Citibank in Vietnam?

[Shookeums34 2]

I'm planning on opening an account when I go, but as the embassy seems to only accept cash in US bank accounts, I was wondering if anyone here had any experience in Citibank in VN? I was going to open an account together with Phuong when I arrive in March, so she can put her money into it as well. If this bank is global, then shouldn't we be able to access and withdrawal or deposit from any branch even internationally correct?

Anyone here worked with the banking system in Vietnam that can chime in? Also, will the CO accept our assets in the account if it is created oversears but funds available in the US?

[lasko12 9]

yes, you can open a citibank account in Vietnam with $100 initial deposit. You will need to have your passport and valid Vietnam Visa. I did that when I worked in Vietnam as a foreigner.

More details can be found here:

http://www.citibank.com.vn/english/banking/account_opening.htm?lid=VNVNCBGBAMITLAccountOpening

Edited February 24, 2014 by lasko12

[JRF 117]

Are you sure you can open the account if you do not work (with a permit)? I tried to open an account at a global bank in Vietnam and was told I'd need to be working there to open the account.

Perhaps I just don't get it but to me it's very difficult to move money in or out of Vietnam, with the exception of western union. I admit there is a lot I don't know but - I looked into it and came away with the impression as a non-resident foreigner it was not possible.

I'd check a bit more - having an account with citi in Vietnam is not the same as a US account.

OP - why can't you pay the fees using your account in the US?

[Chris & Trinh 15]

I think you do need to be working here or have some type of resident card. I had to show my work contract. This is for HSBC but I think it is similar with all banks. Also, they would not allow my wife and I have to a joint account. Something to do with me, a foreigner being able to send money out of the country, but she is not allowed to so she could not be a joint account holder. However, she is authorized to use my account, debit cards etc.... Not sure it Citi bank is the same.

Edited February 24, 2014 by Chris & Trinh

[lasko12 9]

Are you sure you can open the account if you do not work (with a permit)? I tried to open an account at a global bank in Vietnam and was told I'd need to be working there to open the account.

Perhaps I just don't get it but to me it's very difficult to move money in or out of Vietnam, with the exception of western union. I admit there is a lot I don't know but - I looked into it and came away with the impression as a non-resident foreigner it was not possible.

I'd check a bit more - having an account with citi in Vietnam is not the same as a US account.

OP - why can't you pay the fees using your account in the US?

I think you do need to be working here or have some type of resident card. I had to show my work contract. This is for HSBC but I think it is similar with all banks. Also, they would not allow my wife and I have to a joint account. Something to do with me, a foreigner being able to send money out of the country, but she is not allowed to so she could not be a joint account holder. However, she is authorized to use my account, debit cards etc.... Not sure it Citi bank is the same.

Right, Moving money out of Vietnam is very challenging but for moving in, it is easier. Actually you can wire transfer money to Vietnam through any US banks. At the time I worked there, I could open an account as an expat with paperwork from my company but they didn't allow Vietnam Citizen to open Citibank account (I think they might change now). I also had an account with HSBC opened in Singapore, I had no issue accessing my money through HSBC Vietnam.

I will double check with HSBC Vietnam if a foreigner can open account there and their requirement. I will keep you guys updated.

Edited February 24, 2014 by lasko12

[lasko12 9]

Are you sure you can open the account if you do not work (with a permit)? I tried to open an account at a global bank in Vietnam and was told I'd need to be working there to open the account.

Perhaps I just don't get it but to me it's very difficult to move money in or out of Vietnam, with the exception of western union. I admit there is a lot I don't know but - I looked into it and came away with the impression as a non-resident foreigner it was not possible.

I'd check a bit more - having an account with citi in Vietnam is not the same as a US account.

OP - why can't you pay the fees using your account in the US?

You can go to Chase or Bank Of America, ask them to wire money to Vietnam, your wife is required to have a bank account (Vietnam local banks are okay). They charge flat rate so I think it may be cheaper than Western Union.

[lasko12 9]

I just had a quick chat with my friend who is working at HSBC Vietnam, they require your work contract and also tax ID # if you're US Citizen. Married couple can however open a joined account but they require marriage certificate.

Edited February 24, 2014 by lasko12

[Chris & Trinh 15]

I just had a quick chat with my friend who is working at HSBC Vietnam, they require your work contract and also tax ID # if you're US Citizen. Married couple can however open a joined account but they require marriage certificate.

Sounds like everyone have different answers depending on who you talk to regarding HSBC. Just from my own first hand experience I did NOT have to give any kind of tax ID # just my work contract. Also, although my wife is an authorized user on my account they will not allow a fully joint account because it would allow her to move money out of the country. This is only allowed for businesses and forieners working here. Maybe because my account is set up so I can transfer money from my US bank and HSBC here in Vietnam. I hear that all banks here opperate pretty much the same.

My advice would be have your wife go to the banks and ask about it. OR, you can ask when you come here to get a definate answer for the bank you wish to use.

Unfortunatly most rules in Vietnam are not so clear. Also which rules are followed and ignored depends on the business, gov. office, or person you talk to. That's why anything you have to do regarding legal type paper work sucks. No clear cut answers about anything.

[Shookeums34 2]

Guess there is a bit of misunderstanding for this.

She pays her fees in VN, I don't need to wire anything as I pay for stuff o nthis side, and she pays for the stuff on her side.

The reason I'm asking this, is if we have a joint account prior to the interview, will it be possible to include her cash in this account if it is a joint account and I am on it as well? Or is it too much trouble to really even fool with? (Im about 1K below the 19K requirement, but I have two cars and precious metals and such as assets, I'm a student and metalsmith) However I figured if we showed more cash in the bank, the better?

[JRF 117]

I have all of my accounts with USAA, and have no intention of moving money into any other bank. My wife has a USAA number and once she gets here she can get access to all of the accounts. Until then I'll use Western Union (it's free if I do it online and wait three days). I don't send money often and...VN rules or none...I don't trust my money outside of USAA.

Old fashioned I suppose!

[Chris & Trinh 15]

None of her assets will count or help you towards qualifying. You need to use your assets.

[Shookeums34 2]

That was my understanding, so I figured it we had a joint account, they wuld have to count it.

None of her assets will count or help you towards qualifying. You need to use your assets.