Job Discussion Forums

Sam · Joined: 03 Mar 2003 Posts: 1

I am thinking of teaching English in Vietnam later this year. However i have heard you can not change Vietnamese Dong and transfer it home at a bank. The problem is I have student loans which i have to pay off every month. So i basically need to know if any of you send money home and how?

VC · Joined: 11 Feb 2003 Posts: 35

I've heard that it is illegal to take money that you have earned in Vietnam outside of the country.

scot47 · Joined: 10 Jan 2003 Posts: 15343

The phenomeneon you are describing is known as "Exchange Control".
You require permission to buy and export foreign currency and local currency cannot normally be exported. This has been a feature of many economies, not just Vietnam.

Micro67 · Joined: 29 May 2003 Posts: 297 Location: HCMC, Vietnam

You can send money home, but it is expensive. Chau Ho Vina and, I believe, all the others require a letter from your employer stating that the money you are sending is earned wages.

I got a letter from my school giving an approximation of my monthly income and they have allowed me to transfer money. It has gotten cheaper and Chau Ho Vina now has dollar accounts.

Their may be cheaper ways to get the money transferred, but I haven't found them yet.

Micro67 · Joined: 29 May 2003 Posts: 297 Location: HCMC, Vietnam

Just a quick note for anyone that is interested. I checked the Western Union office again a couple of days ago as there was a rumor going around that there would be a change allowing for US dollars to be sent out of the country, but as of then this was not the case. You can still only Western Union money into Vietnam. This may all change though. Sad

Allyson · Posted: Thu Jul 03, 2003 3:35 am Post subject: Sending Money Home

Hi
Sending money out of the country is easy and can be arranged by your bank for around US25 for each telegraphic transfer. Internet banking is still very new here and the services are limited to basically what you can transfer between your own accounts at your bank.

You will need a letter from your employer to say where you work and what your average monthly salary is/will be and then you can send up to 60% of that amount out of the country each month. This is basically to show you are not earning money illegally or on the black market etc...

Different banks have slightly different systems - I used to transfer USD to Australia but now I can give the amount in VND for the same transaction, but I still think I pay two lots of conversion from VND to USD to AUD... it gets to where it needs to be within about 3 working days. I transfer money each month to pay my Visa bill at home and have never had any hassles.

The hassle you will have is buying USD at the bank if you want to leave the country - you generally have to go with your dong to a money changer but they offer pretty competitive rates really. Apparently if you present your passport and air ticket to show you are leaving the country your bank will pay out your VND account in USD so you can take it with you - it is illegal to take VND out of the country.

Hope this clears up any concerns...

viva · Joined: 29 Jan 2003 Posts: 14 Location: South Korea

What about getting access to a Canadian Bank Account while in Vietnam?

Also, does anybody know if you can purchase American Express Travellers Cheques (in USD) at any major bank in Vietnam?? When I was in Thailand I found that mailing USD travellers cheques home to my bank for them to deposit was a lot cheaper than wiring the money. I'm wondering if the same can be done in VN?