Job Discussion Forums

Ramen · Joined: 13 Apr 2008 Posts: 74

I miss Vietnam. I decided to move back with sufficient funds to live comfortably while living and teaching there.

I did have a bank account in Vietnam when I was teaching there in 2005, but I'm sure the account is closed now. As such, I'd have to fly into Saigon with $50k in cash. Would I run into any problem at the airport customs if I declare it?

I also intend to exchange everything into VND and stash it in several banks. Are gold shops still the best place to get the best exchange rate?

Thanks in advance for your advice.

P.S.: If any of you want to exchange your VND to my USD, PM me. I remember it was not easy when I was there before.

LettersAthruZ · Joined: 25 Apr 2010 Posts: 466 Location: North Viet Nam

BenE · Joined: 11 Oct 2008 Posts: 321

I once declared a larger sum in Hanoi when coming in. They seemed surprised and I just had to fill out an extra form and show him the money. The whole process took about 5 minutes and the form is tiny.
I'd say as long as you declare it then you shouldn't have any problems. Vietnam doesn't really care about money coming in as it's a common thing for Viet Kieu families to bring money to their relatives. It's when you try and move everything out that things get complicated.

Ramen · Joined: 13 Apr 2008 Posts: 74

@BenE - thanks for that information. It comforting to know that I won't have any problem at the airport.

@LettersAthruZ - yeah, it would be secured to make a transfer, but I really don't want to pay any transfer fee at my bank and Vietnam bank. And leaving the money in the US bank to rot @ 0% interest rate is not an option while Vietnam banks are paying any where from 7-10% for time deposit.

Thanks again.

bobpen · Joined: 04 Mar 2011 Posts: 89

Plenty of warning signs in this thread.

1st Sgt Welsh · Posted: Wed Jul 31, 2013 5:05 am Post subject:

Regardless of customs problems or not, I would not be walking around with 50 grand in cash anywhere. Like others have suggested, as much as I hate paying banking fees, I'd put into a bank, or have made into a bankers cheque, or do an international transfer or whatever. If you do choose to risk it then good luck.

Ramen · Joined: 13 Apr 2008 Posts: 74

1st Sgt Welsh · Posted: Wed Jul 31, 2013 8:00 am Post subject:

TRH · Joined: 27 Oct 2011 Posts: 340 Location: Hawaii

skarper · Joined: 12 Oct 2006 Posts: 477

If I had that kind of money to invest I'd look for an offshore tax free account and then set up an account here and transfer small sums of money to supplement my earnings.

I wouldn't risk 50K USD in a Vietnam bank - ANZ/HSBC perhaps - but the local banks are on the verge of a meltdown all the time.

It's an unstable economy any way you cut it.

Keep larger assets OUT of the country if you can.

spycatcher reincarnated · Joined: 19 May 2005 Posts: 236

I don't see the relevance of inflation in this calculation.

I see the issue as being whether the interest received in VND, plus or minus the movement in the exchange rate between the VND and the USD, is greater than the interest that you would receive in usd.

I personally would think, on most occasions, it would be better to keep the money in VND.

Are you allowed to walk out of the States with 50,000 usd in cash?

spycatcher reincarnated · Joined: 19 May 2005 Posts: 236

Tigerstyleone · Joined: 26 Mar 2010 Posts: 181

Interesting Problem

Ramen · Joined: 13 Apr 2008 Posts: 74

spycatcher reincarnated · Joined: 19 May 2005 Posts: 236

Last two forecasts I saw were from SCB and ???. Both were forecasting the VND to appreciate against the USD by a few percent over the next few years.

I remember seeing something similar a few years back, just before the VND crashed from 16,000 to ???????

I wouldn't be over concerned about any depreciation of the VND as I believe this will be more than compensated by the VND interest rates, as they have usually been in the past.