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New Fees at the ANZ Bank

 
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1st Sgt Welsh



Joined: 13 Dec 2010
Posts: 536
Location: Saigon, Vietnam

PostPosted: Fri Oct 05, 2012 7:38 am    Post subject: New Fees at the ANZ Bank Reply with quote

Hi Guys,

I've been a satisfied customer of the ANZ for about three years now but that's about to change Mad. I've just heard that from the start of next month, if your account at any time has less than 2,500 USD in it, then you will be charged 200,000 VND a month as a 'service fee'. The details can be found here:

http://www.anz.com/vietnam/en/resources/d/b/dbd05d804c80195cae1cfeffdc2ff942/Schedule-charges-Nov-2012-En.pdf?CACHEID=dbd05d804c80195cae1cfeffdc2ff942

As I absolutely abhor bank fees as a matter of general principle, I'll probably be taking my business elsewhere, but I just thought others should be made aware of it in case they didn't already know.
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biliana



Joined: 19 Aug 2012
Posts: 53
Location: Vietnam

PostPosted: Fri Oct 05, 2012 7:54 am    Post subject: Reply with quote

Thanks for that.

I see their Visa card charge is 3to4 times that of Vietnamese banks.

I won't be considering them if the thought of using a western bank ever crosses my mind.
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Mattingly



Joined: 03 Jul 2008
Posts: 165

PostPosted: Fri Oct 05, 2012 8:09 am    Post subject: Re: New Fees at the ANZ Bank Reply with quote

1st Sgt Welsh wrote:
Hi Guys,

I've been a satisfied customer of the ANZ for about three years now but that's about to change Mad. I've just heard that from the start of next month, if your account at any time has less than 2,500 USD in it, then you will be charged 200,000 VND a month as a 'service fee'. The details can be found here:

http://www.anz.com/vietnam/en/resources/d/b/dbd05d804c80195cae1cfeffdc2ff942/Schedule-charges-Nov-2012-En.pdf?CACHEID=dbd05d804c80195cae1cfeffdc2ff942

As I absolutely abhor bank fees as a matter of general principle, I'll probably be taking my business elsewhere, but I just thought others should be made aware of it in case they didn't already know.


Thanks for the heads up, 1sgt. Welsh.

I have had it with ANZ, then.

I have more than the $2,500 but when I travel or pay a loan back home I buy a plane ticket, take the cash with me, and pay for things. My account dips below that.

They already have higher fees.

In the recent past, I was willing to consider "higher fees for less risk" as ANZ is less risky than some of the local banks.

But I am goint to switch to Vietcom bank. Low fees, controlling all of the foreign currency coming in and out and a joint government bank that is backed.

Even if the other banks go down, Vietcom will always be around.
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Jbhughes



Joined: 01 Jul 2010
Posts: 254

PostPosted: Fri Oct 05, 2012 8:25 am    Post subject: Reply with quote

That's really quite a large figure for a country like Vietnam.

BTW - if anyone is in the habit of changing a load of cash when they go home and having some left when they come back, then you can get yourself a foreign currency account here.

When you bring the cash back through, you should declare it and get a customs form (a little green slip) which they (or probably you), will write the amount of currency you have and they will stamp it. If you take this to a bank, you can open a foreign currency account with the sum of cash declared on the form (at least, I did this early this year with Vietcombank).

Don't take $5000 in or out without some kind of separate declaration for it. If you change your cash at your bank here and the amount is over $5000, then make sure they fill in the right declaration form for you. Otherwise, I'm sure there will be plenty of hungry hands on the end of green sleeves who will happily relieve you of your hard-earned cash.

Realise this is a bit off topic, but it's a way of 'laundering' your Dong into USD and still keeping it in the bank at the end of it all.
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cb400



Joined: 27 Sep 2010
Posts: 168
Location: Hanoi

PostPosted: Fri Oct 05, 2012 8:31 am    Post subject: Reply with quote

ANZ has been steadily increasing there fee's and lowering what you get in return. I use to deal with Vietnamese banks and the fee's were great, but the service shite ...In hanoi anyway.

Anyone able to compare HSBC to ANZ?

$2500 min balance is crazy and then charging me a fee to use my own money? When I opened my account it was $300 USD..still really high but workable.
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deadlift



Joined: 08 Jun 2010
Posts: 257

PostPosted: Fri Oct 05, 2012 8:35 am    Post subject: Reply with quote

That's obscene. However, I don't think I'll switch. ANZ still has the convenience of internet-banking transfers to my home country, and I tend to keep about that much in my USD account anyway.

I do wish there were a viable alternative. Who are you going to switch to, Sarge?
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1st Sgt Welsh



Joined: 13 Dec 2010
Posts: 536
Location: Saigon, Vietnam

PostPosted: Fri Oct 05, 2012 8:57 am    Post subject: Reply with quote

Good to see that I'm not the only one who thinks this is a bit over-the-top.

cb400 wrote:
$2500 min balance is crazy and then charging me a fee to use my own money? When I opened my account it was $300 USD..still really high but workable.


When I opened my account, there was no minimum balance and, unless you used another bank's ATM etc., zero bank charges. It cost you a few hundred thousand dong to open it, but that was pretty much it.

deadlift wrote:

I do wish there were a viable alternative. Who are you going to switch to, Sarge?


Beats me Confused. I only just found out about it so I really haven't had a chance yet to check it out.
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cb400



Joined: 27 Sep 2010
Posts: 168
Location: Hanoi

PostPosted: Mon Nov 19, 2012 5:20 am    Post subject: Reply with quote

I just wanted to ask if anyone is using HSBC? I need to open a new account to get my salary transferred into? Any good VN banks for just getting a salary into and withdrawing by an ATM

I had an ANZ account but will not used the USD account because of the ridiculous min balance.

Is there a min balance for ANZ VND accounts?

Cheers
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mark_in_saigon



Joined: 20 Sep 2009
Posts: 767

PostPosted: Mon Nov 19, 2012 6:26 am    Post subject: Reply with quote

TECHCOMBANK is the only one of the VN banks that I know of that allows larger withdrawals using your western cards, so I started using them. They SEEM a bit more substantial and safe than some of these others right now. I personally would be a bit scared to keep larger amounts of money in any VN bank at this point. Not that the whole system is going to crater, but there are some very serious problems there, and certainly some of them could go down. I would have to guess that the system would make the depositors whole, not because they care about the people, but if a major bank were to fail and not pay off, then the whole system would then be at risk of a run.
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Mattingly



Joined: 03 Jul 2008
Posts: 165

PostPosted: Wed Nov 21, 2012 5:08 am    Post subject: Reply with quote

cb400 wrote:
I just wanted to ask if anyone is using HSBC?


I want to visit HSBC this week and ask about setting up an account, as I am closing my account with ANZ.

Quote:

Is there a min balance for ANZ VND accounts?


There is no minimum balance with a VND account, however..... there is a minimum of 6 million for the ATM card account (called 'smart account'), otherwise they deduct 200,000 VND per month out of your smart/ATM account.

The new fee states that if you have below 50 million VND ($2,500 USD) they will charge a new fee.

I believe it's 200,000 per month.

I'll try HSBC.

It'based on principle. I can afford these fees, but I do not want to pay them.
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cb400



Joined: 27 Sep 2010
Posts: 168
Location: Hanoi

PostPosted: Sun Nov 25, 2012 1:50 am    Post subject: Reply with quote

I am going to try Techcom? bank, I have also been recommended Vietcom but I had a terrible experience with them in Hanoi so I am not sure. Just want a basic account to get payments entered and use the ATM card when needed.

No way I giving ANZ 3-4 x the fees for basic transactions.

will update
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mark_in_saigon



Joined: 20 Sep 2009
Posts: 767

PostPosted: Sun Nov 25, 2012 4:21 am    Post subject: Reply with quote

I get the feeling Techcom works best for us. They are the only one I know of that will give you a larger withdrawal on your western bank cards. Lots of branches, they usually have an English speaker, they seem somewhat professional. You can set it up to get an SMS confirming your card use and it will give you an updated balance on the message. They do not seem to be able to get your online access to your account to work though, it has never worked for me, gave up on that, but the SMS does tell me my balance, which is enough for me. They also SMS your deposits as they are made.
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