Are there any banks with available deposit box to rent in Nha Trang?

Hi,
impossible
Regards

It is far better to hold the funds off-shore (i.e. NOT in VN) which you can transfer by SWIFT through your bank. This establishes a mouse trail that can be used to PROVE you imported the funds.

Do NOT use Western Union or MoneyGram - they are not good as you will not get good exchange rates or USD$.

By law, all amounts in excess of the equivalent of USD$3,500 have to be transmitted electronically within VN.

Thank you for valuable information. SWIFT is a transfer between two bank accounts in different banks, huh? Since I don't have an account in Vietnamese bank I can't transfer money there, right? Am I obliged to open such account before making a transfer?
Is it possible to keep USD in Vietnamese bank without currency exchange?

VasilyZorin wrote:

Thank you for valuable information. SWIFT is a transfer between two bank accounts in different banks, huh? Since I don't have an account in Vietnamese bank I can't transfer money there, right? Am I obliged to open such account before making a transfer?

Correct.

Is it possible to keep USD in Vietnamese bank without currency exchange?

I don't think that's possible, but perhaps Jaitch or Dejavu.dot know a way.  On the other hand, why not do as Jaitch said and hold it offshore and only transfer it inbound via SWIFT when needed?  That's how most people do it.

The thing is, I reside in Moscow and I can not trust these nearby banks (they might become bankrupt at any moment), so I keep my money in cash. So I took into consideration an option to bring cash to Vietnam and put it into a deposit box. The problem is that I can't continue keeping it in a deposit box here in Moscow, because I am gonna be unable to access them from Vietnam. If I put my money to bank account in Moscow and bank becomes a bankrupt, it's gonna be a headache for me getting the refund (and such refund is capped) and I must be here in Moscow in order to get the refund.

IF you open a dollar account here in VN BEFORE transferring money you can hold it in USD$. In actual fact there are millions in USD$ swilling around but the State Bank of VietNam has it's eyes on it.

A friend withdrew a large USD$ sum, in cash, without notice, from one bank I know. They calmly pulled it out of a floor safe (not the main one) and counted it out.

The other problem is carrying large amounts of cash across borders. Thanks to the US fixation on this terrorism/drug financing, most of the world follows the practice. The maximum limit anywhere is USD$10,000, and the VN limit is USD$7,000.

SWIFT is a bank><bank transfer system. Most every bank in the world has a User code. Occasionally the transfer is 'slowed' as the recipient bank likes to see the money (credit) before giving it to you.

Since VN is in a USD$ international zone, and it's money cannot be bought/sold internationally, the transfer medium is USD$. This usually means the money will be transmitted through the USA (bank's offices there or a correspondents bank office).

Since the HSBC was caught running a laundry for the Mexican drug dealers, and fined billions, it is super-suspicious on any large amounts. The US government now has monitors inside HSBC international offices in NYC.

Euro's can be transferred without the US sticking it's snout in.

Your biggest problem is whether your moving a 'large' sum is legal under Russian rules. That will determine how the transaction runs. If, legally, there is no impediment moving the money, use an international bank with branches in Russia.

If you write innocuous things like 'Money to pay build contract 1', or 'payment to architect' as the reason for the money, it will draw less attention from the banks.

Cash, in a safety box, is still affected by a bankruptcy, in terms of access and 'beady eyes'.

My employer keeps bank accounts in each of the major countries we do business in. Payment is in 'local' funds and can be used through a credit card. Tax liabilities are changed, too.

This thread reminds me of the fact that there are a huge percentage of US$100 bills in circulation than can be accounted for in legal transactions.  i.e., they're favored by criminals, which I'm not saying this applies to the OP, but at some point you have to wonder if (or when) the note will be looked upon with suspicion.

I had a 1934 US$100 note, which aren't rare at all and don't look all that different compared to the "modern" ones.   However, I couldn't spend it anywhere because every sales clerk I handed it to thought it was fake.  I finally had to take it to my bank (Wells Fargo -- not a rinky-dink operation) to trade it for a new one, and they spent a good amount of time debating what to do with it.  They finally gave me a new one because I'm a "high-value customer" (yeah, right!), but once people start questioning the legitimacy of paper money, things get kinda weird.  Insisting "it's real" doesn't really get you anywhere.  So that pretty much throws a wrench into the Cash is King philosophy.

Thank you for detailed response, Jaitch.

1. We do not have any branches of international banks in Russia. Also, there are rumors about SWIFT's intention to swift Russia off.

2. Then I shall open an account at first, and then fly back and send the money, if possible.
Is it better to send Euro, after all?

3. How strict is that law about cash amount bigger than 3500 USD?
Can't I just take some cash on a plane and then deposit it in Vietnam. Is it risky? Say 3500 or 5000 or something like that per flight.

DanFromSF: fascinating story! Cash is King for me because, unfortunately, I am still being a citizen of this gas station :-(

DanFromSF wrote:

... the note will be looked upon with suspicion.

I had a 1934 US$100 note, which aren't rare at all and don't look all that different compared to the "modern" ones.   However, I couldn't spend it anywhere because every sales clerk I handed it to thought it was fake.  ...

Reminds me of the case where someone took USD$ notes in and the Forex looked at the date on each note and calculated what the exchange rate was on that day!

Jaitch wrote:

Reminds me of the case where someone took USD$ notes in and the Forex looked at the date on each note and calculated what the exchange rate was on that day!

Hahaha!  That's quite a scam!  I hope the customer didn't fall for it.

OP, I've only brought in a couple thousand dollars cash to Vietnam, but I believe up to $5000 isn't a problem at all.  You should Bing that to find the answer;  it's a common question.

Perhaps you ought to look into opening a bank account in Singapore or Hong Kong -- i.e., places known for their financial service industries -- sorry, I have no personal experience because I'm pretty much stuck with US banks.  Again, web search is your friend.

Finally, I don't know what you consider a "very significant amount of money" but I personally wouldn't bring in a "very significant amount of money" into Vietnam.  In general, it's a lot easier to bring money in than take it out.  Though the number that is "very significant" to you might be different than me -- I wouldn't consider US$50,000 a very significant amount of money, but US$500,000, I would.  But just the fact that you consider it very significant, then that should tell you something about whether you should bring it.

VasilyZorin wrote:

1. Also, there are rumors about SWIFT's intention to swift Russia off.

SWIFT is too useful for all countries for anyone to not use it. This includes Putin's domain.

VasilyZorin wrote:

2. Then I shall open an account at first, and then fly back and send the money, if possible.
Is it better to send Euro, after all?

HSBC (heaven help us) is in Business banking in Russia [ http://www.hsbc.ru/1/2/rus/en/home ]. Bet there are others. The key thing is to get it to a reliable country - likely an Eastern European former Soviet satellite such as Poland, or whatever is closest to you.

Again, VN is a blackhole for Foreign currency - keep it accessible (through ATM or wire) and in a 'friendly' country.

VasilyZorin wrote:

3. How strict is that law about cash amount bigger than 3500 USD?
Can't I just take some cash on a plane and then deposit it in Vietnam. Is it risky? Say 3500 or 5000 or something like that per flight.

The USD$3,500 is the INTERNAL AMOUNT (you can easily beat this by transferring USD$3,499 equivalent each time).

You can import any amount you like BUT any amount over USD$7,000 has to be declared upon arrival to Customs at the airport.

The hard part is getting it out, again! This requires a detailed paper trail (that starts with the import declaration). That's why people recommend having money in external accounts.

IF you have imported money in excess of USD$7,000 you can give a bank a photocopy of the Customs Declaration. Avoid US banks - HSBC is not the greatest but ANZ might be a good one.  But they don't bank in Russia.

Bank accounts in VN are tied to visas - another reason to hold money outside.
----
Remember, this is a public forum, so I am not about to give you 'unorthodox' tips about money movements. Besides security agencies from all over read these forums as many involved in 'social drug' use them as means of communicating with their 'business partners'. And smart Admins always monitor PM activity. This websites server is based in France (and we know how the French 'love' the US government).

DanFromSF: Well everything is relative. I did think about 20-30k just to start and up to 100k.

Jaitch: Now I understand. You are definitely right, it's better to keep the deposit outside of Vietnam and just use ATM.
The problem is that law of Putin's domain does not allow foreign banks to have branches in Russia at all.
Is it possible to open an account in EU country like Germany without having to visit that country?
How high are taxes in such case? If you withdraw money in Vietnam using CC emitted by EU bank.

VasilyZorin wrote:

DanFromSF: Well everything is relative. I did think about 20-30k just to start and up to 100k.

20-30k is just about 1 year's living expenses.  No problem there. 

DanFromSF: One year's living expenses are much less than that ;-) I am going to Nha Trang. Apartments — 300$/m, food and etc — roughly 300$. So 7200$ per year.

VasilyZorin wrote:

Is it possible to open an account in EU country like Germany without having to visit that country?

Usually opening a bank account requires you appear in person. That's why I suggested opening an account in an international bank in a reliable country within easy/cheap travel of your home.

VasilyZorin wrote:

How high are taxes in such case? If you withdraw money in Vietnam using CC emitted by EU bank.

I follow the Biblical maxim: "Then give to Caesar the things that are Caesar's [Render therefore unto Caesar the things which are Caesar's]" and since I don't earn taxable income in Germany, I don't know. The UK has a GBR10,000 allowance before tax kick's in.

ATM's in VietNam can draw from almost any country BUT deliver in Dong, except for a couple of ATM's with restricted access to most everyone.

P.S. If there any more questions, I am off shift until this evening.

VasilyZorin wrote:

DanFromSF: One year's living expenses are much less than that ;-) I am going to Nha Trang. Apartments — 300$/m, food and etc — roughly 300$. So 7200$ per year.

Give us an update on that in 1 year.

I hope that VasilyZorin has allowed for medical costs, perhaps visa costs too. Odd night out etc. 

Thanks Dan and Jaitch about your sharing. I understand something more about banking.

As Jaitch said, when you arrive Vn, just go to the bank and create an USD account. It is available. I have a USD account in Maritime bank cos my friend is working there(It's easy to complain). Standard charter is another choice but I have heard that they ask 10$/month. I think the most ideal bank is Vietcombank because of its popular branches and ATM. Therefore many Viet use it. The fee is 8000d/month. Just register for online banking and sms bank. Dont agree any other services. And of course after creating a bank, use Swift service to transfer money to your USD bank account.

About taking money to VN, I have heard this story from my friend. His friend took over 25 000$ to VN, and they were stopped at Tan Son Nhat airport. They called my friend and at the end, the customs officer agreed for letting them access to VN by paying him 300$.

stumpy:
I think this is offtopic, but...

1. Medical care is reportedly cheap in Vietnam in comparison to Moscow. Especially dental care.
2. Visa is ~360 USD per year (4 x 90 USD for 3 months). Just nothing.
3. I don't drink alcohol at all.
Etc? What for instance?

P.S. Don't get me wrong, I think I will have just one hell of a room for unexpected expenses (~4000$ monthly income from programming remotely) in Vietnam. But I've been told that 500$/month is okayish to live in Nha Trang. Told by the man who lived there for one year. He once lasted 2 weeks with only 20$, in order to an experiment (excl. housing).

Dejavu.dot:
I think that friend of yours should have called the police :-) He was forced to bribe...

VasilyZorin wrote:

Dejavu.dot:
I think that friend of yours should have called the police :-) He was forced to bribe...

You misunderstood VasilyZorin,

As Jaitch said, a foreigner can take 7 000$ cash maximum to access VN but because friends of my friend didnt know that so they took 25000$ cos they intended to buy some things and sell it in their country. If those men had announced policemen, what would have happened with their money? so they agreed to pay. Paperwork is really complicated in vn.

Dejavu.dot wrote:

... His friend took over 25 000$ to VN, and they were stopped at Tan Son Nhat airport. They called my friend and at the end, the customs officer agreed for letting them access to VN by paying him 300$.

He didn't have to pay anything - just fill in a form. He would have been smart to take a taxi to a nearby hotel and have a coffee. Then catch another cab from a different taxi company and complete his journey.

The reason is they would be less likely to get robbed.

Jaitch wrote:

Dejavu.dot wrote:

... His friend took over 25 000$ to VN, and they were stopped at Tan Son Nhat airport. They called my friend and at the end, the customs officer agreed for letting them access to VN by paying him 300$.

He didn't have to pay anything - just fill in a form. He would have been smart to take a taxi to a nearby hotel and have a coffee. Then catch another cab from a different taxi company and complete his journey.

The reason is they would be less likely to get robbed.

after filling the form, will the Vietnam governor keep their money jaitch?

1.  Are you an Idiot??  Carrying a lot of money to any country??
2.  Open a bank account like I did oin SCB  -  Siam Commercial bank  and transfer it into your account

I say no more