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tideout · Joined: 05 Feb 2011 Posts: 213

I worked in Vietnam before and had no issues sending money out to my checking account in the States which allowed me to pay bills, my credit card etc..(B of A).

I'll skip the details, but basically I'm considering a return but with a different financial situation. I'm looking for a US checking account that won't hit me up for a $15/month fee with less than $1500 in the checking account - one that's tested and easy to connect to from Vietnam? Having relatives do stuff isn't really a good option...

Anyone have a bigger bank they've had good luck with?
I'd just go back to B of A but they keep chipping away at my money!!

Thanks in advance.

nomad soul · Joined: 31 Jan 2010 Posts: 11454 Location: The real world

Look into joining a credit union in your home town. They don't hit you with a bunch of fees.

tideout · Joined: 05 Feb 2011 Posts: 213

nomad soul · Joined: 31 Jan 2010 Posts: 11454 Location: The real world

The nearest branch of my credit union is in another city 20 miles from my residence in the US, but I've rarely needed to actually visit it when I'm in the States. So don't overlook major credit unions outside of your home town.

chrisms86 · Joined: 18 Jan 2008 Posts: 30

When I transfer with Citibank I give them information for a domestic transfer to my credit union. They did not want the information my credit union gives me for an international transfer, which includes an intermediary bank transfer.

I believe this must be because when Citibank transfers the money they do it through Citibank in the U.S., so as far as my credit union is concerned it is a domestic transfer. At least that's what logically makes sense to me. All Citibank VN is getting is my bank name, account number, and ABA number.

tideout · Joined: 05 Feb 2011 Posts: 213

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

The OP apparently has an account with Citi VN. For those who do not, I might take the liberty to expand on how they work.

Citibank charges for transfers to other banks but they allow free international transfers (Citi to Citi) both ways using what they call CGT (Citibank Global Transfers.) However, there are hangups. To transfer money out (VN>US) you will need to present them with evidence that taxes were paid on your wages. I think this is a government rule not Citi's. I expect the rule is intended to get proper taxes out of VK who have made piles of money in real estate speculation more than it is aimed at measly ESL teacher salaries but we are stuck with it.

To maintain free checking in Citi US there is a minimum balance required or direct deposit, which may not work for most teachers. Citi VN is free with a balance over 50 mil VND. We keep ours in a separate time deposit so that we won't dip in to it by mistake. Unfortunately at about 3%, the rate is a lot lower than most local banks. I guess you could say that the transfers are free but they find other ways to ding you.

Citi VN gives you two paired accounts. If you are moving money US>VN, transfer $>$ NOT $>VND, as the rate is terrible. Do the transfer after you get the money in Citi VN as the rate is not great but acceptable. I expect the inverse (?) is true too. That is put the money in the USD account in Citi VN then transfer it to Citi US.

Foreign transfer appears to me to be an exception to the general rule that credit unions and small local banks are cheaper than the big Wall Street banks. I suspect that it is because the smaller institutions do so few of them, while the big banks must be competitive in this area, as it is a huge business for them. You need to carefully consider all fees to determine if it is better to use Citi US or a credit union. What is best for each person may differ.

JulianMikka · Joined: 25 Mar 2015 Posts: 12

I have used HSBC in the past. It does not seem to matter the currency in the account as long as you use an ATM. The fees are a skosh bit higher, but the connivence could not be beat.

JM

tideout · Joined: 05 Feb 2011 Posts: 213

Thanks to everyone for responding.

For privacy reasons, I guess I won't mention the State I'm in at this point. HSBC doesn't seem to be here but I did find a credit union that I can set things up with locally that has very low or no-fee options.....

Again, thanks to everyone!

kellrobinson · Joined: 22 Apr 2012 Posts: 33

I use Charles Schwab. No minimum balance. They refund all ATM fees worldwide, great for travelers.
Schwab's only shortcoming: they don't handle cash in their branches. Other than that, you can do all the things you would do at any other bank.