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Bank account in Vietnam
Hello there, been travelling through Vietnam for a few months and now wanna settle down in Hanoi. I am considering getting a Vietnamese bank account, but still could not decide for one yet, which one would you recommend? So far I am considering Citibank or Standard Chartered. Following questions came up during my research: - How does your bank handle cash deposit? - how high are general extra costs (for withdrawals, remittance to Vietnamese bank accounts, etc.) - How will you eventually transfer your money to your foreign bank account (assuming some of you will not stay here for a lifetime)? Will you do it via your bank or hire another company with lower rates? Thank you for helping out
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Answer @ 2/9/2017 5:30:17 AM by wellexpressedalexan
I had the same problem. The basic answer is vietcombank. Biggest bank, lower fees. If you want to send your money out of vietnam, your company must provide paper to the bank (tax payment...)
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Answer @ 2/16/2017 9:30:17 PM by Federico93
As a foreigner 99% of banks will not let you deposit cash as you need to prove where the money is coming from and that you earned it legally.
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  • 0
    ANNABELL86
    Yeah, I know..I thought about Standard Chartered, they do not ask for any papers.
  • 0
    FEDERICO93
    Point being, even if they do allow you to deposit it, if you ever want to do something with the money- such as wire it out of the country, you'll still need the same documentation.
  • 0
    ANNABELL86
    Okay, I see. Thank you, do they tax it then? I read up to 35% for foreigner working here.
  • 0
    FEDERICO93
    Salaries are transferred post-tax, which further complicates things if you were in fact able to deposit cash. If you are earning money here legally, there is no reason to need to deposit cash (that's not me saying that, but rather the mentality behind the regulation).

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