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Black_Beer_Man
Joined: 26 Mar 2013 Posts: 453 Location: Yokohama
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Posted: Sun Apr 08, 2018 7:19 am Post subject: Sending Money Home Expensive? |
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A friend of mine (who claims to know about Vietnam, but doesn't live there) tells me that it is difficult and / or expensive to wire money to one's home country.
Do foreign English teachers have difficulty wiring money home from Vietnam? How expensive is it? |
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suphanburi
Joined: 20 Mar 2014 Posts: 916
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Posted: Sun Apr 08, 2018 10:06 pm Post subject: Re: Sending Money Home Expensive? |
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Black_Beer_Man wrote: |
A friend of mine (who claims to know about Vietnam, but doesn't live there) tells me that it is difficult and / or expensive to wire money to one's home country.
Do foreign English teachers have difficulty wiring money home from Vietnam? How expensive is it? |
If you have a work permit then no big deal to buy USD or GBP and do a foreign remittance.
If you do not have a work permit then it is both difficult and expensive since Dong (VND) are an nonconvertible currency.
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Black_Beer_Man
Joined: 26 Mar 2013 Posts: 453 Location: Yokohama
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Posted: Mon Apr 09, 2018 3:36 am Post subject: |
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How much is the remittance cost? |
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RustyShackleford
Joined: 13 May 2013 Posts: 449
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Posted: Mon Apr 09, 2018 6:56 am Post subject: |
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It's like 500,000 VND ($22 USD).
It is a bit of a pain to transfer money out of country even if you have a work permit. You have to take your contract to the bank and register it (and then it only works with that one branch and even then they may bug you about it every month). Then you need to fill out this document again and again - even if you do it every month, they don't automate the process.
No idea what happens to those who don't have a WP or if other banks have a more streamlined process. Like Saudi was awesome - just register your account with the web service and I never had to step foot in the bank again to send my money. |
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SeldomSeen
Joined: 07 Feb 2013 Posts: 40
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Posted: Mon Apr 09, 2018 2:31 pm Post subject: |
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If you bank with HSBC then it is very easy.
You will need your work permit and passport to set up the account (and probably 100 other documents - this is Vietnam after all) but after that transferring money abroad can be done easily online.
HSBC don't have a lot of branches in Vietnam but they are there. Their online banking system works fine. While it is 20 years behind Europe or the USA it still works at its own pace. For example, all transactions are manual. You might have done the transaction online but that doesn't mean that it has been done; someone still has to manually do it. I guess this keeps a few thousand bureaucrats employed without adding any value to the process. That's Vietnam for you.
At the end of the day; I've had no problems transferring money abroad. I can't remember what the fee is (about $15), but it is in line with Moneygram, Western Union what other services charge, but I can do all of this online. |
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