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international banking

 

Alex_547
(@alex_547)
Active Member
Joined: 12 months ago
Posts: 3
Topic starter  

Hi everyone,

Based on my research, I believe that HSBC is the best route for the international banking. I was wondering if any of you have done this scenario:

Open a bank in my home coutnry (for me it's the US), and move to Vietnam.

Have your company in Vietnam do the direct deposit to your bank account that was open in your home country.

Do normal banking with VND (no currency exchange) in Vietnam. And, you can also use your home country's online banking to do the business in your home country with the income that was deposited by the company in Vietnam (I'm assuming the currecy exchange rate will apply but no wire fee or trasaction fee since it is your account).

Or, what do you guys recommend doing? I'm trying to pay bills and other things in my home country with my income earned in Vietnam. I just don't know what would be the best scenario.

Thank you so much for you input! 🙂


   
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(@taylor_123)
New Member
Joined: 12 months ago
Posts: 2
 

I think forget about Vietnam company paying your salary in your home country - very difficult for them to do. If you are employed in Vietnam, your salary will be paid into a Vietnamese bank account, and upon each net payment to you the company has to confirm to the Bank the amount of income tax the company will be paying to the authorities before the bank accepts the money. When you have received the net salary into your Vietnamese account you are legally free to transfer it out of the country.  Contrary to your expectations, you may find a local bank transfers cheaper to your home country than an international bank - I would check on-line to see (note - check the buying rate, not transfer or selling). In my experience local banks don't have the same annoying charges that 'western' banks do. I don't think having the same group bank (i.e HSBC in both countries) has any advantages. Happy to receive contradictions on any issue from anyone! (it is quite possible for different people to have different experiences even with the same bank!)


   
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