Banking lunacy - trying to open an account.

robsamui wrote:

I've searched through the forums, and all the posts seem to be from teachers (etc) asking about their income and how to bank it - or people looking to invest in a business. There's nothing about retirees that I can find.

I'm out in the sticks in Hoi An - been here about 3 weeks now. I've got a little money banked in the UK and also in Thailand, where I've been working for the last 15 years. I've also got a  pension income in the UK which totals around £1,200 ($1,500) each month. I'm annoyed at the bad exchange rates and fees using an ATM to withdraw cash. So my thought is to use Transferwise direct into a Viet bank account.

I've tried three banks here in Hoi An and the response has been the same - I can only use cash to open an account, and it must have been declared at customs, at the airport when I arrived.  I've tried reason and logic, but no. As in "but I only have to declare money if I bring it into the country - yes? So if I go out to your ATM and withdraw money, can I open an account?" No again.  None of the three managers seemed to know what 'retired' meant and kept referring to 'my employer', in our conversations. (I think they've been given a script to work from and are lost if there's any deviation.)

I keep reading here and on other forums how easy it is to open a bank account - you only need your passport and an address etc and so on. Do I really have to go to a big city and get an AirBnb for a couple of days and taxi around all the banks until I find one which says yes?

All I want is a savings (?) account with an ATM card - no cheque book, no overdraft, no international VISA card - but with also online banking. Is that not possible?

Not sure what words you were using to search. I went under the Vietnam for him and used the word Bank and I found this:

https://www.expat.com/forum/viewtopic.php?id=832955

Thanks, but that's the only one I could find  - and it doesn't relate to a retired pensioner! (Although some of the subsequent comments are pertinent.)


ps - having read it again the comment from OceanBeach regarding opening an account for funds coming in from abroad is interesting - although I made that clear to one of the bank managers today to no avail. I'll have a go again with ACB Bank.

Thanks!

Out in the smaller towns the staff are about as bright as a 15 watt bulb.

Do you know any locals?  I got two bank accounts by having a local take me in and say "he needs a bank account".

I've only been here 3 weeks - I'm working on it!

I’m a retiree without pension.  I opened an account with Sacombank at a branch in Saigon with $250 cash, my passport, and a VEC.  Nothing else.  I didn’t declare money at the airport; no one asked to see the proof of my money.

Ciambella wrote:

I’m a retiree without pension.  I opened an account with Sacombank at a branch in Saigon with $250 cash, my passport, and a VEC.  Nothing else.  I didn’t declare money at the airport; no one asked to see the proof of my money.

In fairness, it might be worth noting that you speak fluent Vietnamese... 😁

OceanBeach92107 wrote:

In fairness, it might be worth noting that you speak fluent Vietnamese... 😁

Now that you mention it...!

They simply can’t think outside the square.   They are parrot taught & it’s only got them so far.

I can’t believe they’re talking about “smart cities” here.     They simply see what happens in the “west” and try to copy it, without really understanding the fundamentals of what they’re doing.

It will be interesting to see what happens when Industry 4 starts kicking in.

I'm convinced that the name of the bank itself doesn't matter - it's all up to the individual manager.  It's meaningless to talk but how easy it was at ACB or Sacombank, as it's the individual who's running the bank who has the first, last  and only say in the matter, and this varies from bank to bank and from branch to branch.

The consensus is that the smaller and more provincial the branch is, the harder it is to open an account (as a walk-in).  It's all totally hit and miss, but the cosmopolitan nature of large cities means that there are proportionately more sympathetic managers per square kilometre than there are out in the sticks.

robsamui wrote:

I'm convinced that the name of the bank itself doesn't matter - it's all up to the individual manager.  It's meaningless to talk but how easy it was at ACB or Sacombank, as it's the individual who's running the bank who has the first, last  and only say in the matter, and this varies from bank to bank and from branch to branch.

The consensus is that the smaller and more provincial the branch is, the harder it is to open an account (as a walk-in).  It's all totally hit and miss, but the cosmopolitan nature of large cities means that there are proportionately more sympathetic managers per square kilometre than there are out in the sticks.

Trust me, not all banks are the same here. Try dealing with Agribank or Vietcombank, it will make you have a seizure. I bank with a private bank for this very reason.

This is from “left field”

Just go a find a  property developer,,tell him your thinking of eventually buying something here,,,,but can’t , because the bank won’t open an account for the funds to be transferred to.

You’ll have a bank account before sundown😗

colinoscapee wrote:

robsamui wrote:

I'm convinced that the name of the bank itself doesn't matter - it's all up to the individual manager.  It's meaningless to talk but how easy it was at ACB or Sacombank, as it's the individual who's running the bank who has the first, last  and only say in the matter, and this varies from bank to bank and from branch to branch.

The consensus is that the smaller and more provincial the branch is, the harder it is to open an account (as a walk-in).  It's all totally hit and miss, but the cosmopolitan nature of large cities means that there are proportionately more sympathetic managers per square kilometre than there are out in the sticks.

Trust me, not all banks are the same here. Try dealing with Agribank or Vietcombank, it will make you have a seizure. I bank with a private bank for this very reason.

I've come to this after 21 years of living in Thailand, so I'm aware of the way things can be. All I need is a place to wire my pension each month - but there is a great deal of self-importance in an Asian bank manager - particularly when it comes to puffing-up in front of a foreigner.

Big chuckle. I found the solution today.

I told the owner of the house I'm planning to rent that I was being held up because I couldn't find a bank to open an account with. She called me back after 15 minutes - she's made an appointment for me tomorrow with her bank manager.

Looks like this is the way to do things!

robsamui wrote:

colinoscapee wrote:

robsamui wrote:

I'm convinced that the name of the bank itself doesn't matter - it's all up to the individual manager.  It's meaningless to talk but how easy it was at ACB or Sacombank, as it's the individual who's running the bank who has the first, last  and only say in the matter, and this varies from bank to bank and from branch to branch.

The consensus is that the smaller and more provincial the branch is, the harder it is to open an account (as a walk-in).  It's all totally hit and miss, but the cosmopolitan nature of large cities means that there are proportionately more sympathetic managers per square kilometre than there are out in the sticks.

Trust me, not all banks are the same here. Try dealing with Agribank or Vietcombank, it will make you have a seizure. I bank with a private bank for this very reason.

I've come to this after 21 years of living in Thailand, so I'm aware of the way things can be. All I need is a place to wire my pension each month - but there is a great deal of self-importance in an Asian bank manager - particularly when it comes to puffing-up in front of a foreigner.

If you know how things can be from 21 years in Thailand, why couldn't you figure it out. 🤪

Reminds me of a great joke I heard once.

Stop me if you've heard it:

"A white racist walks into an Asian bank..."

😯

colinoscapee wrote:

If you know how things can be from 21 years in Thailand, why couldn't you figure it out. 🤪

Probably because I'm English, not American!

robsamui wrote:

colinoscapee wrote:

If you know how things can be from 21 years in Thailand, why couldn't you figure it out. 🤪

Probably because I'm English, not American!

Must be some type of secret code.🤯

Anybody understand his answer....I'm completely lost.

colinoscapee wrote:

robsamui wrote:

colinoscapee wrote:

If you know how things can be from 21 years in Thailand, why couldn't you figure it out. 🤪

Probably because I'm English, not American!

Must be some type of secret code.🤯

Anybody understand his answer....I'm completely lost.

Self-deprecation?

.
    Sigh...  ..where is John Cleese when you need him..?     
.

Still laughing

Any consultation I’m American it’s all about who you know. Sounds like you found the answer.

Hello,

even in HCMC it was not easy to even find some people speaking English well enough to open up an account. Finally I succeeded. To be honest, I used a German business man´s connection to a Vietnamese guy in the HCMC headquarters of the Bank. And, I my wife is Vietnamese, I had to present my marriage document to the bank.

After I was assisted by a very nice and very well English speaking young lady (a rarity, not longer working for this bank) and some hours of paper war, everything was clear, I was able to open up a bank account: one for VND, one for EURO.
Vietinbank is one of the few VN banks that have a Frankfurt subsidiary so they are allowed to use EURO accounts , too. After a week of waiting, all papers had been finished, I was handed a VISA card with ATM PIN.

Now, for three years I use Transferwise to send money online from my home bank account to my Vietinbank account. Transferwise is sending money very fast when they have my money sent from my home bank account. As in the EU all banks use SEPA transfers, the whole process just takes 5 to 8 hours to send money from home into my Vietinbank account, using all online procedures. The Transferwise fees are about 1%.

Additionally I use Citibank ATMs here to get cash. This January they reduced the access to one time a day (before 3 times) and they reduced the max withdrawal  to 6 mio VND (8 mio before) . The ATM fee is 60k.
All other VN ATM give you between 2 and 3 mio max.
So having a VN bank account is quite comfortable.

I live here under a spouse visa and run debit and credit cards from my home country.

When the dong is weak I bring some cash in from my home country and convert it to dong and use it here to live on. I minimise card use that way.

I had accounts here with ANZ (not very good) and Donga (awkward to deal with).

My best experience has been Techombank. First class. Foreign transfers into Vietnam that they could locate within half a day.  Just very switched  on.

Not all banks (or branches) are the same.

I wish you luck.

I've lived here for 15 years now...I'm from the US.  ACB was a thought years back, tried several others and got the same thing from them.  Even tried the 'ATM' as you mentioned and they said no.  I've got an account in the States from HSBC.  I've had the account for 10 years.  I tried a couple years back to open a 'dollar' account here in danang, but due to all the paperwork (9 pages) that the US requires I did not get one. 
Having the HSBC account in the States has cost me only $3.00 a month for maintenance.  I have not had to pay for any ATM withdrawals from any international HSBC ATM in all these years.  I've paid a couple times using others though, but not that much.   I've got two pensions going into the account and have been very happy so far with HSBC.  As to any funds earned locally in Vietnam...I'd tell them 'cash' or have the company/school open the account for you if they demand direct deposit. 
I will not open an account locally.  HSBC or any other due to the laws required upon the banking industry today.  Again, I'd look into opening an account in your home country with HSBC and move your monies into that one and be able to use at any international ATM.   See what types of accounts and what your home country charges you. 
Good luck

Even in Thailand it is not that easy anymore to open a bank account without a work permit :30 years ago you could just walk into any branch of any bank with your passport and you would have your passbook and ATM card in 10 minutes.A couple of years ago I tried to open a second account, bank shopping around central Bangkok, I got almost 10 refusals(incidentally all English speaking clerks) before one clerk, who spoke only Thai, said no problem.
I will try my luck in Vietnam soon. From the previous posts, I gather that without 'Vietnamese assistance' it will be a futile undertaking.

I have a Vietnamese wife.
We went to Vietcombank and opened an account very easy with just a small amount of cash and my passport.
My recommendation.
Find a local to help you.

Same for me , I have a Vietnamese wife , walked into the bank with her , opened an account with passport and some cash, then walked out within 15 minutes , with the bankcard and account I can do the same as with my European account ,
So yes go to the bank with a local

I walked into Sacom Bank with my Pspt, tourist visa and opened ab account about 2 years ago, I have taken several people there since there (Nha Trang) and they opened an acct w/o any problems . -  beware of the fly by night banks . DoHa, Korean, Chinese, - not safe at all.  I have transfered money from my US Bank to Sacom bank no problems, even have a US Dollar account I can send $$ too and withdraw in $$ .   I don;t have a VISA for this account but get offered one every time I send money to spend  while I am in country..........havn't taken then up on it yet.