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[baygioimdi]

I have been living in Vietnam for almost 20 years and during that time have used numerous banks for transferring and buying foreign currency. In addition, I have been responsible for obtaining the correct documents for teachers who need to send or buy foreign currency in Vietnam for two different schools in HCMC. Furthermore, I have not had any problems buying or sending foreign currency(not USD) during the past six months, nor have any of the teachers who work at the same school as I do.

Basic banking information for newbies

The most important information concerning the transferring and buying of foreign currency is the source of the money. Most banks in Vietnam have two different types of bank accounts.One is a source account and the other is a non-source account-VND and or USD. Most foreigners in Vietnam have a regular bank account where the source of the money is known.Generally, salaries transferred to their bank account. However, there are some foreigners who have VND or a foreign currency who cannot verify with documentation the source.

If one has a regular bank account and can verify the source, and that PIT has been paid on the income, one will generally not have any issues buying foreign currency and transferring the money abroad. By law and in practice, a foreigner can obtain up to 7000 USD or equivalent in a foreign currency in cash with the above documents. Should one want to purchase more than 7000 USD or foreign equivalent, the banks will make you transfer the rest. This is due to that foreigners can bring up to 7000 USD into Vietnam without declaring it. In addition, one can�t go to other branches of the same bank and withdraw more foreign currency, it�s all documented in the banks computer system..

Which foreign currencies can one purchase in Vietnam?

If a foreigner has the documentation that they have paid PIT on their income, the banks in Vietnam must allow that person to transfer their income abroad. However, by law, the bank can choose which currency. Therefore, if there are issues with the black market/official exchange rates, the bank will not sell USD but will sell one another currency, Euros, GBP etc.
Also, if you want to transfer money abroad to pay a bill etc. the bank is obligated to transfer the particular currency on the invoice. Most banks will require the official invoice and possibly the contract that was signed. For example, if you have to pay a monthly mortgage in usd in the USA, one will need the documents to prove this.

The fees for transferring money is between 30-50 USD for the transfer and whatever the official exchange rate for buying the currency, less than 1%. There are no other fees. However, the Vietnamese government is thinking about allowing the banks to charge an additional 2% for buying foreign currencies. This has not been approved yet and I suspect it won�t be because this is unusual in the banking industry in the world.

I would like to emphasize that not only is this the law but it works in practice!

Non-source income etc

If a foreigner wants to deposit money VND into their bank account and they cannot verify the source, the banks will consider this as non-source income and will not allow one to transfer this money abroad or change into another foreign currency. If you deposit USD, the same is true, no docs no transfer.

So if you are a teacher and your school pays you in cashVND and they will not give you docs that they paid taxes. One has only one option, go to the black market and change to a foreign currency and hand carry it to your next destination.

Should one think they can pop over to Western Union and transfer money abroad with no docs. think again, WU requires the same documentation as the banks.

There has been a lot of nonsense on this website about obtaining USD or other foreign currency abroad with a credit card from a bank in Vietnam. The facts, I have 3 debit credit cards from three different banks in Vietnam and the fees have been between 7-11% to withdraw foreign currency or to purchase goods on the internet. I no longer use these credit cards but have a credit card from the USA, much cheaper! I suggest to the readers to look at which posters have stated that the solution to getting ones money outside of Vietnam is to use a credit card from a bank in Vietnam. These posters never mention the fees, why not?

MOD EDIT
Looking forward to answering any questions.

[I'm With Stupid]

It's like you read my mind. I was going to ask this question.

Anyway, I know the Vietcombank charges for making a transfer via the SWIFT network, but does anyone know what a UK bank typically charges for receiving a transfer (Barclays, in case that's any use).

[snollygoster]

"There has been a lot of nonsense on this website about obtaining USD or other foreign currency abroad with a credit card from a bank in Vietnam. The facts, I have 3 debit credit cards from three different banks in Vietnam and the fees have been between 7-11% to withdraw foreign currency or to purchase goods on the internet. I no longer use these credit cards but have a credit card from the USA, much cheaper! I suggest to the readers to look at which posters have stated that the solution to getting ones money outside of Vietnam is to use a credit card from a bank in Vietnam. These posters never mention the fees, why not? "
Of course there will be fees. Anyone who would think there won't be is off with the fairies. Maybe thats why they are not mentioned. Show me a bank that has no fees and I'll be there! Sorry, I didn't mention fees because I ASSUME (maybe incorrectly) that people reading this forum have a brain, and already KNOW there will be fees.

[Vietnamarama]

Nice post baygioimdi! It is good to see a post with clear and accurate information. I think transferring money is the best option but of course one needs all the proper documents to do so.

Does a pay slip that states I have paid tax suffice or do I need some "official" document from the tax department. I know a lot of schools play games when it comes to tax. They will have two copies of a contract, one at a much lower salary so that they don't have to pay as much tax.

[baygioimdi]

[baygioimdi]

[LettersAthruZ]

Whoa. 7% - 11% is through the roof!

Generally, in terms of what it costs me to get Vietnam Dong cash, on an ATM transaction, my financial institution hits me one U.S. Dollar ATM fee and Visa International hits me a two percent of cash withdrawn foreign exchange fee (costs a lot of money these days to pay the Visa card people to go to www.xe.com and figure it out). About 70% of the banks in Vietnam have discovered the lovely American idea of charging non-account holders to use their machines!!! The most widely available free ATMs are Vietin Bank....there is no 20,000VND non-customer fee at their ATMs.

Using my Visa as a credit card, ('cause ATMs only crank out, like, a maximum of 2,000,000VND PER TRANSACTION.....and your time is wasted and your fees run up if you need more cash), I can go into any bank with my Visa and my passport and the staff will swipe my card and thee only thing I'll be charged is a three percent Credit Card Terminal fee.

If I actually need CA$H GREENBACKS, then I hafta go to the gold shops....but from what I'm hearing, that's not an option anymore.

BUT, BUT - an additional option is to go to the hotel casino in Ha Noi and Ho Chi Minh City and draw money off of your Visa card. They only tag you three percent and they will hand you Yankee Green in cash!! Try to take a pass on the gambling machines on your way out, though......

But, wow.....seven to eleven percent......steep. Wonder if it has something to do with the rampant fraud and theft and the high chargeback rates in Viet Nam? Maybe that rate is that high to deter people from going to Cambodia and emptying out their ATM machines of USD and bringing the cash back here and dumping it all for a profit at the gold and jewelry shops?

Still, though - I don't get the high rate on Internet purchases.....it's not like Amazon (or most other sites, for that matter) actually SHIPS here!

[Oh My God]

MOD EDIT
There is a solution to transferring funds that you didn't cover BUT your title is a bit different than your post, which was about VN banks. But for the sake of those that view this as a serious problem, consider making friends and business associates with VN international business people.

This is how I've transferred all my funds through the years here. Now they're not likely to pay bills for you BUT I've found no problems with them moving funds into my USA bank account and because of my relationship, NO FEES.

For you newbies, banks are probably your only hope for these transactions and drama queen has sufficiently laid out the procedure that you'll need to follow. But for the rest of you guys that have been here for a while, you've probably already made some contacts with VN business people that you could approach!

[baygioimdi]

MOD EDIT

[1st Sgt Welsh]

[snollygoster]

"I was in shock when I had to pay between 7-12%!"

So would I be if it were so- but luckily it isn't, or at least wasn't on my last transaction- However, in fairness I have to say that was last week- maybe things have changed since then.

Of course, it never occurred to you to include this in your previous posts because??
Right! It did not occur to me to include in my last post that you were shocked- I guess I am just an ignorant foreigner for not knowing what might or might not shock you- sorry. Also, I was not shocked at having to pay the rates you mention, because I didn't have to pay those rates. Maybe I'm lucky, or have a good bank- or it could be that my lucky days with banks have come to an end-time will tell.



MOD EDIT

Anyway, I think some of the observations made are a bit off the track really, and as there is some personal affront going on, (talk about the message, not the messenger), this is dangerous territory as sanctions have been made with other posters who sailed too close to the wind, and stooped to personal attacks.

[snollygoster]

Time has come to prove the point I guess.
How to get money out of Vietnam AND FOR FREE, by using a VISA card.
Its elementary, and maybe its a loop-hole, but now I have made it public, its possible the loop-hole will close.
To be honest, I had hoped thinking people would have PMd me for details, therefore keeping it a little out of the public arena in case its some sort of an oversight. Stunned silence-no one asked.
Thanks to those who wanted to bring it into the open, its now public knowledge, and may be taken away.

Heres how.
1. Open an account at HSBC (Hong Kong Shanghai Banking Corp) They have a branch in HCMC and also in Hanoi-Get a visa card with your account. (Get 2 as mentioned earlier if you can)
2. Withdrawlas at their ATMs worldwide are FREE from your HSBC account.
So obviously, when back home, go to their ATM on your planet and withdraw in local currency FOR FREE.

They have branches everywhere.
If you don't believe what I say- ask the bank yourself.

If I am wrong, them maybe baygioimdi is right- we need a bank on planet snolly.

for baygioimdi

Global TESOL at VATC? I know of it- Yes I have to agree its sub standard, and I have to say I do NOT work for Global TESOL, nor for their new name either. Consultancy work with VATC? I think it was termed "Advisor"

(talk about the message, not the messenger)
You say " the second time that you have made this comment "- (talking about sanctions for people who make personal attacks) and the result was? Right! Poster given marching orders.
I doubt this is a forum for venting personal frustrations, and the moderators seem to be quite strict on that.

You say "I think I know who you are"- Does that make a difference? and anyway, who cares?

Lets just give interested people the information they want-they don't care about your personal frustrations, nor mine-just what they need to know.
If someone has a different opinion or information than what you have, it doesn't mean they are wrong- but of course you are right.
I don't have a need to be right, I just have a desire to inform people when they ask.
I gave up the need to be right when I was in second grade.

[Mr. Kalgukshi]

This thread has just seen postings deleted and others edited for personal attacks, insults and focusing on the messenger rather than the message. A member has joined the ex-member ranks and there will be more joining the ex-member ranks if this kind of thing continues on other threads.

If you don't like threads that degenerate into senseless bickering, personal attacks and insults, please advise the Mod Team by PM or Report Post mode of inappropriate postings as soon as they appear.

Complaining of such conduct on other threads without bringing it directly to the attention of the Mod Team is only allowing the senseless bickering, personal attacks and insults to continue that much longer.