Job Discussion Forums

isabel · Joined: 07 Mar 2003 Posts: 510 Location: God's green earth

Are they possible to open in Vietnam?

londo · Joined: 27 Apr 2010 Posts: 107 Location: District 7

Indeed they are, if you're paid in dollars and you have the pay-slips or transfers to prove it, or you have a company you can have a foreign currency account and transfer funds as you wish. if, however, you are paid in VND (even if it is calculated from dollars) then you are able, in some banks, to have a nominal dollar account but you cannot easily transfer funds. banks will find any excuse to stimy foreign currency transfers. Best buy dollars elsewhere or gold if the rate is favourable and use your debit card whilst abroad to access funds.

Your best bet is HSBC, truly a global bank, have good internet banking but are generally arrogant and expensive, depends on your rating, the more you earn, the more they'll do for you.

AmanJivan · Joined: 22 Dec 2009 Posts: 32

I have a US dollar account and am paid in VN Dong. They will transfer overseas no problem as long as you have the payslip to verify you have been paid, but will only pay out VN Dong locally from the US dollar account. They also cover the parking currencies (currencies investors park their money in while the US dollar is volatile) as well New Zealand Dollar and Australian dollar.

It may vary a bit depending on what bank you use

Bold As Love · Joined: 27 Mar 2010 Posts: 39 Location: HCMC, Vietnam

I just opened an account at the HSBC branch office in Phu My Hung. It was very easy, I had passport and US driver's license for ID. No need for Work Permit or employer letter or anything. I didn't even have cash to fill the account, they said no worry, just top it up later.

They have a minimum balance requirement of 3 million dong, below that there is a nominal monthly charge. Essentially they opened two accounts in my name (USD and VN dong). I am sure you could select Euro or GBP or Aus Dollar. I can swap currencies between accounts. They gave me Visa debit card, they said you can even use an ATM to withdraw VND from your USD account. Not sure how that works in practice.

A similar effort in Thailand would have been a paper clusterfu**, this was quite effortless and the teller was a lovely bird.

An earlier poster indicated you needed pay stubs to document where the money came from and I definitely believe that would be the case if you want to transfer money out of the country. Makes sense, cause they want to catch high rollers from drug dealing or gambling.

clayrview · Joined: 01 Sep 2009 Posts: 62

Do they have western Union service there? In China I find it the least hassle, just bring in USD and passport and they send it home for a small fee.

Will I have the same luck?

AmanJivan · Joined: 22 Dec 2009 Posts: 32

You can use your debit card at overseas ATM's, but beware they charge a hefty fee of 2%, whereas Telegraphic Transfer fees are generally only .02%. Also most of the ATM's have a local charge and maximum withdrawal limit. So if you need to get money out of the country TT is still way cheaper.