ATMs With High Limits or Money Transfer Into Vietnam?

danrodri wrote:

andidips wrote:

goodolboy wrote:

Thing is as many of us know who have lived here for a good few years..............as far as anything goes in Vietnam including banking, what's true & law today is not always what's true & law tomorrow.

While on the topic of money transfer ..... if one earns a salary of $ 10,000 / month (fully supported by employer's work permit & pay slip), pay the required income tax of assume $ 3,000 / month (fully supported by tax deducted at source documents), spend $ 2,000 / month for living expenses and out of the remaining $ 5,000 would like to send $ 3,000 on a monthly basis to dependents residing in home country, would that be an onerous task ? Further, are there any documents to be maintained as proof for the $ 2,000 spent ?

I checked for a similar question with HSBC and Standard. They can do it, but will cost roughly 5% on fees plus roughly 2.5% on the exchange rate spread (meaning, the loss you incur due to the bank not exchanging to the foreign currency at market rate but taking a cut of 2.5% in the exchange). Now, if you can deposit into a foreign USD account, then you dont suffer the additional 2.5%. This is whitout the fees on the receiving bank. In my personal case, I cant transfer into USD, so I´m facing roughly 8.5% in fees (5%+2.5%+foreign bank fee 1%). So, on a 5k transfer roughly I lose 425$. No fun. So, if I travel, will try to carry the 5k. But who can travel now??

WOW not good then.

Of course if you are employed by a company in your home country and they can manage it, the best way might be to have your company pay you the VN wage that you require, which could vary vastly according to your lifestyle needs, and pay you the remainer in a bank in your home country.  Of course if you are employed by a Vietnamese company this may not be possible.

SteinNebraska wrote:

andidips wrote:

While on the topic of money transfer ..... if one earns a salary of $ 10,000 / month (fully supported by employer's work permit & pay slip), pay the required income tax of assume $ 3,000 / month (fully supported by tax deducted at source documents), spend $ 2,000 / month for living expenses and out of the remaining $ 5,000 would like to send $ 3,000 on a monthly basis to dependents residing in home country, would that be an onerous task ? Further, are there any documents to be maintained as proof for the $ 2,000 spent ?

You will be able to do it because you have the paper trail.  You have it deposited in your account by your employer with proper paperwork and tax withholding.  I don't know the exact details because I haven't done it myself but your bank should be able to help you set it up.

Stein,

Thank you very much for your response. I am making a reply to the succeeding post from goodoldboy and if you can also chip in with your thoughts, the same will be appreciated.

goodolboy wrote:

andidips wrote:

goodolboy wrote:

Thing is as many of us know who have lived here for a good few years..............as far as anything goes in Vietnam including banking, what's true & law today is not always what's true & law tomorrow.

While on the topic of money transfer ..... if one earns a salary of $ 10,000 / month (fully supported by employer's work permit & pay slip), pay the required income tax of assume $ 3,000 / month (fully supported by tax deducted at source documents), spend $ 2,000 / month for living expenses and out of the remaining $ 5,000 would like to send $ 3,000 on a monthly basis to dependents residing in home country, would that be an onerous task ? Further, are there any documents to be maintained as proof for the $ 2,000 spent ?

Just one question..........are you working in Vietnam but paid in USD or is this a hypothetical question?

My opinion.................go to the office of an international bank get an account set up, talk to the international banking manager & from my experience they will do it.

At this point of time, it is a hypothetical question. I raised this question as I read a number of posts on the difficulties faced while transferring money out of VN.

When I was working in Bangkok, Thai company, appointment letter specified salary in USD terms and salary used to get credited into my salary account (Thai Bank) in THB based on the prevailing conversion rate as on the last working day of the month. I used to withdraw the entire amount leaving aside the minimum balance to be maintained (multiple withdrawals from the same bank ATM, no charges applicable) and deposit the withdrawn money into my THB account with an Indian Bank in Bangkok. Since I had a work permit, I could advice the Indian Bank to make periodic transfers (based on exchange rate benefits) to my account in India with the same bank. In the bargain, I had to bear the THB-USD, USD transfer and USD-INR conversion charges.

Coming back to your first question, I started my participation in this forum (Mar - Apr '20) scouting for advice on living, schooling, etc as I was in advanced stage of discussion for an opportunity in HCMC. The process was 80% through, but got stranded due to the pandemic. Now, I hear from the Consultants that the prospective employer is thinking in terms of restarting the process. It seems they would like to bring the person into Vietnam in the "expert" category. The Company is well established in Vietnam having their manufacturing facilities in Da Nang and Dong Nai. It is a MNC having their operations in SEA, Middle East and India. What I understand from hear say is, again salary will be fixed in USD terms, equivalent will be deposited to your account in their designated bank in VN currency. This question arose because in Bangkok there was no restriction on any amount of withdrawal from your account. You could even reduce the balance to zero provided you are prepared to pay penalty for not maintaining the minimum balance requirement.

I was looking at whether I can operate on a similar philosophy in VN also. There is an Indian Bank who have their branch operations in HCMC and in my city here,....Bank of India, Saigon Trade Center, 37 Ton Duc Thang Street, District 1, HCMC

Final discussions may happen as per their earliest convenience and I was just preparing for the same on all fronts.

THIGV wrote:

Of course if you are employed by a company in your home country and they can manage it, the best way might be to have your company pay you the VN wage that you require, which could vary vastly according to your lifestyle needs, and pay you the remainer in a bank in your home country.  Of course if you are employed by a Vietnamese company this may not be possible.

This is an Organisation which started their operations in Middle East and subsequently set up manufacturing facilities in SEA (Vietnam) and India. VN operations report to top management in India as Indian operations are their largest world over. When I was working in Lagos with an Indian Company, the payment modalities were exactly same as what you have mentioned.

THIGV wrote:

MikeTVN wrote:

I'm looking for the security of knowing I can bring in all my assets and benefit from high CD rates, own a home, etc and should a time come we want to move elsewhere then no problem, you cant do it.

Owning a home may afford a better chance at capital appreciation in VN than in the US but use a sharp pencil when looking at CD rates.  Exchange rates appear steady on a short term basis but small changes in rates of change can add up and eat away at any interest rate advantage.  A high dividend stock ETF that throws off 2-4% a year in the US may deliver a true higher rate of return than 6% CD's in Vietnam.  Rates may be around 23K now but what if you want to convert back in a few years and it is 26K.

But if the EFT and stock market goes down I would lose the principal. That's too risky for me. I've lost too much in the stock market before. And if I end up staying in VN the the exchange rate won't matter. At least that's how I'm thinking. It's hard trying to figure out and weigh out 'if I stay or if I go back' and trying to be open to both possibilities. I'm trying to get all the information I can that this point to help my decision in the future.

goodolboy wrote:

MikeTVN wrote:

goodolboy wrote:

Thing is as many of us know who have lived here for a good few years..............as far as anything goes in Vietnam including banking, what's true & law today is not always what's true & law tomorrow.

Perhaps that's the most accurate answer, I am coming to find out. I'm looking for the security of knowing I can bring in all my assets and benefit from high CD rates, own a home, etc and should a time come we want to move elsewhere then no problem, you cant do it. But I'm starting to see that I should maintain my fear because that will never be the case and act accordingly.

Mate, take some time out to think over what your are doing & planning to do & DONT EVEN THINK ABOUT MOVING EVERYTHING YOU GOT INTO VIETNAM. Just to many variables to take into account to put all your eggs in this basket.
You dont even know when you can come here, it could be many months before you can even set foot here. When you do get here is the time to test the water & see what your future will be, not the other side of the world depending on your Vietnamese GF or people on a forum like this.
My advice for what its worth from a wylie old fox who has done the rounds here............stop sending any money over here until you are here in person to see where its going, if you like living here & with the changes in visa rules etc is it going to be possible for you to even stay here long term  apart from getting married that is.

I guess I need a slap in the face like that goodolboy. You say 'is it going to be possible for you to even stay here long term  apart from getting married that is" Are you saying it's possible I may not be able to stay UNLESS I marry and get a TRC as an exception to that?

SteinNebraska wrote:

I would never bring most or all of my assets here.  First thing for Mike to understand is that the quivalent to the FDIC which insures bank deposits in the US to $250,000 here in VN insures to the equivalent of $12,000 here.

Second, inflation will likely consume the bulk of the CD rate that you are going to generate.

Third is the difficulty to get the money back out at a later date.  It can be done.  Legally it is difficult and all documentation must be clean with paper trail from the money entering to the time it leaves and any income must have proper paperwork showing that taxes have been paid.  Illegally it can be done but may cost you 3-5% to get the money to the US.

Are you saying it would cost $12k per year per $250K for insurance? That is very substantial.

Theoretically I'm trying to get my head around the concept and true effect of inflation consuming the CD rate. I understand that if I get 6% interest and if the inflation is 6% then my net income is 0 in theory. But if my house is paid off and my only expenses are daily living expenses and I lived comfortably on the 6% income that was generated then where is the real effect other than in theory? I know I'm missing something here and have hesitated to ask but there it is none the less.

Now the documentation needed when trying to get it out I always hear about it 'must be clean' and 'showing taxes are paid' but I simply transfer it in via bank to bank transfer to the bank in VN where I would buy CDs preferably in my name after marriage and with a TRC is that easy to document? And no taxes would be due on interest payments so would that make is any more or less difficult?
thanks.

MikeTVN wrote:

Are you saying it would cost $12k per year per $250K for insurance? That is very substantial.

Theoretically I'm trying to get my head around the concept and true effect of inflation consuming the CD rate. I understand that if I get 6% interest and if the inflation is 6% then my net income is 0 in theory. But if my house is paid off and my only expenses are daily living expenses and I lived comfortably on the 6% income that was generated then where is the real effect other than in theory?

No, what I'm saying is in the US your deposits are insured by the FDIC for up to $250,000 per account.  If the bank goes under you can recover that much from FDIC insurance if your bank folds.

In Vietnam the "equivalent" of FDIC insurance only protects your savings up to approximately $12,000 if the bank goes under.  Any money over $12,000 on deposit is not insured.  Also there is a much more realistic opportunity that a bank can fold in VN than in US.

I think you can estimate a 5% inflation rate on average in Vietnam so that drops your 6% to 1% income per year.  Interest rates have dropped a lot in the last year.  We used to get 8 or 8.5% on the equivalent of a 12 month CD even early this year.  Now it's down to 6% or so.

The difference between savings interest, loan interest rate and inflation seems to be somewhat universal when comparing the three to each other regardless of VN or US.  For example, banks tend to lend at a rate of 2-3% over what they pay on a CD.  That margin is always maintained regardless of what the loan or savings rate is.  Same to some extent what the savings rate to inflation would be.  When I first got here I thought the same - why wouldn't I just move cash here and take a guaranteed 8% on my money with no risk?  Well, the risk is what I outlined in the paragraphs above.  There's no magic "free interest" here.  Otherwise people with a lot more money than any of us would be doing exactly that.  How much money would flow into a country that guaranteed 8% with no risk to principal? It just doesn't work like that.

MikeTVN wrote:

goodolboy wrote:

MikeTVN wrote:

Perhaps that's the most accurate answer, I am coming to find out. I'm looking for the security of knowing I can bring in all my assets and benefit from high CD rates, own a home, etc and should a time come we want to move elsewhere then no problem, you cant do it. But I'm starting to see that I should maintain my fear because that will never be the case and act accordingly.

Mate, take some time out to think over what your are doing & planning to do & DONT EVEN THINK ABOUT MOVING EVERYTHING YOU GOT INTO VIETNAM. Just to many variables to take into account to put all your eggs in this basket.
You dont even know when you can come here, it could be many months before you can even set foot here. When you do get here is the time to test the water & see what your future will be, not the other side of the world depending on your Vietnamese GF or people on a forum like this.
My advice for what its worth from a wylie old fox who has done the rounds here............stop sending any money over here until you are here in person to see where its going, if you like living here & with the changes in visa rules etc is it going to be possible for you to even stay here long term  apart from getting married that is.

I guess I need a slap in the face like that goodolboy. You say 'is it going to be possible for you to even stay here long term  apart from getting married that is" Are you saying it's possible I may not be able to stay UNLESS I marry and get a TRC as an exception to that?

Mike I am no expert but I can only tell you from my experience & that is this..........
I am British & I have actually lived here 12 years + & all those years have been on a 6 months tourist visa at first, that was then reduced to a 3 months tourist visa & all was hunky dory until this year.
As of Sept 1st a new law was introduce where in my case for example on a 3 months tourist visa I now have to get that 3 months visa stamped every month either in country or by leaving & coming back in. In country using a visa agent I have been quoted from 60usd to 130usd to get that stamp. Now all this visa stuff I quote is prior to Corona.
So now Corona has happened..............I entered Vietnam Feb 8th & have 2 x 3 months extensions on my 3 months tourist visa & when it runs out November all I can get is 1 months extensions costing 130usd (because I live in HCMC) & no guarantees that it will be approved.

So let me cut to the chase, what I mean by the comment on not being able to live here long term is that if you come in post Corona & the borders open & on a 3 months tourist visa you will have to get that visa stamped every month then do a visa run to get a new visa & start all over again with no guarantees of actually getting a new visa or stamp.
Now all this is based on me being a UK citizen, you are a citizen of USA & that different, you can come in on a 1 year tourist visa I think but still as far as I know you will have to get it stamped every month. I am sure others on the forum from USA can clarify that.
There are other options open such as Business Visas, Investment Visas that allow you to stay longer & I have looked into both but believe me its not straight forward.
& as I have said before things change by the day here & for us ex pats living here & wanting to carry on on living here life is not as easy as it once was & not sure if its gonna change for the better looking long term either.

MikeTVN wrote:

Theoretically I'm trying to get my head around the concept and true effect of inflation consuming the CD rate. I understand that if I get 6% interest and if the inflation is 6% then my net income is 0 in theory. But if my house is paid off and my only expenses are daily living expenses and I lived comfortably on the 6% income that was generated then where is the real effect other than in theory? I know I'm missing something here and have hesitated to ask but there it is none the less.

If the inflation rate today is 6% and you buy something today that costs $100, then next year at this time it should cost $106.  To maintain your purchasing power, you must leave the inflation rate generated income in the CD, so in your question, you would have NO income to spend.
Also, as a U.S. citizen, your world-wide income, including interest, is taxable to Uncle Sam.  Further, some of the banks here are now requiring permission to disclose the information to the U.S. in order to open an account.

SteinNebraska wrote:

MikeTVN wrote:

Are you saying it would cost $12k per year per $250K for insurance? That is very substantial.

Theoretically I'm trying to get my head around the concept and true effect of inflation consuming the CD rate. I understand that if I get 6% interest and if the inflation is 6% then my net income is 0 in theory. But if my house is paid off and my only expenses are daily living expenses and I lived comfortably on the 6% income that was generated then where is the real effect other than in theory?

No, what I'm saying is in the US your deposits are insured by the FDIC for up to $250,000 per account.  If the bank goes under you can recover that much from FDIC insurance if your bank folds.

In Vietnam the "equivalent" of FDIC insurance only protects your savings up to approximately $12,000 if the bank goes under.  Any money over $12,000 on deposit is not insured.  Also there is a much more realistic opportunity that a bank can fold in VN than in US.

I think you can estimate a 5% inflation rate on average in Vietnam so that drops your 6% to 1% income per year.  Interest rates have dropped a lot in the last year.  We used to get 8 or 8.5% on the equivalent of a 12 month CD even early this year.  Now it's down to 6% or so.

The difference between savings interest, loan interest rate and inflation seems to be somewhat universal when comparing the three to each other regardless of VN or US.  For example, banks tend to lend at a rate of 2-3% over what they pay on a CD.  That margin is always maintained regardless of what the loan or savings rate is.  Same to some extent what the savings rate to inflation would be.  When I first got here I thought the same - why wouldn't I just move cash here and take a guaranteed 8% on my money with no risk?  Well, the risk is what I outlined in the paragraphs above.  There's no magic "free interest" here.  Otherwise people with a lot more money than any of us would be doing exactly that.  How much money would flow into a country that guaranteed 8% with no risk to principal? It just doesn't work like that.

Thanks so much for your detailed explanation. I plan on moving to VN and having a comfortable life with my wife and raise a family there. I'm just trying to figure out the best way to do that with the assets I have. I currently own a home in Florida and one in VN. Maybe one could put say $20K in multiple banks reducing the risk. Is there a limit to how many accounts one could have? Also what do you think the risk of folding of the 4 state run banks (Agribank, BIVD, Vietinbank, Vietcombank)?

goodolboy wrote:

MikeTVN wrote:

goodolboy wrote:

Mate, take some time out to think over what your are doing & planning to do & DONT EVEN THINK ABOUT MOVING EVERYTHING YOU GOT INTO VIETNAM. Just to many variables to take into account to put all your eggs in this basket.
You dont even know when you can come here, it could be many months before you can even set foot here. When you do get here is the time to test the water & see what your future will be, not the other side of the world depending on your Vietnamese GF or people on a forum like this.
My advice for what its worth from a wylie old fox who has done the rounds here............stop sending any money over here until you are here in person to see where its going, if you like living here & with the changes in visa rules etc is it going to be possible for you to even stay here long term  apart from getting married that is.

I guess I need a slap in the face like that goodolboy. You say 'is it going to be possible for you to even stay here long term  apart from getting married that is" Are you saying it's possible I may not be able to stay UNLESS I marry and get a TRC as an exception to that?

Mike I am no expert but I can only tell you from my experience & that is this..........
I am British & I have actually lived here 12 years + & all those years have been on a 6 months tourist visa at first, that was then reduced to a 3 months tourist visa & all was hunky dory until this year.
As of Sept 1st a new law was introduce where in my case for example on a 3 months tourist visa I now have to get that 3 months visa stamped every month either in country or by leaving & coming back in. In country using a visa agent I have been quoted from 60usd to 130usd to get that stamp. Now all this visa stuff I quote is prior to Corona.
So now Corona has happened..............I entered Vietnam Feb 8th & have 2 x 3 months extensions on my 3 months tourist visa & when it runs out November all I can get is 1 months extensions costing 130usd (because I live in HCMC) & no guarantees that it will be approved.

So let me cut to the chase, what I mean by the comment on not being able to live here long term is that if you come in post Corona & the borders open & on a 3 months tourist visa you will have to get that visa stamped every month then do a visa run to get a new visa & start all over again with no guarantees of actually getting a new visa or stamp.
Now all this is based on me being a UK citizen, you are a citizen of USA & that different, you can come in on a 1 year tourist visa I think but still as far as I know you will have to get it stamped every month. I am sure others on the forum from USA can clarify that.
There are other options open such as Business Visas, Investment Visas that allow you to stay longer & I have looked into both but believe me its not straight forward.
& as I have said before things change by the day here & for us ex pats living here & wanting to carry on on living here life is not as easy as it once was & not sure if its gonna change for the better looking long term either.

Goodolboy, I would be getting married when I get there and would get a TRC which I believe needs to be renewed every 3 years. Even at that I don't know how I can feel 'at home' so I can't imagine being in the situation you just described.

Travelfar wrote:

MikeTVN wrote:

Theoretically I'm trying to get my head around the concept and true effect of inflation consuming the CD rate. I understand that if I get 6% interest and if the inflation is 6% then my net income is 0 in theory. But if my house is paid off and my only expenses are daily living expenses and I lived comfortably on the 6% income that was generated then where is the real effect other than in theory? I know I'm missing something here and have hesitated to ask but there it is none the less.

If the inflation rate today is 6% and you buy something today that costs $100, then next year at this time it should cost $106.  To maintain your purchasing power, you must leave the inflation rate generated income in the CD, so in your question, you would have NO income to spend.
Also, as a U.S. citizen, your world-wide income, including interest, is taxable to Uncle Sam.  Further, some of the banks here are now requiring permission to disclose the information to the U.S. in order to open an account.

Ah, Ok I get it now..... Also I forgot about the taxable Uncle Sam income. Thanks for that Travelfar.

MikeTVN wrote:

Maybe one could put say $20K in multiple banks reducing the risk. Is there a limit to how many accounts one could have? Also what do you think the risk of folding of the 4 state run banks (Agribank, BIVD, Vietinbank, Vietcombank)?

Using multiple banks for CD's makes sense particularly in light of the good advice from SteinNebraska on the limits of deposit insurance, but I don't think you would have to use more than a few.  I think I too have suggested before that the government banks have an added layer of safety as they will be standing as long as the government is.  You might add in MB or more formally the Military Commercial Joint Stock Bank to your list.  Despite being technically a Joint Stock Bank, being primarily owned by the People's Army of Vietnam should make it pretty safe.  Tangentially and with apologies to the off topic police, I once read that in a revolutionary war zone, that an 18 year old with an automatic rifle is the last person who will starve.   

THIGV wrote:

MikeTVN wrote:

Maybe one could put say $20K in multiple banks reducing the risk. Is there a limit to how many accounts one could have? Also what do you think the risk of folding of the 4 state run banks (Agribank, BIVD, Vietinbank, Vietcombank)?

Using multiple banks for CD's makes sense particularly in light of the good advice from SteinNebraska on the limits of deposit insurance, but I don't think you would have to use more than a few.  I think I too have suggested before that the government banks have an added layer of safety as they will be standing as long as the government is.  You might add in MB or more formally the Military Commercial Joint Stock Bank to your list.  Despite being technically a Joint Stock Bank, being primarily owned by the People's Army of Vietnam should make it pretty safe.  Tangentially and with apologies to the off topic police, I once read that in a revolutionary war zone, that an 18 year old with an automatic rifle is the last person who will starve.   

Wow thanks for your input. I didn't read where you suggested the safety of the government banks. I was actually under the impression that it is not so safe, but I see your logic and agree.

MikeTVN wrote:

Goodolboy, I would be getting married when I get there and would get a TRC which I believe needs to be renewed every 3 years. Even at that I don't know how I can feel 'at home' so I can't imagine being in the situation you just described.

Not to throw another loop or thread drift in your decision making process but you can consider either getting a TRC or a VEC Visa Exemption Certificate when married to a VN citizen.

The VERY short version of the pros and cons are:

TRC will be for three (or two, depending on province issuing) but you may remain in country without having to leave at all for the duration of the TRC.

VEC will be valid for (generally) 5 years.  The cost is only $10 USD.  The con is that you must leave every 180 days.  You can (I just did it last month) renew in country once for $10 USD but the way I understand it I will have to leave for the next reissue of the stamp, so every other 180 day period you will have to at minimum do a border run or leave and re-enter for vacation, return to US, or some other reason.

Personally the VEC works for me as I would go back to the US every couple of months so that automatically reactivates a new 180 day period.  It is cheaper to get and is five years.  COVID did mess up that plan this time so I did have to renew in country.  My next renewal is late March so I hope I will be able to leave and return after that timeframe.

MikeTVN wrote:

I didn't read where you suggested the safety of the government banks. I was actually under the impression that it is not so safe, but I see your logic and agree.

My suggestion was well over a year ago and the search function on this site is poor particularly with respect to multi-word searches.  I probably would be hard pressed to find it myself.

SteinNebraska wrote:

MikeTVN wrote:

Goodolboy, I would be getting married when I get there and would get a TRC which I believe needs to be renewed every 3 years. Even at that I don't know how I can feel 'at home' so I can't imagine being in the situation you just described.

Not to throw another loop or thread drift in your decision making process but you can consider either getting a TRC or a VEC Visa Exemption Certificate when married to a VN citizen.

The VERY short version of the pros and cons are:

TRC will be for three (or two, depending on province issuing) but you may remain in country without having to leave at all for the duration of the TRC.

VEC will be valid for (generally) 5 years.  The cost is only $10 USD.  The con is that you must leave every 180 days.  You can (I just did it last month) renew in country once for $10 USD but the way I understand it I will have to leave for the next reissue of the stamp, so every other 180 day period you will have to at minimum do a border run or leave and re-enter for vacation, return to US, or some other reason.

Personally the VEC works for me as I would go back to the US every couple of months so that automatically reactivates a new 180 day period.  It is cheaper to get and is five years.  COVID did mess up that plan this time so I did have to renew in country.  My next renewal is late March so I hope I will be able to leave and return after that timeframe.

Thanks so much SteinNebraska I didn't know of that option and options are good to have.

SteinNebraska wrote:

MikeTVN wrote:

Goodolboy, I would be getting married when I get there and would get a TRC which I believe needs to be renewed every 3 years. Even at that I don't know how I can feel 'at home' so I can't imagine being in the situation you just described.

Not to throw another loop or thread drift in your decision making process but you can consider either getting a TRC or a VEC Visa Exemption Certificate when married to a VN citizen.l

Can you get either of those if you stay single and become a pig farmer instead?

THIGV wrote:

You might add in MB or more formally the Military Commercial Joint Stock Bank to your list.  Despite being technically a Joint Stock Bank, being primarily owned by the People's Army of Vietnam should make it pretty safe. 

A fun trivia:  One of the military-linked companies under the Ministry of National Defense is legally named Saigon Newport Corporation, the owner of 7.25% of MB stocks.

OceanBeach92107 wrote:

Can you get either of those if you stay single and become a pig farmer instead?

Sure, investor based TRC!  Sounds like a crappy business venture!

OceanBeach92107 wrote:

Can you get either of those if you stay single and become a pig farmer instead?

SteinNebraska wrote:

Sure, investor based TRC!  Sounds like a crappy business venture!

Crappy business venture!   

My newest expat friend is a French-Brazilian man who started an LLC in Saigon and acquired a TRC without being married to a local.

Ciambella wrote:

OceanBeach92107 wrote:

Can you get either of those if you stay single and become a pig farmer instead?

SteinNebraska wrote:

Sure, investor based TRC!  Sounds like a crappy business venture!

Crappy business venture!   

My newest expat friend is a French-Brazilian man who started an LLC in Saigon and acquired a TRC without being married to a local.

Didn't he do that a while back?

From everything my Visa agent has told me, the requirements are now much more stringent

OceanBeach92107 wrote:

Didn't he do that a while back?

From everything my Visa agent has told me, the requirements are now much more stringent

Yes, he received it almost 3 years ago and it's good for 5 years, from Dec 2017 until Dec 2022.

I stand corrected on the LLC.  He has an investor visa through a good lawyer (his word) and the 5 year TRC was the result.

Ciambella wrote:

OceanBeach92107 wrote:

Didn't he do that a while back?

From everything my Visa agent has told me, the requirements are now much more stringent

Yes, he received it almost 3 years ago and it's good for 5 years, from Dec 2017 until Dec 2022.

I stand corrected on the LLC.  He has an investor visa through a good lawyer (his word) and the 5 year TRC was the result.

I got a 2 year TRC through the lawyer I used to buy my apartment. Got the apartment OK but only managed to leave the country & come back twice on it. Then got al call from the lawyer to say come in to see him. Went in & he told me not to use the TRC again cos it would be taken off me & possibly Black Listed. No word of getting my 2,000 usd back though!

Recently I enquired with 5 different Visa agents about getting an Investor TRC without the investment commitment!! & I was warned by all that & I quote.........."it can be done but its not safe!!

Slightly off topic but good to know for some anyways. A couple of months back I replied to a post by 2 members on here that for a genuine WP & therefor TRC there was a maximum age limit for Vietnam & it was based on the official retirement age of 60 this year going up to 61 next year. Basically I was told I was talking rubbish by one member. Well I can tell everyone here that as per 5 Visa agents this is actually correct, over 60 & legally no WP will be issued & therefor no TRC...........I emphasize the legally bit.
One of the 5 agents said sorry no can do, at 69 you are too old.
Three said OK can do at a cost but its "not safe"
One said yes we can do it safely but its gonna cost you!

Just some honest feedback that some might find interesting & informative.

goodolboy wrote:

Ciambella wrote:

OceanBeach92107 wrote:

Didn't he do that a while back?

From everything my Visa agent has told me, the requirements are now much more stringent

Yes, he received it almost 3 years ago and it's good for 5 years, from Dec 2017 until Dec 2022.

I stand corrected on the LLC.  He has an investor visa through a good lawyer (his word) and the 5 year TRC was the result.

I got a 2 year TRC through the lawyer I used to buy my apartment. Got the apartment OK but only managed to leave the country & come back twice on it. Then got al call from the lawyer to say come in to see him. Went in & he told me not to use the TRC again cos it would be taken off me & possibly Black Listed. No word of getting my 2,000 usd back though!

Recently I enquired with 5 different Visa agents about getting an Investor TRC without the investment commitment!! & I was warned by all that & I quote.........."it can be done but its not safe!!

Slightly off topic but good to know for some anyways. A couple of months back I replied to a post by 2 members on here that for a genuine WP & therefor TRC there was a maximum age limit for Vietnam & it was based on the official retirement age of 60 this year going up to 61 next year. Basically I was told I was talking rubbish by one member. Well I can tell everyone here that as per 5 Visa agents this is actually correct, over 60 & legally no WP will be issued & therefor no TRC...........I emphasize the legally bit.
One of the 5 agents said sorry no can do, at 69 you are too old.
Three said OK can do at a cost but its "not safe"
One said yes we can do it safely but its gonna cost you!

Just some honest feedback that some might find interesting & informative.

That's why a retirement visa would be a good option for those who dont want to marry. The other option is to set up a company, but that is too much hassle just to obtain a visa.

goodolboy wrote:

Basically I was told I was talking rubbish by one member. Well I can tell everyone here that as per 5 Visa agents this is actually correct, over 60 & legally no WP will be issued & therefor no TRC...........I emphasize the legally bit.
One of the 5 agents said sorry no can do, at 69 you are too old.
Three said OK can do at a cost but its "not safe"
One said yes we can do it safely but its gonna cost you!

Just some honest feedback that some might find interesting & informative.

Have you considered that people getting a legit WP followed up by a TRC is not in any visa agent's interest?  In fact wherever you work, they should assist you in getting the permit and the subsequent TRC is reputedly easy to get yourself after you have the WP.  (I say reputedly because I did not get one myself as I had a VEC, but I did have friends who got TRC without agent help.)  I suspect they are perpetuating the rumor because the WP/TRC route cuts them out of their gravy train.  I got my WP at over the age of 60 and age was never an issue.  After all, we are supposedly "experts" so why should age matter.

Now if the agents are talking about a WP and TRC where there is no job in reality, only papers that say you have the job, that is another story.  Of course they would be good at that type of underhanded business.

colinoscapee wrote:

goodolboy wrote:

Ciambella wrote:

Yes, he received it almost 3 years ago and it's good for 5 years, from Dec 2017 until Dec 2022.

I stand corrected on the LLC.  He has an investor visa through a good lawyer (his word) and the 5 year TRC was the result.

I got a 2 year TRC through the lawyer I used to buy my apartment. Got the apartment OK but only managed to leave the country & come back twice on it. Then got al call from the lawyer to say come in to see him. Went in & he told me not to use the TRC again cos it would be taken off me & possibly Black Listed. No word of getting my 2,000 usd back though!

Recently I enquired with 5 different Visa agents about getting an Investor TRC without the investment commitment!! & I was warned by all that & I quote.........."it can be done but its not safe!!

Slightly off topic but good to know for some anyways. A couple of months back I replied to a post by 2 members on here that for a genuine WP & therefor TRC there was a maximum age limit for Vietnam & it was based on the official retirement age of 60 this year going up to 61 next year. Basically I was told I was talking rubbish by one member. Well I can tell everyone here that as per 5 Visa agents this is actually correct, over 60 & legally no WP will be issued & therefor no TRC...........I emphasize the legally bit.
One of the 5 agents said sorry no can do, at 69 you are too old.
Three said OK can do at a cost but its "not safe"
One said yes we can do it safely but its gonna cost you!

Just some honest feedback that some might find interesting & informative.

That's why a retirement visa would be a good option for those who dont want to marry. The other option is to set up a company, but that is too much hassle just to obtain a visa.

retirement Visa ......I wish, but wont hold my breath

I did ask about the company deal too mate but even it was not straight forward but as you say it can be done. As I remember it involved submission of accounts etc & a cost of about 2,000usd to set up, but I was told it does make it easier if you want to get cash back out.
Ah well who said life was easy & I have had a good run nearly 14 years on a tourist Visa so I dont complain too much, hey!!

THIGV wrote:

goodolboy wrote:

Basically I was told I was talking rubbish by one member. Well I can tell everyone here that as per 5 Visa agents this is actually correct, over 60 & legally no WP will be issued & therefor no TRC...........I emphasize the legally bit.
One of the 5 agents said sorry no can do, at 69 you are too old.
Three said OK can do at a cost but its "not safe"
One said yes we can do it safely but its gonna cost you!

Just some honest feedback that some might find interesting & informative.

Have you considered that people getting a legit WP followed up by a TRC is not in any visa agent's interest?  In fact wherever you work, they should assist you in getting the permit and the subsequent TRC is reputedly easy to get yourself after you have the WP.  (I say reputedly because I did not get one myself as I had a VEC, but I did have friends who got TRC without agent help.)  I suspect they are perpetuating the rumor because the WP/TRC route cuts them out of their gravy train.  I got my WP at over the age of 60 and age was never an issue.  After all, we are supposedly "experts" so why should age matter.

Now if the agents are talking about a WP and TRC where there is no job in reality, only papers that say you have the job, that is another story.  Of course they would be good at that type of underhanded business.

You may be right as the Gentleman who is heading the SEA operations of the Organisation (I discussed about a proposal in another thread) is based at HCMC, he is 64 and is there on WP + TRC. He has been in HCMC since last seven years.

andidips wrote:

You may be right as the Gentleman who is heading the SEA operations of the Organisation (I discussed about a proposal in another thread) is based at HCMC, he is 64 and is there on WP + TRC. He has been in HCMC since last seven years.

Strictly speculating but I wonder if one is awarded before 60 (like the guy you referenced) it is easier to RENEW past 60 as opposed to apply first time after 60.  It would be a little more unfair to tell someone that's been working here for three years that they need to essentially "retire" at 60.  Not that there is anything fair about the processes here when they can't even agree to apply existing laws equally across provinces.

Ciambella wrote:

mtgmike wrote:

My bank in the US added higher per transaction fees recently.  Last week I went to a local ATM the Vietnamese bank had lowered the withdrawal limit to 2,000,000. With the per transaction fees, I lose about 8% on a 2,000,000 withdrawal.

Switch to Charles Schwab.  Many American expats use CS solely for all money matters, meaning we don't have Vietnamese account and we don't use money transfer. 

- CS doesn't belong to any ATM network but it reimburses all the ATM fees which other banks charge you.
- CS allows $1000 withdrawal per day.  Of course you can't even get half of that with ATM here, but you can have one transaction after another until reaching the amount you wish to have.  No worry about fees, remember?
- CS exchange rate is excellent, better than all the banks, better than gold shops, better than anything you can find in VN.

If my spouse were Vietnamese and I wanted to transfer money to his account, I would've used ATM to withdraw $1000 each day and given him the cash.  No muss, no fuss.

Actually CS will allow you to withdraw more than 1k a day. All you have to do is ask for such approval. If you want it just as a one- time thing or you you can have it approved permanently. I have done it for years. By far the best bank I have every dealt with in my life. When and if you need a new card they will FedEx it to you at no cost. My other bank charges $25.

SteinNebraska wrote:

Strictly speculating but I wonder if one is awarded before 60 (like the guy you referenced) it is easier to RENEW past 60 as opposed to apply first time after 60.

Good hypothesis but certainly not always true.  I definitely got my WP at over 60, 64 in fact.  I really think that the assertion of the visa agents cited above is tainted by their personal interest.  Additionally,  I have a strong suspicion that they are referring to phony WP's for nonexistent jobs with shell companies, a lot like their bogus business visas.

Usually, but not always it is the sponsor of the card that raises the fees e.g Visa Mastercard etc. They routinely increase the international transaction fee. I do not think I have ever had a bank increase their fees. But there are a host of fees rolled into a transaction.

MikeTVN wrote:

Also what do you think the risk of folding of the 4 state run banks (Agribank, BIVD, Vietinbank, Vietcombank)?

You might want to read this article about the government owned banks.

THIGV wrote:

MikeTVN wrote:

Also what do you think the risk of folding of the 4 state run banks (Agribank, BIVD, Vietinbank, Vietcombank)?

You might want to read this article about the government owned banks.

I did thanks. Forgive my ignorance but can you tell me what the implications of this ability for them to give dividends and increase capitol? Seems to me more stability and less likely to fold?

MikeTVN wrote:

Forgive my ignorance but can you tell me what the implications of this ability for them to give dividends and increase capitol? Seems to me more stability and less likely to fold?

I too am no economist but I believe that increased capitalization increases stability. In this case, it seems that the motivation is increased participation in international banking.

Interesting article. We probably should have seen such a move coming as banks here have been at the brink of insolvency or there for sometime. Covid will be tge straw that breaks the camels back. Not surprising they want to pay dividends in stock. This will allow thwm to conserve much needed cash. Bank capitalization consist of a fixed amount of cash. They loan sone of that cash out, expecting to earn some amount of interest on the mobey lent out. But when the borrowers stop paying back their notes the amoubt of money tge bank has to loan or operate dwindles. And tgen they go under. In America since the currency of international settlements is the dollar they can use quanatative easing ( tge welling of US bonds) to countries around the world. This allows America to recover from these economic crisis'. But countries such as VN do not have as many ways to right the ship.
With your deposits only guarenteed to the equivalent of $3,000 it is quite risky here to deposit money in banks. But locals have no trust in banks here, justifiably so. That is one reason they love gold.

MikeTVN wrote:

THIGV wrote:

MikeTVN wrote:

Also what do you think the risk of folding of the 4 state run banks (Agribank, BIVD, Vietinbank, Vietcombank)?

You might want to read this article about the government owned banks.

I did thanks. Forgive my ignorance but can you tell me what the implications of this ability for them to give dividends and increase capitol? Seems to me more stability and less likely to fold?

To try and answer your question: The simple answer is when they want to issue stocks instead of paying dividends is that the just do not have the money available to pay the dividends. So they are in affect saying we are sinking, but we would be happy to make you a part owner of the sinking ship. Great signal to get your money out while they still have enough to pay you what you have deposited. with covid we have yet to see the economic impact. But rest assured  it is going to get worse. Here in VN the common person just does not realize there is going to be an economic problem.