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toiyeuthitmeo
Joined: 21 May 2010
Posts: 213
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 Posted: Fri Mar 25, 2011 1:50 pm Post subject: Dong A Bank to sell USD but only with proof of travel |
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Paraphrased from an article in Vietnam News appearing Wed March 23
Dong A bank will sell up to $300 USD worth of foreign currencies to INDIVIDUAL CUSTOMERS (note- I assume that means you must have an account with Dong A??) who can show proof of travel for a trip up to 7 days. If the trip is longer than 7 days, they will sell up to $600 USD worth of currency.
If you can demonstrate that the trip is for medical purposes and longer than seven days, they'll sell up to $1000 USD worth of currency.
(Note- I assume that means you'll have to bring in a plane ticket and in case of medical, some kind of doctor's note)
Currency will only be sold for destination country (e.g. if you show them a ticket to Oz they'll only sell you Oz D).
Available currency is USD, Oz D, Sing D, Can D, Euro, Yen, and GBP.
Customers should contact a Dong A branch at least 7 days prior to departure to make sure currency will be available.
Dong A bank claims this policy is a result of massive amount of complaints about difficulty obtaining foreign currency in VN.
If anyone has tried this or in the future will try, let us know how it goes.[/i] |
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TimkinMS
Joined: 18 Oct 2005
Posts: 86
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| Posted: Fri Mar 25, 2011 4:58 pm Post subject: |
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This is the current policy.
It started about 2 1/2 weeks ago.
It's very difficult to get dollars, whether you're a foreigner or local (Vietnamese).
Lots of chatter and speculation about fleeing the VND because of.
1. lack of confidence in the currency here, and
2. an inflation rate at (officially) 13.9% (actually higher).
I tried to buy USD 2 weeks ago and I had a plane ticket and my passport, and was put through the rigomorale at my bank where I have an account.
The gold shops are shut down, and I had to buy on the street corner at an exorbitant rate.
(I had to leave the country for a medical treatment/checkup.)
I cannot predict what will happen here but if you have high inflation, and a devaluing currency, it can mean you are working the same amount for a lot less.
I cannot predict the future....... |
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Jbhughes
Joined: 01 Jul 2010
Posts: 254
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| Posted: Fri Mar 25, 2011 5:26 pm Post subject: |
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So you honestly SHOWED them your ticket and passport and they STILL didn't sell you any dollars?
Which bank?
This is beyond a joke now. What the hell can we do? I don't want this toilet paper money forever.
Should we all get Dong A bank accounts now?
Please - any Dong A bank customers report back on this one! |
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toiyeuthitmeo
Joined: 21 May 2010
Posts: 213
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| Posted: Fri Mar 25, 2011 6:18 pm Post subject: |
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I've heard for some time that banks will sell dollars if given proof of international travel, but have rarely heard of anyone having actually done in successfully, especially in recent months. The fact that the above appeared in the official state-run English daily paper shows some potential, at least (although really, what's $300 if you've saved up $3000 worth of dong?). Doubtless, the Dong A bank method will be as frustrating as it ever is. Indeed, I'm eager to hear about someone's experience with this, and in general, how easy is it to open an account with Dong A (it does seem this would be needed).
I'm already scheming...could one simply visit several branches of Dong A in a given day and buy $300 over and over while showing the same proof of travel? How easy would it be for me to fabricate some proof of medical treatment to up the exchange to $1000USD? Will they accept a dental check-up in Toronto as my "medical reason" for travel? And, am I being negligent or irresponsible for considering these approaches?
I hadn't heard that the gold shops are no longer selling dollars. I haven't gone to buy them for some time. Is this true country-wide? And are they doing this because they don't want to let go of dollars, or because they've been forced to close the trade?
In any case, the smart move seems to be having a method of transferring your saved salary out of the country from time to time, into a foreign currency. Once I pay off this Com Tam shop I bought for my fiance's mother, maybe I'll finally remember what "saved salary" feels like! |
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Lazaro
Joined: 13 May 2010
Posts: 2
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| Posted: Fri Mar 25, 2011 10:36 pm Post subject: |
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I have been watching this situation unfold (through this forum, primarily) for a while as I've been making arrangements to move out to Vietnam this summer.
I have a rather naive question about the banking situation. Are there no online banking services for Vietnamese banks? If there are, is there no way to make an online transfer of funds, say by having an ally bank account pull out funds from your Vietnamese bank? Or if that's possible is one charged an exorbitant rate?
I do this between US bank accounts all the time, though I could imagine there would be difficulty or impossibility in doing this internationally. On a related note, how does one pay debts to American creditors, read student loan debt, while in Vietnam? If one is constantly having to muck through this exchange of VND to USD on the black market to do so, it would be a hassle indeed. |
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Vietnamarama
Joined: 04 Jan 2011
Posts: 35
Location: Vietnam
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| Posted: Sat Mar 26, 2011 5:36 am Post subject: |
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toiyeuthitmeo raised a good question. Is it possible to simply visit multiple branches? I suspect this will not be possible (then again this is VN).
Is it possible to exchange dong in any nearby country such as Singapore or Cambodia for a rate close to the official rate? If so perhaps one could take a weekend trip to say Singapore. First go to the bank here and get any USD you can and then take a stash of dong over and exchange it into USD (or other currency of course) in Singapore.
Just my two cents.... |
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Jbhughes
Joined: 01 Jul 2010
Posts: 254
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| Posted: Sat Mar 26, 2011 7:40 am Post subject: |
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To be honest, I really can't see any FX outside VN giving preferential rates for VND - it's meant to be a restricted currency isn't it?
Here's the first Thai FX I could find on the net:
http://www.kiamvivat.com/k79/
Using their rates, a $ would cost 23k VND and selling $s there would get you 20k VND - my maths holding up that is.
I remember the situation being similar when I went to Bangkok a couple of Christmases ago.
Transfers:
This is what I found on the Dong A website, via google translate: (personally I find google translate and some Vietnamese language skills a whole lot better than any of the rubbish English sections on VNese websites)
| Quote: |
NON-RESIDENTS AND RESIDENTS OF FOREIGNERS:
Case 1: If a foreign currency in the foreign currency deposit accounts: Cash dossier include:
Written request, take the form of foreign currency by the Bank;
Copy of passport.
Case 2: There is no foreign currency accounts but legal sources of revenue in Vietnam dong (such as salaries, bonuses, allowances or other sources of income in Vietnam dong) is the law of Vietnam shall be used for money to buy foreign currency abroad. Dossiers money than those specified in Case 1 should be added:
Papers proving the origin of the money transfer is lawful income.
Written request to buy foreign currency. |
Kinda sounds promising, although I couldn't find any info on fees and this is only information off a webpage.
VCB:
| Quote: |
FOREIGN CASH OUT:
Target customers:
Individual customers Vietnam: Cash for study purposes, medical treatment, tourism, travel, foreign fee ...
Individual customers foreigners: there foreign currency accounts or foreign currency income (VND lawfully be brought overseas)
Money transfer procedures:
1. Transferring money for yourself: You only need to bring:
Papers proving purpose transfers the original or the fax, photocopy or print from the email.
ID card or passport
2. Transfer money to relatives overseas: You only need to bring:
Papers proving purpose transfers the original or the fax, photocopy or print from the email.
Papers to prove family relationship
ID card or passport |
'Proving purpose' hmmmmm!
By the way, be careful with google translate, for some reason it translates 'VND' to 'USD' !
My local VCB is pretty UNhelpful, but I'm going to ask them about transfers and air ticket related exchange when I take my pay in at the end of the month. |
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Andy123
Joined: 24 Sep 2009
Posts: 206
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| Posted: Sun Mar 27, 2011 9:51 am Post subject: |
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I had my motorbike oil changed today and passed him a 50,000 dong note. He rejected it as it had a small tear in it. I was stupid in not checking my change when I received it one hour before.
Drama Queen must be living in another country. Try getting you money out. Time is running out. |
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beetlil
Joined: 20 Dec 2008
Posts: 53
Location: Hanoi
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| Posted: Mon Mar 28, 2011 3:38 am Post subject: |
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You CAN do a bank transfer (with 6%) fee involved - used to be 3%.
You CAN'T exchange in nearby country, as Dong isn't accepted anywhere outside Vietnam. |
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Lazaro
Joined: 13 May 2010
Posts: 2
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| Posted: Mon Mar 28, 2011 7:41 am Post subject: |
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why wouldn't what is described here: http://www.expat.vn/how-to-transfer-vnd-abroad be one of the easiest ways to get US dollars?
From Expat.vn site:
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For expats paid in VND we recommend using a short-term savings plan from a solid financial institution like Axa, Aviva, Allianz or Generali. These portable and flexible plans were designed with expatriates in mind and allow deposits by credit card.
Let�s say your salary is paid into an HSBC Vietnam account in VND; that you have a Visa credit card associated with the VND account; you save 21 million every month and want to convert it into US Dollar. It�s easy to do it safely and legally. Open a short-term savings plan with any of the institutions above and use the Visa card to transfer 1.000 US Dollar every month. Technically you are making a payment of around 21 million VND to yourself. The VND are automatically converted into US Dollar and deposited into your savings plan and made available. Some of the institutions above even don�t charge any credit card fees.
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Does this work in practice? Anyone do this? Again, total newbie here, just trying to understand. |
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Sudz
Joined: 09 Aug 2004
Posts: 438
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| Posted: Mon Mar 28, 2011 11:25 am Post subject: |
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| beetil - actually, during my last visit to KL, I was surprised to see that VND WAS actually a recently added as an accepted currency |
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Vietnamarama
Joined: 04 Jan 2011
Posts: 35
Location: Vietnam
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| Posted: Mon Mar 28, 2011 3:05 pm Post subject: |
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| Sudz wrote: |
| beetil - actually, during my last visit to KL, I was surprised to see that VND WAS actually a recently added as an accepted currency |
Could you provide some more details? Was the exchange rate reasonable?
I remember reading on here some time ago that you can/could change VND in Singapore. That's why I brought it up in the first place. |
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Kornan DeKobb
Joined: 24 Jan 2010
Posts: 242
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| Posted: Mon Mar 28, 2011 3:47 pm Post subject: |
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Yes, you can change VND in some neighboring countries, but the rate is even worse than the black market here.
The best solution I've found is to forget about getting dollars here (it's almost impossible anyway), and then just use your VN bank int'l ATM card abroad. You get the official rate, but of course must pay a fee.
| Lazaro wrote: |
| Let�s say your salary is paid into an HSBC Vietnam account in VND; that you have a Visa credit card associated with the VND account; you save 21 million every month and want to convert it into US Dollar. |
Anyone got a VN credit card? |
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Vietnamarama
Joined: 04 Jan 2011
Posts: 35
Location: Vietnam
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| Posted: Tue Mar 29, 2011 1:31 am Post subject: |
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I think a VN credit card is very difficult to come by. A Debit card on the other hand is easy and often free. I have a visa debit card with Eximbank. The unfortunate thing is that they don't seem to have any documentation about the fees involved when using it....I asked them and they gave me some numbers. If I were to go overseas and take cash out then I think they charge me 8%!!! Add to that the 2 or 3% that visa charges and you again lose over 10% of your money.
Maybe other banks have a better deal? |
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sigmoid
Joined: 21 Jan 2003
Posts: 1276
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| Posted: Tue Mar 29, 2011 5:00 am Post subject: |
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Semi-informative article from Thanh Nien News regarding the situation:
http://www.thanhniennews.com/2010/Pages/20110317161203.aspx
"The dong has strengthened against the dollar and dollar-denominated deposits have increased over the past week after the central bank clamped down on foreign exchange transactions in the unofficial market. On Thursday, the dollar traded at Vietcombank at VND20,865, down from VND20,880 a week ago.
Thanh Nien Weekly discussed the implications of the move with former State Bank of Vietnam Governor Cao Sy Kiem." |
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