Regulation for VND accounts for Foreigners Circular TT16/2014/NHNN

This came out in 2014.  Not sure why they are pushing it out to you now...

https://vanbanphapluat.co/circular-no-1 … g-accounts

I bought some product from China in 2008 through my company in Saigon.

When filing the paperwork from China to the bank, they noticed that one line of the contract had USD, further down the page it had US dollars. They rejected the paperwork, made me return the funds, it took 12 months to solve something that should never have existed.

I am not saying this is being handled properly, but there seems to be an implication that if one can establish the source of funds that transactions can go through.  Is it likely that the government motivation may be to force expats to obtain work permits or to legally establish their businesses.

This just killed my entire lust for staying in Vietnam.

Around one year ago I discovered Techcombank and them allowing totally normal transfers from my friends and family here was a god send. I was able to have my own account and not have to use my wives account.

It gave a little bit of normalcy in Vietnam where being a foreigner nothing is normal when it comes to property and banking etc.

Using TransferWise with my Techcombank I saved a lot of money with transfers over the last year.

Sad to see this go, going to close my account on the 23rd after it comes in to effect no need for me to keep money in a useless account.

peterwij wrote:

The above Banking Circular comes in to effect as from MAR 22 2020.

I received a circular from the Techcombank with the following applicable transaction type restrictions: (applicable to ALL banks)     effective from 22/03/20)

The following are the highlights effecting payments to and from Via e banking / ATMs  / CRM[

: Payments TO customers accounts - Service stopped
:Payment TO other individual currant Accounts  - Service stopped

Payments FROM other individual current accounts - Service stopped
Credit card Payments to (customers own)  - Service stopped
Common Goods Payments - Service stopped
Fast Internet banking via Website -  Service stopped for new accounts.

One has to go to a Bank with Documentary Evidence of source of money and purpose to pay.

Please refer to your Bank for further clarification.

Is it worthwhile to have a Bank account where one cannot do anything ???
is the country going backwards ?

Asking anyone in this thread:

It appears that straight wire transfer from a U.S. bank are still allowed, correct?

In a similar light, it appears direct deposit wire transfers of U.S. government benefits checks are still allowed, correct?

OceanBeach92107 wrote:

It appears that straight wire transfer from a U.S. bank are still allowed, correct?

I'll let you know next week.  I am wiring the rest of the money for the land I bought to myself next week.

My brother has been coming to VN for 8 months of the year for the last 9 years, he has decided to chuck in the towel. The visa changes and bank changes all the time have worn him down.

I agree with you totally.. I closed my savings accounts and current accounts.

Surely the regulation  it came out in 2014.   No one was allowed to deposit money over the counter.   Up to now the account holders were able to transfer money in & out and pay credit cards etc.  But from 25/03/20 ALL ACTIVITIES ARE STOPPED.

wire transfers are allowed.  But withdrawl is another ball game. One might have to go to branch and withdraw in Cash after showing proof of transfer.

Normal Bank transfers are   allowed as at now.
  But from 25/03/20 ALL TRANSFERS In and out  and all payments  Payments are stopped.

Correct, they have taken the interpretation of this law to a new extreme. Even my old account at Vietcombank could send money to other domestic accounts.

It’s going to be a total closure for foreigners at TCB.

Was at Sacombank this morning to meet bank manager for my clarification. So here goes.

Question.........can I still wire transfer USD, Sing$, Euro & GBP from my overseas accounts to my Sacombank accounts? after 25/03/2020
Answer............yes

Question..........can I still do transfers in VND inside Vietnam to other VND accounts within Sacombank & other banks online?after 25/03/2020
Answer...........yes.

Question.........Can I transfer/change USD, Sin$, Euro & GBP from my accounts at Sacombank to my VND account on line at Sacombank?after 25/03/2020
Answer............yes.

Question........can I still use my Sacombank Debit card to draw money at ATM's in Vietnam & overseas?after 25/03/2020
Answer............yes

Question..........can I still use my overseas bank cards to withdraw VND at Sacombank ATM's after 25/03/2020
Answer..........yes

Question..........can I still come to the bank & withdraw USD, Sing$,Euro or GBP in cash after 25/03/2020
Answer...........yes

Question..........Is there any reason I need to come to the bank to withdraw VND in cash or give prior notice that I will make an international bank transfer into my USD, Sing$, Euro or GBP accounts after 25/03/2020
Answer............ NO

Question..........Can I deposit any currency in cash to my accounts at the bank or auto cash machines after 25/03/2020
Answer.............NO since you have banked here you have never been allowed to do that.

goodolboy wrote:

Was at Sacombank this morning to meet bank manager for my clarification. So here goes.

Question.........can I still wire transfer USD, Sing$, Euro & GBP from my overseas accounts to my Sacombank accounts? after 25/03/2020
Answer............yes

Question..........can I still do transfers in VND inside Vietnam to other VND accounts within Sacombank & other banks online?after 25/03/2020
Answer...........yes.

Question.........Can I transfer/change USD, Sin$, Euro & GBP from my accounts at Sacombank to my VND account at Sacombank?after 25/03/2020
Answer............yes.

Question........can I still use my Sacombank Debit card to draw money at ATM's in Vietnam & overseas?after 25/03/2020
Answer............yes

Question..........can I still come to the bank & withdraw USD, Sing$,Euro or GBP in cash after 25/03/2020
Answer...........yes

Question..........Is there any reason I need to come to the bank to withdraw VND in cash or give prior notice that I will make an international bank transfer into my USD, Sing$, Euro or GBP accounts after 25/03/2020
Answer............ NO

Question..........Can I deposit any currency in cash to my accounts at the bank or auto cash machines after 25/03/2020
Answer.............NO since you have banked here you have never been allowed to do that.

Good post. Thanks !

Indices wrote:

goodolboy wrote:

Was at Sacombank this morning to meet bank manager for my clarification. So here goes.

Question.........can I still wire transfer USD, Sing$, Euro & GBP from my overseas accounts to my Sacombank accounts? after 25/03/2020
Answer............yes

Question..........can I still do transfers in VND inside Vietnam to other VND accounts within Sacombank & other banks online?after 25/03/2020
Answer...........yes.

Question.........Can I transfer/change USD, Sin$, Euro & GBP from my accounts at Sacombank to my VND account at Sacombank?after 25/03/2020
Answer............yes.

Question........can I still use my Sacombank Debit card to draw money at ATM's in Vietnam & overseas?after 25/03/2020
Answer............yes

Question..........can I still come to the bank & withdraw USD, Sing$,Euro or GBP in cash after 25/03/2020
Answer...........yes

Question..........Is there any reason I need to come to the bank to withdraw VND in cash or give prior notice that I will make an international bank transfer into my USD, Sing$, Euro or GBP accounts after 25/03/2020
Answer............ NO

Question..........Can I deposit any currency in cash to my accounts at the bank or auto cash machines after 25/03/2020
Answer.............NO since you have banked here you have never been allowed to do that.

Good post. Thanks !

Thanks..........Thing is think we all know things can change banking wise virtually overnight but that is an accurate account of the discussion this morning.

One of the silly things is that you cant change money at a bank, but can walk down to a gold shop and do it. Even though its illegal, many people still do it.

colinoscapee wrote:

One of the silly things is that you cant change money at a bank, but can walk down to a gold shop and do it. Even though its illegal, many people still do it.

But thats Vietnam.......anyways better rate at the gold guy!! & the bird there is really cute!! & she always has a big smile for me when I go!!! & certainly no shortage of Vietnamese changing money there either & like BIG money!!!

So, is this regulation only being enforced by Techcombank? I've heard other banks are doing the same thing.

TCB has extended the deadline until May 31st, but there is another bank that wants to stay in the 21st century, I'll gladly switch to them.

p.s. Timo tell me that they do not restrict account trasnfers etc. I am opening an account as we speak.