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jestert79
Joined: 24 Apr 2007
Posts: 44
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 Posted: Sat Jul 05, 2008 12:49 am Post subject: Getting Money Out! |
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I'm surprised this hasn't come up on this board! Anyway, with all the economic problems, the current situation seems to be:
1) Nobody will change VND to dollars
2) If you do find someone who will, they'll do it with the black market rate
3) You can't transfer money out of the country without changing it to another currency
4) Everyone wants dollars, hence landlords that once were okay with getting dong now are demanding dollars ONLY despite the above situation
So, in short, how can one get thousands of dollars he's earned out of the country? This seems to be a problem only for Americans, as I've known Brits who have transferred tons of money home with no problem. |
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Tanker
Joined: 15 Jun 2005
Posts: 72
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| Posted: Sat Jul 05, 2008 1:04 am Post subject: Re: Getting Money Out! |
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| jestert79 wrote: |
| I'm surprised this hasn't come up on this board! Anyway, with all the economic problems, the current situation |
Teachers and non-teaching expats are paying attention.
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| Nobody will change VND to dollars |
I noticed this at a bank, actually. An official bank. I went to change $50 USD into VN Dong, and the teller said the bank would not do $50. Strange.
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| If you do find someone who will, they'll do it with the black market rate |
Only if it benefits them. The official bank rates are of course regulated. Yesterday on July 4th, I browsed the bank rates advertised on the boards. On average, 16,500. More or less.
Gold shops downtown, pay more.
So, here is the dilemma: Our landlords, schools, and anyone else, are using the exchange rate for the benefit of themselves at the expense of teachers.
Rents - many landlords, including mine are only accepting US dollars for rents now. So....I get paid from my school in Dong, then I go to the exchange place or bank and have to sell Dong and buy dollars to pay my rent. I lose on fees, and also, because of the declining Dong, my rent has actually gone up. If you pay $250 usd for rent and then have to switch in Dong, take out your calculator.
The schools, including mine, are using the lowest Dong exchange rate when they pay us, also.
And, schools are now telling parents that when they pay tuition, even for kindergarten, that they must pay in dollars.
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You can't transfer money out of the country without changing it to another currency |
The Dong is not accepted outside of VN. It's been this way for a long time.
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| Everyone wants dollars |
Yes, there is a hoarding of US dollars, now. Interesting, because the US dollar is a declining currency that no one else wants in the world, But in VN with the sliding Dong, people are keeping USD and gold.
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| So, in short, how can one get thousands of dollars he's earned out of the country? This seems to be a problem only for Americans, as I've known Brits who have transferred tons of money home with no problem. |
You can transfer money to the US or any country. You just have to show the bank that you legally earned it and have paid taxes.
I work at a language factory that pays by direct deposit, so I just go in and wire it home.
And for the record, I want to the Dong to be stable. If the Dong declines, we all get hurt.
Because of the economy, I think less students are enrolled right now, as a lot of teachers say they have a lot less hours for Summer than they've had in previous years. I think students are waiting to enroll. |
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jestert79
Joined: 24 Apr 2007
Posts: 44
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| Posted: Sat Jul 05, 2008 2:19 am Post subject: |
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| Quote: |
You can transfer money to the US or any country. You just have to show the bank that you legally earned it and have paid taxes.
I work at a language factory that pays by direct deposit, so I just go in and wire it home. |
I also work at a language factory that pays by direct deposit, but when I went to transfer a few weeks ago the woman said I could only do $500 after checking with a supervisor. I'm not sure if she misunderstood and I should've asked more questions, but I was taken aback and just left. Maybe I'll try again... |
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