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BEST BANKS in VIETNAM | How to OPEN bank account EXPAT and TOURIST | BEGINNER PROCESS & MUST-KNOW - YouTube
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Hello! Welcome this new video. My name is
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Guillaume, I have been an expat living in
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Vietnam for 3 years now. And in this video,
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I'm gonna tell you what is the best bank for
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Expats and foreigners living in Vietnam.
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So if you wish to come and move to
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Vietnam to find a job, do volunteering
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of just spend a couple of month travelling
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then, I really recommend you to watch this video
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until the end because i'm gonna give you the
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a foreigner coming to Vietnam for work,
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best set up fitting you profile. So if you are
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I will provide you the perfect banking set-up.
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If you just want to stay a few months here
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you will also have a different bank set-up
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And finally, if you are a entrepreneur, you
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will also see the most tailored solutions
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that may fit your needs. So I have
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my laptop here, let's jump in ! Number one
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I want to explain you what I am calling the
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foreigner headache and I want to highlight you
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the overall situation from the past and what is
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happening right now. After, I am gonna give you
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some hints and some concepts you may
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not have heard but that are very important if you
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wanna find a good bank in Vietnam that will
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last for the long run. And finally, as I
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introduce you, I want to give you the
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perfect set-up if you are a long-term
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tourist, an employee or even an entrepreneur
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coming to Vietnam for a couple of months or
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even years. Ok, so let's jump into the topic :
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As an expat, what i'm calling de "foreigner headache"
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Basically, before we could open a bank account
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with a simple tourist visa
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but now everything is
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a bit more complicated because of new
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restrictions. As a foreigner, if basically you
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don't have a proper situation in Vietnam :
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if you don't have a work permit or at least
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a card that help you to stay a couple of months
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just like a temporary residence card,
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you won't be able to do cash deposit because
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the gouvernement wanna track all the income
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earnings from foreigners so if
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you go to a bank to deposit some cash
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you won't be able to do it
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except if you have a proper legal
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situation with for instance a work permit
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you also won't be able to receive wires
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from other vietnamese or foreigners friends
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living in Vietnam to your local bank accounts.
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So my first advice according to your own
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situation would be : if you wanna move to
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Vietnam for a couple of months, try to be in a
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good standing regarding to the government so
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everything will be smooth for the bank
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Now, as I introduce you : I want to talk a bit
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about some concepts that you may not have heard.
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Number one : What about the currency in Vietnam :
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The Vietnamese Dong versus the USD (American Dollar)
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As you can see on the screen, I am showing you right
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now the devaluation of the currency. Why this ?
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The vietnamese government is printing money and is
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devaluating the Vietnam currency to be able to
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be competitive in the global economy. That's why
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Vietnam is so emerging and attracts foreign
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investments. But what does it mean as well ?
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Well, it means that if are a foreigner
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and if you open a bank account in
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Vietnam Dong, you may see the real value of
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your money reducing month after month.
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That's why, I would recommend you if you wanna
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open an account, pay also attention to have
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a USD account (American Dollar) and not
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only a VND (Vietnamese Dong) bank account.
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Second thing that you may have seen as well
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if you take your motobike around cities such as
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Saigon (TP HCM), Hanoi, Danang, you may have seen
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advertisment from local banks telling you that
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they can get you 7% up to 9% per year
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of interest if you deposit your savings
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in their banks. But there is
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something hidden ... Do you see the link with the
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previous thing I just shared ? They will pay you
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in Vietnam Dong so if you save
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and if your deposit for instance $10,000 USD,
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$20,000 USD, you may have this interest
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but it's gonna be paid in Vietnam Dong (VND).
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But on the other side, as the currency is
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devaluating its value, finally you won't
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get the real 8%, you will
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have something way less. That's why you need
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to pay attention into this and if as a
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foreigner you want to have a savings-plan
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I would not only recommend you to pay a look
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into this but also to see offshore
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savings accounts that may also
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provide you those interest but in other
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currencies that are stronger than the Vietnam
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Dong. Now, another point I want to highlight,
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it may interest people who are libertarians.
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Nowadays in Vietnam, the banks sign the FATCA.
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FATCA, basically that is the automated
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electronic exchanges made by the USA. They are asking
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all the different entities related to banking
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all over the world to share with them the information
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of their customers. But nowadays,
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Vietnam still did not sign the CRS which is the
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Common Reporting Standards which is
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implemented in Europe. So for instance, as a
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french person, belgium, a UK person,
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If you decide to open a bank account in Vietnam
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you will have a bit of privacy
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regarding to your personal information.
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The gouvernment in Europe won't know that
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you open an account in Vietnam. But ...
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WAIT ! I am not telling you to put money if you
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hide your savings in Vietnam. I am
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now coming to the 4th point.
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In Vietnam right now,
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the banks will only guarantee
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you up to 75 Millions VND if
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there are any crisis. So if tomorrow
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the banks are not able to give you back
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your money because there is a global crisis
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they will just pay you back 75M VND. So if
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you first put $10,000 USD or $20,000 USD, they
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won't give you back the all amount. So with the
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current rate, 75M VND worth $3,5K USD.
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approximatively. So be aware that you should not
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bank in Vietnam if you want to do savings.
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I mean if you wanna do it, do it ! But at least
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you are aware about the potential risks
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and also compare it to other offshore
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alternatives right. Another point I want to
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highlight to you is the question about sending
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monet overseas. If you are an expat and if you
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receive a salary in Vietnam, one day if you plan
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to live in Vietnam for one year or two years.
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One time, you will have to send money overseas
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maybe you wanna do foreign investment,
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maybe you have long term vision and you want to
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start to send money to an offshore pension fund,
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or you also want to invest in the stock market
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not in Vietnam, but overseas (example : in the USA
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or in Europe), then you will have this problem
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of sending money overseas.
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We come back to the first point I told you earlier,
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you need to be in good standing
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regarding to Vietnam governement
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and your personal tax situation. If you
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get a salary in Vietnam,
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if taxes have been paid on your salary,
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you won't have any problem sending money
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overseas. But on the other side, if you
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are receiving a salary but nothing is declared,
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you didn't pay any personal taxes, then you
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may be in trouble and you
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won't be able to send money overseas.
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Banks will ask you a proof of income and a receipt
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of taxes that has been paid. If you do not have
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those papers, you won't be able to do that.
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And again this is not something only for foreigners,
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even as a a vietnamese person, you cannot send
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money overseas like that. There are also rules
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Vietnamese person want to send money overseas
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to follow for de vietnamese citizens. If a
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they need to have a certain purpose
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for instance they have child that are
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studying in the USA, then they will
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be able to support them and send money to them.
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If they have also a member of their
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family who is sick overseas, they will
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also be able to support them. But beside
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those really good reasons, they cannot
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send money outside of Vietnam to an
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offshore bank account.
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What is the reason ? It is just because vietnamese
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government is protecting their own currency.
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That's the same everywhere : if you check in
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Thailand, Laos, Philippines : that's the same.
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Those countries are protecting their currencies
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That's why they are having those strict rules.
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Now I guess, you have an overall picture
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or you learn about different concepts, let's
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finally come to the point : I am about to tell
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according to your own situation what is the
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best account. First, if you are a
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long term tourist, so if you plan
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to stay in Vietnam but you won't work, you will
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just spend a couple of months. Maybe you are a
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retired person, maybe you travel overseas around
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but you still want a banking
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solution in Vietnam to reduce the costs. Then
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you can go to any local branch for instance
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Vietcombank, Techcombank, Sacombank.
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Go directly there and tell them your current
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situations. The rules and situations may change
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in the next months, that's why I just tell you a
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overall idea.
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Sometimes, some banks will ask you to
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sign a papers saying that you do not receive any
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money from a company in Vietnam. So in other
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worlds you don't work in Vietnam and you are just
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here as a tourist. Some banks can still
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provide you their banking solutions. It will
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be cheap, you can have a bank account with
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one of those debit - credit cards. And you
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can go to any ATM in the country and cash out.
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Then, if you are an employee : for this case
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you can still use those banks, that's what I am
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using personally. So I recommend the same :
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Vietcombank or Sacombank. But in this case,
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when you go to open your account, you can give
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them your work permit and your work certificate
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according to this : you will be flagged as an
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Expat working in Vietnam.
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So you won't have any problem for getting
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money to your bank, paying your bills, everything
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will be very smooth.
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3rd case: if you are an entrepreneur
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you may have different needs that a
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sending money overseas, having better
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normal expat do not have. For instance :
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customer support. Then for your case,
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I would recommend you to go to
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international banks. You are having a list
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of international banks that have branches
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and offices in Vietnam. You can
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open an account over there and they
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will be more customer friendly for you.
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My recommendation are : Standard Chartered,
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City Bank or Shinhan. They all have very
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good customer reviews from expats who are
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entrepreneurs so they also on their personal
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side want to have those kind of banks that
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are more friendly for their situation.
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Finally, one last point : many expats
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ask how they can
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transfer money from overseas
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to Vietnam.
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Nowadays, there are solutions like
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Transferwise. That's an online provider that
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will cut all the costs traditional banks
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were taking before. So you can now send money
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from Europe or from the USA to
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Vietnam and save hundreds of dollars in fees.
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You can find in the description a link bellow if
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that's something you are facing on, but to give
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you the big picture : that's what every millennials
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are using now to transfer money
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from overseas to Vietnam.
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An for you first transfer you won't pay
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anything : it will be 0% costs.
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Have a look in the description, I mention all
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all the links so you access directly and
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simulate your first international money
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transfers. One last thing i this Fintech
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industry : you have online bank's like N26 and
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Revolut that are European banks but helping
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you to open an account smoothly and you will
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save lot of cost when you go withdraw at the ATM.
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So those solutions can also fit long-term
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tourists who are travelling all around
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Southeast Asia and want to save hundreds of
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dollars during their trips. Thanks guys, I
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hope you enjoyed my video ! You can find in
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the description the different links and ressources
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I shared for you so you can go right to the point.
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Thanks again for watching and see you in the next video :)
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