Thread: HSBC in Vietnam (Yogi's input is much Appreciated)

Hi

Today I came across this site: Personal Banking - HSBC Vietnam

I was thinking what about if I open an account with HSBC in vietnam, transfer some money to this account and Wooooooooooot.

I check on xe.com and 1,000,000 VND cost around $62.

My only worry is what about tax for that account ????

Any comment ????

Thanks sooooooooooooooo much

Originally Posted by chouchou

Hi

Today I came across this site: Personal Banking - HSBC Vietnam

I was thinking what about if I open an account with HSBC in vietnam, transfer some money to this account and Wooooooooooot.

I check on xe.com and 1,000,000 VND cost around $62.

My only worry is what about tax for that account ????

Any comment ????

Thanks sooooooooooooooo much

Good question. I will do some research.

DEFINITE appreciation for any answers about this...I have an account locally here in NY and I was wondering if I opened an account in the Vietnam branch online, if I would be able to transfer the funds from "there" to "here"! You would think that it would be able to be done easier and faster seeing as though they are both the same bank.

Much appreciated!
Tiffany

Originally Posted by tiffany

DEFINITE appreciation for any answers about this...I have an account locally here in NY and I was wondering if I opened an account in the Vietnam branch online, if I would be able to transfer the funds from "there" to "here"! You would think that it would be able to be done easier and faster seeing as though they are both the same bank.

Much appreciated!
Tiffany

Great questions there from you both that many can pick up on!!!

Call yr branch Manager, I'd rather ask for the DM usually...which is the MD...if its a "petit" bank you're with and let him do some footwork for you!

IMO, with Vietnam opening up and wanting a clear mandate seen as a confident streak to look at...Asians are fortunately, much, MUCH... more easy to beat about to get results quicker!!!

Thats why... the current attraction is all focussed on ASIA!!!

Look at it this way... whatever your permitted life span is... (my Medium speculates another 50 good & sexy years for my potential... ), if the next 40 years is good enuf for your financial security, before China smogs the entire region with there sizzling 32cylinder V8 or V12 engines by then... Asia is NOW....the place to put your money at!!!


If U R looking for investments soon...when I land in Thailand over 12 days time and assume my new position in Realty Development & Tourism projects, let me know.

We have a small piece of land, the size of Euro Disney in France, developed with local authorities and their active cooperation, ....and every passing week, my Sr Partner keeps on buying more land to add to his enterprise...where I am heading as a new Partner!


YB. - Check out with your HSBC branch Director and GO FOR IT....and WOOOOTTT!!!...

Yogi!

So am I understanding this correctly that the Dong will have a "gradual" appreciation in value, as opposed to a higher revalued amount like we are anticipating with the NID? (baby steps here boogs!)

YesssZ... slow, gradual but STEADY...it will be in the climb... however, give your patience and that of the economic recovery, something like 2 to 3 years down the road!!!


YB. - cheers Tiff and get yr Vaca Villa soon to welcome the inflow and exodus of many early retirees from the Americas to crash into that part of the world!!

I've just used their contact form and asked if it is possible at all for someone from outside Vietnam to open up an account with them, and how (as I already own an account with HSBC here in Malta it may be easy).

I'll keep you informed! :-)

Hi

I have email HSBC in Vietnam and ask about opening an account,

I will let you know soon...

This is the email I have just received from HSBC in Vietnam.

================================================== ========
Dear Mr. xxxxxxxx,

Thanks for your email regarding to the account opening with HSBC Viet Nam,

In Oder to open the account with HSBC Viet Nam, please visit our branch with these required documents such as Passport, entry visa, customs declaration, address proof (e.g utility bill, driving licence, letter from employer...). We are offering USD flexible account for Viet nam nonresident foreigner, the monthly minimum balance is USD1000. The service charge of USD30 monthly would be collected if the monthly minimum balance falls below USD1000.

As the government law, if a foreigner would like to have the local currency (VND) account with us, he/she has to present the proof his/her resident in Viet Nam more than 12 months by showing the entrance visa, working permit....

Please do not hesitate to contact me should you have any questions

Best regards

Dinh Quoc Thinh
Relationship Manager
Personal Financial Services
HSBC Vietnam, Ho Chi Minh City Branch
Tel.84 08 8292288 - Ext.125
Cell phone: 0983 392352
================================================== =======

Hi

I have also contacted someone selling Dong from vietnam (BuyBanknote.com Buy all the world banknotes that you need ) and ask if I buy a lot of Dong would it be possible to buy 1,000,000 VND at $60.

See below is answer.

================================================== ========
----- Original Message -----
From: Nhat Khoa
To: xxxxxxxxx
Sent: Tuesday, November 07, 2006 2:51 AM
Subject: Re: Help please


Hell0

i can sell at this price only if you come here to buy or i'll open a bank account in your name with Vietnam Dong on it.

sending out Vietnam Dong is verry hard is it is over 10 Millions

Anyway, bank interest here is about 10% per year . it is verry good interrest
thanks
================================================== =======



Then, I asked him which bank etc, etc and he told me that he can open a bank account with ACB ( ACB - Asia Commercial Bank ) or EAB ( Redirect - EAB ) but unfortunately we CANNOT move funds.

Hope this help
Thanks