Job Discussion Forums

[MisterLinguistix]

Hello All.

As I am planning my return (~after 4 years) to Vietnam I need to know if the banking situation and money outbound laws have changed.

When I was last in-country in 2005 it was impossible to send outbound money transactions for monthly payments such as : storage space in the U.S., monthly web hosting service, mailbox account in the U.S.

Is it now possible to get an international debit card from a Vietnamese bank which can be used to make outbound money purchases (like the one I mentioned above).

Or will the worst case senario be that I will need to return to Cambodia every few months to fill my bank account there in order to make such payments with my Cambodian Bank debit card?

Thanks in advance

[anubistaima]

Does it have to be a Vietnamese bank? If you have an account with a bank like HSBC, the card should be international. Otherwise, can you open an account in a bank in your country before coming here and then using that ATM card to make payments? That's what I do. All my payments are made over the phone or online, with a US card. Never had any problems.

[MisterLinguistix]

The problem is that I want to keep th transactions hidden (nothing illegal). I am currently using the international debit card from my bank in Cambodia. I simply deposit the money each month in the bank and make the payment.

If/when I return to Vietnam I will not have physical access to the account in Cambodia (to make deposits deposits).

Any other suggestions, or things I am overlooking?

[MisterLinguistix]

I just found this interesting post about ACLEDA Bank (which is the one I use in Cambodia) and Agribank forming some sort of cooperation agreement.

There is nothing much more said on the issue on either the ACLEDA or AGRIBANK's sites.

Does this mean that it is possible/easy to make bank transfers between accounts at the two banks?

On the ACLEDA site it gives the following info :
(http://www.acledabank.com.kh/mobile/CA/MD_ln20060215_a.asp)

Cooperation Agreement Between ACLEDA Bank Plc. and AGRIBANK

February 15, 2006

Mr. In Channy, General Manager of ACLEDA Bank Plc. and Kieu Trong Tuyen, Deputy General Director of AGRIBANK are signing an agreement

On February 15, 2006, ACLEDA Bank Plc. has reached an agreement with Vietnam Bank for Agriculture and Rural Development (AGRIBANK).

The main points of cooperation agreement are shown below:
Both parties agree to cooperate in providing to clients with various banking services determined in this agreement in compliance with the laws of each country, and with international customs and practices. Modes of payment are commercial payments by SWIFT Network, international trade by letter of credit and collection payment (D/A, D/P).
Both parties agree to frequently exchange information on monetary policies, credit, banking business, FX and money market, etc. of each country.
Both parties agree to frequently meet and exchange experience and support each other in banking business and technology.
Each party shall introduce its clients to the other party and suggest consultative services and new banking products of both parties to clients.
Based on this Framework Agreement, both parties agree to authorize their branches at the Vietnam-Cambodia border to sign cooperation agreement at branch level on providing treasury and settlement in VND and Khmer Riel services to their clients at the border.

Cooperation between ACLEDA Bank Plc. and AGRIBANK provides for:
Large distribution channels of both parties.
Branches at the Vietnam-Cambodia border of AGRIBANK and ACLEDA Bank.
Besides commercial services, retailing and wholesaling bank services are also available.
Many Vietnamese companies have planned to invest into production in Cambodia for export to third-party countries as Cambodia became an official member of the WTO in 2004, and therefore has tariff advantages.
The Vietnamese-Cambodian two-way trade revenue is expected to increase and the two-way trade revenue between the two countries in 2003 was reported at USD 323 million.

Exchanging gifts of ACLEDA Bank and AGRIBANK

ACLEDA ('Association of Cambodian Local Economic Development Agencies') was established in January 1993, by a group of friends as a Micro Finance Institution for micro and small enterprises' development and credit. With technical assistance from USAID, MPDF/IFC and UNDP – to name a few – a three-year program for transformation commenced in 1998, which was completed with the granting of a 'specialized' banking license in October 2000.

On December 1, 2003, after tripling its capital to USD 13 million, ACLEDA Bank was granted a full commercial banking license by the National Bank of Cambodia and re-named ACLEDA Bank Plc.

As at the end of December 2005, the branch network has expanded to 139 offices in 22 provinces and towns of The Kingdom of Cambodia with 2,484 currently employed staff. The value of the loan portfolio has reached more than USD 99.99 million and served more than 140,920 borrowing customers. Deposits have been more than USD 61.93 million with approximately 92,413 accounts. Its total assets have exceeded USD 123.61 million.

Our principal correspondents: Standard Chartered Bank, ING BELGIUM NV/SA, United Overseas Bank (Thai) Public Company Limited, HSBC Bank USA, American Express Bank Ltd., American Express Bank GMBH, Commonwealth Bank of Australia and other 37 International Correspondents banks in 41 countries with 255 corresponding branches.

Vietnam Bank for Agriculture and Rural Development is the largest bank in Vietnam in terms of assets in the amount of USD 11.8 Billion in 2006, and the total staff is 28,500 working in 2,002 branches & transaction offices. The total loan outstanding is USD 11.2 Billion with more customers in Vietnam. AGRIBANK is 9th principal partner of ACLEDA Bank Plc. on providing correspondent account in VND and USD currencies and the first international partner cooperating of ACLEDA Bank Plc., which has Nostro Correspondent Account in USD and KHR currencies.

On the AGRIBANK site it gives the following smitten of information (translated by Google) :

(http://translate.google.com/translate?hl=en&sl=vi&u=http://www.agribank.com.vn/&ei=J2FYSpOcC4X2sgPby_HWBg&sa=X&oi=translate&resnum=1&ct=result&prev=/search%3Fq%3Dagribank%2Bvietnam%26hl%3Den)

2nd Payment with Cambodia
Agribank is the commercial banks first Representative office in Cambodia, and cooperation with Cambodia bank. Agribank to customers are:
Select the currency of payment or USD VND
Consulting on the market, select partners ...
Select payment method: TTR, thanks to (DA, DP), LC ... ensure on time payment fastest, safest

[MisterLinguistix]

AGRIBANK also gives the following information on international payments :

International Checkout
SA 04/11/2008 12:00:00



Barriers of language, the differences in laws and policies, customs and habits; Distance of geography, the difference in currency and the management of foreign currency ... may cause difficulties or risks for your company to join the international trade. With a network of 1,800 branches nationwide, nearly 900 banking outlets in 110 countries and territories and financial services - banking international modern NHNo Vietnam Rural Development can help you overcome difficulties there.

- For the risks in transporting the goods: the official agent of many insurers in the top Male , AGRIBANK will advise you of the insurance benefit most.


- For the risks of currency exchange rate and you can select the exchange đo�i immediately, exchange đo�i term or to choose at AGRIBANK to prevent exchange rate risks and increase opportunities for profit company.


- For the risks in implementing the contract: AGRIBANK can advise you of the conditions during negotiations with partners. The parties can also request AGRIBANK fact guarantees such as guaranteed payments, guarantee deposit, guarantee the implementation of the contract, loan guarantee, warranty guarantees ...


- For the risks of international payments: AGRIBANK will help you select the payment method International safest.

]


1. Payment export: you can choose the method of payment transfer money through earnings or letters of credit ...


1.1. Transfer Services:


Payment network throughout the AGRIBANK will help you get money to move quickly and save the best for reducing the number of intermediary banks involved in the payment stage. You only need to open a deposit account in a foreign currency AGRIBANK branch to transfer money from anywhere in the world.


1.2. Letters of credit (L / C) Export:


Notification service L / C export: to inform L / C fastest through SWIFT network to NHNo branches nationwide, you choose from the list branches AGRIBANK assigned to Bank as notification L / C.


Check documents and claims: staff for Payment international qualification will perform services in accordance with international standards. Customers in the following documents

- Mail claim form L / C (a form of AGRIBANK)


- Letters of credit (original)


- The documents attached

Service discounts documents: If you need money now to invest in a project while others have not received money from banks open L / C, AGRIBANK can make discounts as a percentage of the high discount and the cost of flexibility depending on each specific profile. For more information, please contact the branch AGRIBANK



1.3. Thanks to services:


AGRIBANK income households receive money according to the documents or export earnings of the financial documents such as checks, the votes ...


You can discount through documents collected by the D / P with the cost flexible and attractive.


2. Payment imports:


AGRIBANK supply forms of guarantee of payment, money transfer through messages, credit ... payment of imports. Customers can recommend NHNo sponsored credit in accordance with claim.


2.1. Profile transfer:


- Requirements for foreign currency (in the form of AGRIBANK)
- Import permit (for goods management license)
- Foreign Contracts
- The documents attached


2.2. Due to payment:


- AGRIBANK receive income for households of documents by foreign banks by sending the payment through collection.



2.3. Letters of credit:


Application for open L / C:

- Application for open L / C (in the form of a AGRIBANK)
- Import permit (for goods management license)
- Foreign Contracts

The rate of deposit: custom specific case, the deposit open L / C can be from 0% - 100%. You can loan the interest rate agreed to in AGRIBANK payment L / C.
AGRIBANK ready to advise you of the L / C safest. You can reference to advice by the bank in the period of contract negotiations.


Remittance services:


Thanks branch network throughout each year AGRIBANK pay millions of funds by individuals in a foreign country transferred to relatives in Male .


Fee by bank transfer and bank intermediaries abroad (if any): will the bank directly, before money is transferred to AGRIBANK. Depending on the cost of each bank, this fee may vary. Service fees collected by AGRIBANK only 0.05% of the total amount of NHNo receipt (minimum charge: 2 U.S. $).


Service pay Western Union:


As new services are deployed in the system AGRIBANK January 1, 2004, after AGRIBANK signed contract agents directly Western Union . At service suppliers in all branches of the national AGRIBANK. More and more customers choose form this service by the following benefits:


Fast: Use the service Western Union , You can receive money within 5-10 minutes after sending the money overseas.


Advantages: no need to have a bank account, you can receive money at any branch in the system AGRIBANK.


Cost: free services Western Union collected only once at the top move. You do not have to pay fees when receiving money and not cost to any other medium.




Payment border with China copper CNY, USD


Have you ever thought to use the Vietnamese dong Male Yuan or the payment of import-export with China? You can make this request with payment for border (bi�n m�u) between AGRIBANK with China NHTM (NH Agriculture China, Bank for Foreign Trade of China, the China Industry and Commerce).


You can select one of the forms of payment following

- Payment by draff
- Payment documents used
- Letters of credit (L / C)
- Transfer power (TTR)

No need to border, you can make payments at their branches AGRIBANK in all provinces and cities nationwide.

AGRIBANK - For the safety of assets and performance of your business!