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    I am looking towards becoming an Expat living in Vietnam from the UK, my question is how does everyone access there funds from there native country of origin (Banking) without being scammed or hit for extortionate money transfer costs, my first thought is to open a bank account with a reputable bank in Vietnam (would also be handy if i could also access this bank account if in Thailand as well but not the end of the world if i cannot) and to use a system such as Wise to regularly transfers money between my UK account and a Vietnamese account as cheap as possible, would be grateful for any advise or pitfalls.
Kind Regards
Les
   

    -@Lesshove

This is one of the most often discussed topics in the forum.

I encourage you to make individual searches using the forum search interface for the terms "financial“ and then "ATM“ and then “banks“ or "banking".

For maximum savings and ease of access to personal funds abroad, smart members in the forum arrange their affairs before ever departing for Vietnam.

Choose a bank that has few or no service fees including an ATM card (often a VISA debit card) that has the following four features:

1. No fee for ATM withdrawal

2. Rebate or refund of ATM withdrawal fees at any ATM worldwide, no matter who owns the ATM.

3. No foreign transaction fee.

4. No foreign currency exchange fee, providing the spot international exchange rate at that moment instead of the state bank of Vietnam rate (which is always less favorable).

My Charles Schwab Bank account provides all of this for free (with no minimum balance required) because I keep a valid US address.

Anyone without a US address can open a Schwab International account while still in your home nation, provided you have a minimum $25,000.00 USD combined balance in your various accounts (checking, savings/money market and investor accounts).

Schwab isn't the only financial institution providing similar services, so I recommend doing your homework for what is best in your situation before leaving the land of your passport.

Another reason this is the prudent choice: unless you qualify for a Temporary Resident Card through marriage to a Vietnamese citizen or legal employment or significant investment in government approved industries, you won't be able to open a DOMESTIC banking account here and it will cost you a lot to transfer, exchange & withdraw funds here through Wise, Western Union and some banks that allow foreign currency accounts, all requiring additional fees for the transfers, exchanges & withdrawals.

Good luck with your search for more information in the forum archives.

@OceanBeach92107 thank you very much for taking the time to reply to my question as the whole thing is new to me, all of what you have told me is extremely helpful and i will search further as you have advised, again many thanks.

Kind Regards

Les

Use Transferwise to send money from UK account to Viet account - fees are minimal.

if you can get a  Halifax Clarity Card - no fx loading or other fees.

Many Viet banks, but recently some have created problems for foreigners disallowing withdrawals because of visa / resident permit expiration.  Ask around for the best banks.

I'd also encourage you to have a second bank account which you can use for emergency or backup purposes. As OB mentions, Charles Schwab is an excellent choice. I have a US address and I opened that account before I left years ago. I have a second account which I have linked with Schwab so I can do fund transfers between the banks so I always have access to funds. I used Xoom at one point to transfer funds from the US bank to the Vietnam Military Bank for a reason. I would really encourage finding the complete solution for banking and take into account if a card gets corrupt or has fraudulent charges and is locked down. This has happened to me a few times in Vietnam and once in Malaysia. Now I live in Cambodia so I have simplified the banking process even more.

Finally, I would also consider how you will get verification texts, emails, account alerts, etc. I use Google Voice for this which is free. If I call the bank or banks, each one has the google voice number as the account phone number so I get around some of the verification steps. This has helped significantly calling from here or wherever since when I use the Google Voice phone app, the bank only sees me calling from a US phone number. You may need to find some alternative which will work for you for this.

I'd just  try to consider any outlandish situation which could occur. It very well may happen :-)

@secedit....   Thanks

    I am looking towards becoming an Expat living in Vietnam from the UK, my question is how does everyone access there funds from there native country of origin (Banking) without being scammed or hit for extortionate money transfer costs, my first thought is to open a bank account with a reputable bank in Vietnam (would also be handy if i could also access this bank account if in Thailand as well but not the end of the world if i cannot) and to use a system such as Wise to regularly transfers money between my UK account and a Vietnamese account as cheap as possible, would be grateful for any advise or pitfalls.Kind RegardsLes        -@Lesshove

Well Les I am surprised no one has offered any advice on this 1 point in your post..................my first thought is to open a bank account with a reputable bank in Vietnam .............. you will find opening a Vietnamese bank account is not that easy these days if you are coming here on a tourist visa not a work permit/TRC.

        I am looking towards becoming an Expat living in Vietnam from the UK, my question is how does everyone access there funds from there native country of origin (Banking) without being scammed or hit for extortionate money transfer costs, my first thought is to open a bank account with a reputable bank in Vietnam (would also be handy if i could also access this bank account if in Thailand as well but not the end of the world if i cannot) and to use a system such as Wise to regularly transfers money between my UK account and a Vietnamese account as cheap as possible, would be grateful for any advise or pitfalls.Kind RegardsLes        -@Lesshove

Well Les I am surprised no one has offered any advice on this 1 point in your post..................my first thought is to open a bank account with a reputable bank in Vietnam .............. you will find opening a Vietnamese bank account is not that easy these days if you are coming here on a tourist visa not a work permit/TRC.
   

    -@goodolboy

Unfortunately I buried my advice in my boring & lengthy post:

unless you qualify for a Temporary Resident Card through marriage to a Vietnamese citizen or legal employment or significant investment in government approved industries, you won't be able to open a DOMESTIC banking account here and it will cost you a lot to transfer, exchange & withdraw funds here through Wise, Western Union and some banks that allow foreign currency accounts, all requiring additional fees for the transfers, exchanges & withdrawals. ~ OB

            I am looking towards becoming an Expat living in Vietnam from the UK, my question is how does everyone access there funds from there native country of origin (Banking) without being scammed or hit for extortionate money transfer costs, my first thought is to open a bank account with a reputable bank in Vietnam (would also be handy if i could also access this bank account if in Thailand as well but not the end of the world if i cannot) and to use a system such as Wise to regularly transfers money between my UK account and a Vietnamese account as cheap as possible, would be grateful for any advise or pitfalls.Kind RegardsLes        -@LesshoveWell Les I am surprised no one has offered any advice on this 1 point in your post..................my first thought is to open a bank account with a reputable bank in Vietnam .............. you will find opening a Vietnamese bank account is not that easy these days if you are coming here on a tourist visa not a work permit/TRC.        -@goodolboyUnfortunately I buried my advice in my boring & lengthy post: unless you qualify for a Temporary Resident Card through marriage to a Vietnamese citizen or legal employment or significant investment in government approved industries, you won't be able to open a DOMESTIC banking account here and it will cost you a lot to transfer, exchange & withdraw funds here through Wise, Western Union and some banks that allow foreign currency accounts, all requiring additional fees for the transfers, exchanges & withdrawals. ~ OB      -@OceanBeach92107

ahhhhhh missed that bit I have heard some stories (think on here) that Timo Bank might let you open an account here on a tourist visa!

I basically have the same question as the OP, but my situation is different.

Presently I am in the process of organizing my move to Vietnam and this is a major issue. What makes it complicated for me is that when giving up residence in the Netherlands one no longer can have a bank account there.

Since I am married with a Vietnamese woman, I was able to open a bank account with VCB last year. However, they are not giving me an ATM card before the account is one year old.

Without an account in the Netherlands, my state pension will be transferred to the Vietnamese bank. Like others mentioned here, I am afraid that I will lose a lot to exchange and fees when using that route.

A card from TransferWise, or Wise as it is called now, has always been a great solution when visiting Vietnam. It is much cheaper than any bank or credit card back home and is accepted in many stores. Unfortunately, when I have to close my bank account in the Netherlands, the Wise card will be terminated. A Vietnamese bank account does not qualify to open a Wise account.

Therefore, I am still looking for a Euro bank account for digital nomads or expats, with no requirements of residence.

Any advice would be appreciated.

    I basically have the same question as the OP, but my situation is different.
Presently I am in the process of organizing my move to Vietnam and this is a major issue. What makes it complicated for me is that when giving up residence in the Netherlands one no longer can have a bank account there.

Since I am married with a Vietnamese woman, I was able to open a bank account with VCB last year. However, they are not giving me an ATM card before the account is one year old.

Without an account in the Netherlands, my state pension will be transferred to the Vietnamese bank. Like others mentioned here, I am afraid that I will lose a lot to exchange and fees when using that route.

A card from TransferWise, or Wise as it is called now, has always been a great solution when visiting Vietnam. It is much cheaper than any bank or credit card back home and is accepted in many stores. Unfortunately, when I have to close my bank account in the Netherlands, the Wise card will be terminated. A Vietnamese bank account does not qualify to open a Wise account.

Therefore, I am still looking for a Euro bank account for digital nomads or expats, with no requirements of residence.
Any advice would be appreciated.
   

    -@Kiteflyer

Maintain a $25,000.00 USD combination of balances at Charles Schwab and the international account will solve all of your problems.

@OceanBeach92107

If I can open an account as a non-US citizen it is worth looking into it. Thanks for the advise!

    @OceanBeach92107
If I can open an account as a non-US citizen it is worth looking into it. Thanks for the advise!
   

    -@Kiteflyer

You can. The international account is especially targeted toward non US citizens.

Make sure you open it before leaving Europe and arrange for the direct deposit to the account prior to your departure.

My uber rich buddy GoodOlBoy can tell you more.

That answers one questions which I had on opening the account before or after leaving Europe. However, on a second thought, if this is a dollar account it might not be the right thing for me. My pension is paid in euro's. If funds are first exchanged to dollars before VND that sounds not the best route to go.

Hello...  If you are from UK, maybe you should visit HSBC Bank... it's  British and very extended in Eurasia.

Regarding to open a  vietnamese account: You should know  that an expat can open one only if has a contract as an employee or service provider with a  Vietnamese Company or if you have a long term "Visa". Only can receive money from your contractor or from your own accounts with your full name on it....  any other source of money will be bounced.

    Hello...  If you are from UK, maybe you should visit HSBC Bank... it's  British and very extended in Eurasia.
Regarding to open a  vietnamese account: You should know  that an expat can open one only if has a contract as an employee or service provider with a  Vietnamese Company or if you have a long term "Visa". Only can receive money from your contractor or from your own accounts with your full name on it....  any other source of money will be bounced.
   

    -@ajairon

There you go again.

Wrong.

@OceanBeach92107

Yep I know.......may be new to all this "ish" but I've done some homework and not daft, but you guys having boots on the ground for a number of years is in my opinion is the best advice out there and I'm already working out what advice and who to listen to lol.....

    @OceanBeach92107
Yep I know.......may be new to all this "ish" but I've done some homework and not daft, but you guys having boots on the ground for a number of years is in my opinion is the best advice out there and I'm already working out what advice and who to listen to lol.....
   

    -@Lesshove

I thought you might raise your eyebrows at some previous statements 🙄

The real key is understanding the difference between "international" accounts and "domestic" accounts.

It's true that international accounts are limited, but it's also possible to get an international account from certain banks with just a tourist visa (Timo Bank is one example).

"International" is not a special, privileged status.

It basically means that your financial transactions are essentially limited to the international banking system in interactions with your bank, while limiting or excluding you from the ability to engage in the "domestic" banking system within Vietnam.

Some banks such as Timo are providing the ability to engage in the domestic (within Vietnam) system of payments to merchants.

But an international account won't allow you to send money to other people in Vietnam OR receive money from them.

You definitely wouldn't be eligible for one of the most-often requested payment systems used by GRAB rideshare & delivery: The MOCA e-payment wallet.

With a 1 year visa or Temporary Resident Card (TRC) "some" banks (not all) will open a domestic account for foreigners, giving a person the ability to both send & receive funds between the foreigner and accounts  at other banks in Vietnam.

I've had a long relationship with ACB bank (an international account that can receive wire transfers from outside Vietnam OR salary payments from an employer here) but they flatly refused to open a domestic account for me once I qualified, probably because I'm a USA passport holder, which requires them to make certain reports to the US Internal Revenue Service (tax collections).

However, Agribank has been willing to open a domestic account for me, and that qualified me for a MOCA account to fund my GRAB activities AND allows me to receive transfers from many other banks in Vietnam as well as send money to anyone with a domestic account in Vietnam.

The only restriction is that if I want to withdraw cash over the counter inside the bank--instead of withdrawing at their ATM--then I must be able to provide proof of the source of the funds I want to withdraw from my account

Good luck figuring out the best system for your specific needs.

@OceanBeach92107

Thank you for the further comments some good valuable information there.

I use VIB (TRC/WP) for years, no issue with domestics transfer. in/out International transfer only to/from account in my name (Europe).  ATM/debit card from day one, CC after 1 year but requires that I have a savings account on same max value of CC

    I use VIB (TRC/WP) for years, no issue with domestics transfer. in/out International transfer only to/from account in my name (Europe).  ATM/debit card from day one, CC after 1 year but requires that I have a savings account on same max value of CC
   

    -@Frede001

I have account with VIB too & no probs. Only since my TRC ran out I cant do Time Deposits, (no sweat there though since VND  interest rates are at rock bottom these days) other than that same as you with transfers etc & still can use my Debit card.

With Standard Chartered Bank here as soon as my TRC ran out my debit card was canceled. Still can use the app & online for money transfers inside Vietnam though.