤑

Thank you everyone for your informative texts.  Very helpful..

Hi Andy, as you mentioned that you have several local bank accounts I was wondering if you could give us any advice. We just move to Ho Chi MInh and we would like to open a bank account, perhaps one that could easily be found across Vietnam, able to communicate in English and it would be amazing to transfer money for free to our bank accounts in Spain. Thank you.

Andy Passenger wrote:

jimmythepiipe wrote:

... that it's easier to stay under the radar. Something to consider.

Only those who want to cheat (e.g. tax evasion)  say something like that.
And then they wonder to be on the blacklist.
Something to consider.

Staying under the radar should be the prime directive for any expat. There are threads I refuse to post comments to for that exact reason. Only an idiot paints a target on his own ass.

Haven't read any replies yet, so what I say may be off.

Me, I'm in the opposite ssituation, needing to pay my credit card bills in Germany.

* Last time, I wanted to buy USD, I tried some 7 banks before ending up having to show my online flight ticket out of the country at VIETCOM BANK. Only then could I buy USD.

* Wiring USD in will be a piece of cake. If not, open a HSBC account. They let me do it for 4 GBP / $ 5-6 online. [i]Avoid agreeing to pay other banks' fees - [i] ask me why. And send GBP, don't accept their rrip-off forex rate.

* I'm dreaming of finding someone like you who needs VND and can pay USD into my wife's BofA account in NYC. Found such a person in TH, where he uses the www.XE.com mid-spread. Zero costs and the limit has been mutual. My low salary and his low pension. At least, in TH one can walk into a GSB (Government Savings Bank) and use RIA Financial's service. The fee is not pleasant and the excchange rate sucks. But at least one can get it done !!

On Monday, I managed to get a wire reversed. They wouldn't allow me to re-route the funds to Germany in EUR, as I had send GBP from the UK. ** It's now Thursday and yesterday, they hadn't even debited the account yet.

Closing, you are lucky having just to pay. Other folks need Work Permits, present salary slips with contracts and get moved into using Western Union. **Am glad that my bank has sent some wire payments (they start at $ 36 + 0.2%, I believe.

Wonna switch your issue with mine, ha ha?

For TH, Bangkok Bank has a branch in NYC and offers a good service which lets one cut costs. Sorry, I don't knowe if a Vietnamese bank has i. a branch in the U.S. and ii. whether they permit something. FWIW, in TH I also managed to buy international banks' cashier's checks. Say Deutsche Bank for Euros. Inexpensive, but time consuming. Someone might know whether this is an option.

Good luck!

Ciambella wrote:

Andy is correct.  Opening an account in Vietnam is simple, I've done that over text message, only came to the bank (Sacombank) to sign on the dotted line.  Granted, one of the bank officers was a friend of my relatives but even if she weren't, the procedure would've been the same.  For anyone who doesn't know, I'm not a Vietnamese citizen (neither is my spouse), and even though I speak the language, I don't understand bank terms especially in the new made up vocab that they use now, so I had to ask many questions before signing.

The only reason I closed the accounts was that Schwab provided everything we needed and the Sacombank account was just sitting there doing nothing.  (Even transfering money was cheaper with Schwab's $25 flat fee.) 

Andy is also correct that as good as Schwab is, it's not suitable for expats from other countries.  For American expats, however, Schwab is THE way to go, and for me and many other American expats, it's the only thing we need while living abroad sans local banking.

Well, I opened an account with VIETIN BANK. That required my employer (who banked there, too) to show up with paperwork, including my contract and the pay slip or something.  THEN I was allowed to deposit the 21,000.000 d I earned back then in some village. The next step was to send it via 'Western Union.
---

The government should ease off when it comes to less than say 30 million a month. People do have bills to pay. There should be better ways, like limiting the number of payments and the total amount per quarter or something. As getting all hysterical over less than 23,000.000 VND makes no sense in the modern world.

Jim-Minh wrote:

Andy Passenger wrote:

jimmythepiipe wrote:

... that it's easier to stay under the radar. Something to consider.

Only those who want to cheat (e.g. tax evasion)  say something like that.
And then they wonder to be on the blacklist.
Something to consider.

Staying under the radar should be the prime directive for any expat. There are threads I refuse to post comments to for that exact reason. Only an idiot paints a target on his own ass.

I don't understand this way of thinking.
Explain it to a fool!

I am not taxable and will not be in the future.

I am not American either and will have nothing to do with America in the future.

And I am not rich enough to be relevant to any authorities.

So, why should I disguise myself?

Najat.fm wrote:

Hi Andy, as you mentioned that you have several local bank accounts I was wondering if you could give us any advice. We just move to Ho Chi MInh and we would like to open a bank account, perhaps one that could easily be found across Vietnam, able to communicate in English and it would be amazing to transfer money for free to our bank accounts in Spain. Thank you.

Sorry, but I can't help you with this because I have no money to transfer abroad.

I use all the other advantages of having a Vietnamese bank account.

I am very satisfied with Sacombank and TIMO (VPBank).  I also have a Vietcombank account, but this bank can't keep up with the other two mentioned.

I will if I have more time to look at other banks again.

My goal is to invest a little time deposit in four different banks.

Thank you for your answer and helpful tips. All the Best,

I have read this and, as you are based in Saigon, I may be able to help directly.  There are a couple of inexpensive options depending on whether you have a local Vietnamese account where you can receive the funds or not.  Message me directly via the messaging system if you wish to have more details.

Aloanex wrote:

I have read this and, as you are based in Saigon, I may be able to help directly.  There are a couple of inexpensive options depending on whether you have a local Vietnamese account where you can receive the funds or not.  Message me directly via the messaging system if you wish to have more details.

Why don't they share this information publicly?

Andy Passenger wrote:

Aloanex wrote:

I have read this and, as you are based in Saigon, I may be able to help directly.  There are a couple of inexpensive options depending on whether you have a local Vietnamese account where you can receive the funds or not.  Message me directly via the messaging system if you wish to have more details.

Why don't they share this information publicly?

Most probably because it's illegal.

I find that sort of cynical remark unnecessary. There is nothing illegal but it depends on the exact circumstances.  One thing is for sure now: I won’t share it on this discussion board after this slur.

Aloanex wrote:

I find that sort of cynical remark unnecessary. There is nothing illegal but it depends on the exact circumstances.  One thing is for sure now: I won’t share it on this discussion board after this slur.

Promise?

Aloanex wrote:

I find that sort of cynical remark unnecessary. There is nothing illegal but it depends on the exact circumstances.  One thing is for sure now: I won’t share it on this discussion board after this slur.

Ok, take your bat and ball and go home.😣