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countdown
Joined: 15 Jul 2004
Posts: 70
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 Posted: Mon Aug 23, 2004 4:55 am Post subject: Money in HCMC |
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| Just a quick update on the money situation here. Western Union is still just one way - into the country and Chohung Vina bank is great. We opened accounts there with just our passports, not even any money - got internet banking free and paid 50,000 Vd for an ATM card (one time fee). They will be hooked up to the Vietcombank (spelling???) next month so you can use their machines too. We opened 2 accounts each, a VN dong account and a UD dollar account so for international transfers we have to transfer from the dong to the dollar and then overseas. To transfer you have to show salary slip to prove that your money is legally earned (one time thing) to deposit into the dong account, nothing is needed. The staff speak excellent English - the only downfall is that there is only one Hochung vina bank in the city and until it hooks up with the other bank for ATM service - you have to go to that bank................. |
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Ajarn Miguk
Joined: 23 Jan 2003
Posts: 227
Location: TDY As Assigned
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| Posted: Mon Aug 23, 2004 10:10 am Post subject: Re: Money in HCMC |
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| countdown wrote: |
| Just a quick update on the money situation here. Western Union is still just one way - into the country and Chohung Vina bank is great. We opened accounts there with just our passports, not even any money - got internet banking free and paid 50,000 Vd for an ATM card (one time fee). They will be hooked up to the Vietcombank (spelling???) next month so you can use their machines too. We opened 2 accounts each, a VN dong account and a UD dollar account so for international transfers we have to transfer from the dong to the dollar and then overseas. To transfer you have to show salary slip to prove that your money is legally earned (one time thing) to deposit into the dong account, nothing is needed. The staff speak excellent English - the only downfall is that there is only one Hochung vina bank in the city and until it hooks up with the other bank for ATM service - you have to go to that bank................. |
Are you saying that whatever dong you deposit into your account which is "legally earned" can then be converted to USD for transfer out of the country via your USD account?
Are you sure about this? |
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Joined: 15 Jul 2004
Posts: 70
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| Posted: Wed Aug 25, 2004 2:32 am Post subject: |
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| Yes!! |
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Ajarn Miguk
Joined: 23 Jan 2003
Posts: 227
Location: TDY As Assigned
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| Posted: Thu Aug 26, 2004 7:54 am Post subject: Actually |
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Have you actually done this? Converted "legally earned" dong to USD and wired it out of Vietnam via your USD account? Are you paid in USD or dong? |
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Joined: 15 Jul 2004
Posts: 70
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| Posted: Tue Aug 31, 2004 3:07 am Post subject: |
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| We have only been here 4 weeks and working for 2 weeks so no, we haven't - no money yet! But the new accounts rep. spoke perfect English and we went over this several times as it's important for us to be able to get money out. You can also change dong to dollars at the money exchange places but for a slightly lower amount. The website is in English..... |
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Cyan
Joined: 26 Mar 2004
Posts: 59
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| Posted: Tue Aug 31, 2004 4:59 am Post subject: |
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| Is the banks name Hochung or Chohung? |
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Micro67
Joined: 29 May 2003
Posts: 297
Location: HCMC, Vietnam
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| Posted: Tue Aug 31, 2004 10:25 am Post subject: Legally converting money and sendng it out |
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| Ajarn Miguk wrote: |
| Have you actually done this? Converted "legally earned" dong to USD and wired it out of Vietnam via your USD account? Are you paid in USD or dong? |
I have. You only need an original letter from your employer. |
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Ajarn Miguk
Joined: 23 Jan 2003
Posts: 227
Location: TDY As Assigned
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| Posted: Tue Aug 31, 2004 10:26 pm Post subject: Re: Legally converting money and sendng it out |
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| Micro67 wrote: |
| Ajarn Miguk wrote: |
| Have you actually done this? Converted "legally earned" dong to USD and wired it out of Vietnam via your USD account? Are you paid in USD or dong? |
I have. You only need an original letter from your employer. |
Which banks will do this? How were you able to open your dollar account? Does this require your being paid in dollars? Does opening such an account require any special documentation? Are you restricted as to the amount of dong which can be converted to dollars? Are you restricted as to the amount of dollars which can be wired outside of Vietnam? Just trying to understand the situation better. Thanks. |
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Joined: 15 Jul 2004
Posts: 70
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| Posted: Wed Sep 01, 2004 2:14 am Post subject: |
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The bank is Chohung Vina Bank, 3-5 Ho Tung Mau St. District 1.
As I said initially - we walked in, asked to open accounts, were directed to new accounts where the girl spoke excellent English. We opened 2 accounts each - one in dong and one in US dollars, we deposited NO money at that time. We are paid in dong, cash, so we must deposit the dong into the dong account and when we want to transfer out of the country then we transfer from the dong account to the US account then out of the country. Don't know the max. that you can send but somewhere on this forum someone wrote that you can transfer up to 60% of your earnings....... All we needed to open the accounts was our passports. |
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