Credit cards for expats in Vietnam

dhan1234 wrote:

Hi friends , I would like to know that as an expat how difficult is it to get a credit card in Vietnam, I am working in a multinational company , it will be great if anyone shares who already have a credit card from a local vietnemase bank, required documents and procedure ,

Thanks in advance

You just have to open a bank account, which is very simple.

Andy Passenger wrote:

dhan1234 wrote:

Hi friends , I would like to know that as an expat how difficult is it to get a credit card in Vietnam, I am working in a multinational company , it will be great if anyone shares who already have a credit card from a local vietnemase bank, required documents and procedure ,

Thanks in advance

You just have to open a bank account, which is very simple.

Not quite right, some local VN banks wont issue a credit card to foreigners. I think HSBC will issue one, but my local bank will not.

colinoscapee wrote:

Andy Passenger wrote:

dhan1234 wrote:

Hi friends , I would like to know that as an expat how difficult is it to get a credit card in Vietnam, I am working in a multinational company , it will be great if anyone shares who already have a credit card from a local vietnemase bank, required documents and procedure ,

Thanks in advance

You just have to open a bank account, which is very simple.

Not quite right, some local VN banks wont issue a credit card to foreigners. I think HSBC will issue one, but my local bank will not.

Credit card or debit card makes practically no difference to me.  Whether I pay now or at the end of the month is absolutly irrelevant for me.

I have a VISA debit card from Sacombank and TIMO (VPBank) keeps pushing me to order a Mastercard credit card.

So I think it's no problem for the OP to get a credit card.

Sacombank offered me a credit card (separated from debit card, not tied to my checking account) when I opened the accounts with them.  I declined.  I've had too many cards already from the States and no one has ever rejected them, so there's no reason to acquire another one here.

Andy Passenger wrote:

colinoscapee wrote:

Andy Passenger wrote:

You just have to open a bank account, which is very simple.

Not quite right, some local VN banks wont issue a credit card to foreigners. I think HSBC will issue one, but my local bank will not.

Credit card or debit card makes practically no difference to me.  Whether I pay now or at the end of the month is absolutly irrelevant for me.

I have a VISA debit card from Sacombank and TIMO (VPBank) keeps pushing me to order a Mastercard credit card.

So I think it's no problem for the OP to get a credit card.

Just asked  a friend of mine who is the Southern Viet Nam credit card manager for one of the biggest banks in VN.

Her reply; Yes they can if they have labour contract or they have to get the secure credit card.

It all comes down to which bank you apply at.

Seeing as the OP works for a multi-national company, he should have no problems.

dhan1234 wrote:

Hi friends , I would like to know that as an expat how difficult is it to get a credit card in Vietnam, I am working in a multinational company , it will be great if anyone shares who already have a credit card from a local vietnemase bank, required documents and procedure ,

Thanks in advance

My big question is why?  Despite the commission hungry bimbo at the bank saying 'just sign', it took me 18 months, providing any and every document imaginable.  I now have an unsecured 1ty limit ~45KUSD, 45 day grace period, 1st year fee free.....and 38.6% APR

GuidoVN wrote:

.....and 38.6% APR

WOW      That would be illegal usury in a lot of countries.  If you carry over a balance of 25M VND it would cost you 804,166 VND in interest for just one month.  Better pay that one off in full every month.

THIGV wrote:

GuidoVN wrote:

.....and 38.6% APR

WOW      That would be illegal usury in a lot of countries.  If you carry over a balance of 25M VND it would cost you 804,166 VND in interest for just one month.  Better pay that one off in full every month.

Since the VND is losing ~8% per year, it does take a slight bite off, but of course it wouldn't matter :-).  The 45 day grace period is slightly better.  There is NO consumer protection in Vietnam!! Banks are the worst. 

colinoscapee wrote:

Andy Passenger wrote:

colinoscapee wrote:

Not quite right, some local VN banks wont issue a credit card to foreigners. I think HSBC will issue one, but my local bank will not.

Credit card or debit card makes practically no difference to me.  Whether I pay now or at the end of the month is absolutly irrelevant for me.

I have a VISA debit card from Sacombank and TIMO (VPBank) keeps pushing me to order a Mastercard credit card.

So I think it's no problem for the OP to get a credit card.

Just asked  a friend of mine who is the Southern Viet Nam credit card manager for one of the biggest banks in VN.

Her reply; Yes they can if they have labour contract or they have to get the secure credit card.

It all comes down to which bank you apply at.

Seeing as the OP works for a multi-national company, he should have no problems.

. My circumstance is slightly different and the bank is question, TECHCOMBANK, made my account so bad I gave up.  I just checked the balance for 3 years, praying they would not go insolvent.  They opened my account with literally no ID (9 years ago).....and they have been deceiptful ever since.

Curious if the large grocery stores and department stores take credit cards? Other than the large hotels, where else could you use a credit card in VN?

qnbui wrote:

Curious if the large grocery stores and department stores take credit cards? Other than the large hotels, where else could you use a credit card in VN?

Many places take CC these days.

qnbui wrote:

Curious if the large grocery stores and department stores take credit cards? Other than the large hotels, where else could you use a credit card in VN?

All hypermarkets, supermarkets, *chain* convenience stores, department stores, and hotels except very small ones take cc.  Many healthcare providers take cc.

GuidoVN wrote:

Since the VND is losing ~8% per year

Not that much.
Per XE.com in last 12 months, dong/USD went from 22806 to 23192, 1.7% diff.
US inflation about 1.8%, VN inflation about 3.5%  from here and here .
So counting inflation, say 3.4% loss in value for dollars you converted and held in dong a year ago compared to current dollars.

In some banks it’s necessary to have income for 3-4months before you can open your credit account. You need to check with your bank

I've been working in Vietnam for over a year, have all payslips etc, salary is transferred to Viettinbank every month. But they refuse to give a credit car to any foreigners, as they say. Same with ACB bank, also no credit cards for foreigners.

Hear, hear. I need to find someone with either a cc or a Paypqal account to make a few purchases of games on "Steam". We are talking a few $s and I would (pre)-pay double.

My foreign cards work at the supermarkets though.

Q: Don't you have a cc from your home country?

By the way, what are the fees when you use your vietnamese bank cards outside of Vietnam ? I have a visa Platinum debit card at Techcombank : fees are very high. Examples :
- more than 8% for 50 euros withdrawal in ATM in France !!!
- more than 4% for online purchase on an European website (price in euro).
Thanks in advance :-)
Laurent

Hi, have u tried asking for a credit card to multinational bank like Hsbc bank or standard chartered bank etc

dhan1234 wrote:

Hi, have u tried asking for a credit card to multinational bank like Hsbc bank or standard chartered bank etc

I didn't ask for one, but HSBC asked me if I wanted one when I opened an account there.  I said no. 

A little advice, though -- there are discounts and payment methods available to Vietnamese bank accounts that are not available to my HSBC account.  The most annoying -- I can't load my Mobifone account online with it.

dhan1234 wrote:

Hi, have u tried asking for a credit card to multinational bank like Hsbc bank or standard chartered bank etc

There really isn't such a bank in VN.  Citi, HSBC, et al are majority owned by Vietnamese investors.  They are VN banks using western brands & marques.

GuidoVN wrote:

dhan1234 wrote:

Hi, have u tried asking for a credit card to multinational bank like Hsbc bank or standard chartered bank etc

There really isn't such a bank in VN.  Citi, HSBC, et al are majority owned by Vietnamese investors.  They are VN banks using western brands & marques.

Yeah, it's amazing how bad they are sometimes, so dishonest and unhelpful. I was at HSBC Premier for years and years. The service was excellent many years ago, but finally had to leave they were so appallingly dishonest and such bad service these days.

The one thing they did though was give you a CC.  A local bank wanted me to lock in an account the amount of credit I wanted. They seem to have no notion of risk and percentages. Put 1 ty in you can have a CC with 1 ty credit. When I asked why I would want to throw away 1 ty dong, or whatever the amount, they couldn't grasp that I was losing the money given I would never have it back if in VN permanently and using the CC.

One of the best bets is to get a card overseas from Citigold and others who cover all ATM fees worldwide, and withdraw money from overseas as needed. Then you only have to deal with this secret cabal in VN that monitors your withdrawals and limits you to about 12 million a day or so, even though your limit overseas is much higher and your bank never actually receives the ATM requests when you get blocked and are told there's a problem with your card. And then the same message at any ATM you try that day, so obviously all involved at some level. Then your card magically works fine again the next day until hitting 12 million again and again told there's a problem with your card, after which your bank again tells you they never even received the final ATM request. Rinse and repeat daily, as needed. No one will answer you as to why this happens, no bank with an ATM here that blocks you will say why, all direct you to ask your bank overseas even when told you already have numerous times and they don't get the request so obviously it is done locally but why? Well, ask your bank overseas, they mindlessly repeat.

snoopcat wrote:

GuidoVN wrote:

dhan1234 wrote:

Hi, have u tried asking for a credit card to multinational bank like Hsbc bank or standard chartered bank etc

There really isn't such a bank in VN.  Citi, HSBC, et al are majority owned by Vietnamese investors.  They are VN banks using western brands & marques.

Yeah, it's amazing how bad they are sometimes, so dishonest and unhelpful. I was at HSBC Premier for years and years. The service was excellent many years ago, but finally had to leave they were so appallingly dishonest and such bad service these days.

The one thing they did though was give you a CC.  A local bank wanted me to lock in an account the amount of credit I wanted. They seem to have no notion of risk and percentages. Put 1 ty in you can have a CC with 1 ty credit. When I asked why I would want to throw away 1 ty dong, or whatever the amount, they couldn't grasp that I was losing the money given I would never have it back if in VN permanently and using the CC.

One of the best bets is to get a card overseas from Citigold and others who cover all ATM fees worldwide, and withdraw money from overseas as needed. Then you only have to deal with this secret cabal in VN that monitors your withdrawals and limits you to about 12 million a day or so, even though your limit overseas is much higher and your bank never actually receives the ATM requests when you get blocked and are told there's a problem with your card. And then the same message at any ATM you try that day, so obviously all involved at some level. Then your card magically works fine again the next day until hitting 12 million again and again told there's a problem with your card, after which your bank again tells you they never even received the final ATM request. Rinse and repeat daily, as needed. No one will answer you as to why this happens, no bank with an ATM here that blocks you will say why, all direct you to ask your bank overseas even when told you already have numerous times and they don't get the request so obviously it is done locally but why? Well, ask your bank overseas, they mindlessly repeat.

I have made 3 or 4 ₫5,000,000 VND withdrawals at the same time from MB (Military Bank) ATMs repeatedly with my Charles Schwab Visa debit card. 

No 12 million daily limit for me.

snoopcat wrote:

One of the best bets is to get a card overseas from Citigold and others who cover all ATM fees worldwide, and withdraw money from overseas as needed. Then you only have to deal with this secret cabal in VN that monitors your withdrawals and limits you to about 12 million a day or so, even though your limit overseas is much higher and your bank never actually receives the ATM requests when you get blocked and are told there's a problem with your card.

OceanBeach92107 wrote:

I have made 3 or 4 ₫5,000,000 VND withdrawals at the same time from MB (Military Bank) ATMs repeatedly with my Charles Schwab Visa debit card. 

No 12 million daily limit for me.

Never 12M a day for us either.  And not to any of the members here who uses Schwab Visa debit at the local ATMs. 

Our limit is $1000.  Every month, we withdraw 16M on the 1st, then a bit more each time when needed during the month.  Last May, husband successfully withdrew 32M in one day when we needed the fund for our dental works.  He used both of our cards.

We always use Sacombank ATMs unless one is not in the vicinity.

Diazo said his limit is $2000 (or $2500, I forgot which) and he never had any problem either.

snoopcat wrote:

A local bank wanted me to lock in an account the amount of credit I wanted........

One of the best bets is to get a card overseas from Citigold and others who cover all ATM fees worldwide, and withdraw money from overseas as needed.

You do realize that Citigold requires you to "maintain a minimum combined average monthly balance of $200,000."  That is about 5 times the 1 Ty deposit that you are complaining about.  Also consider that your money with Citi is likely making about 2% at best while the Vietnamese bank is likely paying more than that.  I know there is inflation to factor in but Citigold looks to me like they want you to tie up a lot of your money just to avoid fees.

PLEASE READ:

There's a glitch in the new security software; it changed one of THIGV's words into /!\ I AM A STUPID SPAMMER /!\  (The original word is "two percent", if you want to understand his sentence.)

I've already reported the problem.  Just want to let the new members and lurkers know that THIGV is anything but a spammer, and he's anything but stupid.  I have a great respect for him, his knowledge, and his manners on the forum.

I wish that I had something to spam about.   

THIGV wrote:

I wish that I had something to spam about.   

Private online CELTA/TEFL tutor? 

OceanBeach92107 wrote:

snoopcat wrote:

One of the best bets is to get a card overseas from Citigold and others who cover all ATM fees worldwide, and withdraw money from overseas as needed. Then you only have to deal with this secret cabal in VN that monitors your withdrawals and limits you to about 12 million a day or so, even though your limit overseas is much higher and your bank never actually receives the ATM requests when you get blocked and are told there's a problem with your card. And then the same message at any ATM you try that day, so obviously all involved at some level. Then your card magically works fine again the next day until hitting 12 million again and again told there's a problem with your card.

I have made 3 or 4 ₫5,000,000 VND withdrawals at the same time from MB (Military Bank) ATMs repeatedly with my Charles Schwab Visa debit card. 

No 12 million daily limit for me.

That's interesting, thank you for posting. I can do it sometimes but not often.

THIGV wrote:

snoopcat wrote:

A local bank wanted me to lock in an account the amount of credit I wanted........

One of the best bets is to get a card overseas from Citigold and others who cover all ATM fees worldwide, and withdraw money from overseas as needed.

You do realize that Citigold requires you to "maintain a minimum combined average monthly balance of $200,000."  That is about 5 times the 1 Ty deposit that you are complaining about.  Also consider that your money with Citi is likely making about 2% at best while the Vietnamese bank is likely paying more than that.  I know there is inflation to factor in but Citigold looks to me like they want you to tie up a lot of your money just to avoid fees.

You're confusing numerous things here.

Firstly, if you're forcing me to be snooty to explain, I don't need to "maintain" and "tie up" a balance of 200k, it's much more than that. Would you suggest I keep money somewhere that has no benefits, or somewhere that pays all ATM fees around the world, does transfers overseas for free, etc, etc??? And in VN anyway I think it's only around 50-80k. For ref, HSBC is only 50k.

Secondly, the deposit at a local bank is lost forever if living here forever just to get a CC. That's crazy. It doesn't even make sense mathematically. Clearly they have no one who understands risk and percentages, which is very worrisome

Thirdly, you're mixing dollars and dong. If you want to convert to dong, go ahead and calculate all the same. It's great until BAM! you get devalued one day. Otherwise it's all in dollars, and locally they pay... Wait for it... 0%!  —Awesome! 0!

And let's not even mention security and general stability, but let's quickly say anyway that insurance is limited here to what? 500 mill? I forget. Hell of a difference.

I just opened a Vietnamese bank account with Sacombank with a 1 month tourist visa.  It is debit card only account.  You can only transfer USD in to fund it.  It cost 41k vnd a month.  Using the ATM cost 1 vnd per transaction.  You are allowed to make domestic transfers.  No outgoing international transfers permitted.