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Opening a Bank Account in Vietnam

The video discusses the best banks in Vietnam for expats and tourists, providing different banking set-ups based on the individual's situation. It also highlights important concepts such as currency devaluation, interest rates, and sending money overseas. The video recommends specific banks for different situations and also suggests using online providers like Transferwise for international money transfers.

00:00 Best Banking Set-Up for Expats and Foreigners in Vietnam

  • 00:03 Guillaume shares the best bank for expats and foreigners in Vietnam.

  • 01:40 He explains the challenges and restrictions for foreigners opening a bank account in Vietnam.

  • 01:40 Guillaume provides tailored banking solutions for long-term tourists, employees, and entrepreneurs.

02:34 Financial Advice for Living in Vietnam

  • 02:34 Advice for moving to Vietnam: maintain good standing with the government for smooth banking.

  • 02:48 Currency devaluation in Vietnam and its impact on foreign investments and bank accounts.

  • 03:47 Beware of local banks offering high interest rates in Vietnam Dong, as the currency devaluation affects the real value.

  • 04:57 Vietnamese banks signing the FATCA agreement, relevant for libertarians.

05:07 Banking and Financial Considerations for Expats in Vietnam

  • 05:07 The USA is requesting electronic exchanges from banking entities worldwide.

  • 05:21 Vietnam has not signed the Common Reporting Standards implemented in Europe, providing some privacy for foreign account holders.

  • 05:58 Banks in Vietnam only guarantee up to 75 million VND in case of a crisis, posing potential risks for expats.

07:41 Banking Rules and Solutions for Foreigners and Vietnamese Citizens in Vietnam

  • 07:41 Foreigners and Vietnamese citizens may have trouble sending money overseas without proper documentation.

  • 08:03 Vietnamese citizens have specific purposes for sending money overseas, such as supporting family members studying or sick abroad.

  • 09:29 Different banking solutions are available for long-term tourists and employees in Vietnam, with specific documentation requirements.

10:15 Banking and Money Transfer Tips for Expats and Entrepreneurs in Vietnam

  • 10:15 Expats in Vietnam have no problem with banking and bill payments.

  • 10:24 Entrepreneurs in Vietnam should consider international banks like Standard Chartered, City Bank, or Shinhan.

  • 11:06 Transferwise is a cost-effective solution for transferring money from overseas to Vietnam.