Are the bank's safe here.?

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MojaveDan

My wife has had a bank account at Vietcombank for over 10 years, and she hasn't lost a dime (sorry - Dong). We converted the account to a joint account when we got married a couple years ago. We have a sizable amount of money in the account (equivalent to a few thousand dollars) with no worries.

We leave enough money in the account so we don't have to take as much cash with us when we travel there. The account is also used if our family or friends over there need help from us. We wire additional money to the account when needed.

I'm not sure if I would put a large amount of money in a Vietnam bank, because I don't know if the bank insures their deposits. On the other hand, some of my uncles have a lot more money in Vietnamese banks and they don't seem to be all that worried.

If you're planning on permanently leaving Vietnam, then I would advise that you arrange to transfer the money to a bank in your home country or the country of your next destination. Be sure to shop for the best conversion rates and cheapest transaction rates on either end of the transfer. If you're planning on coming back, then I would take what would be needed for your travels and leave the rest with the comfort of knowing it will be there when you return.

With all the chaos going on in Wall Street this week, your money might be better off in a bank located in a communist country. ;-)

I hope this helps!

Bella Rose

According to "The Weekend Australian" newspaper this morning - yes it is Saturday in Australia - 8:46 am as I type - the Commonwealth Bank of Australia, the National Australia Bank (NAB) the Australian and New Zealand Bank (ANZ) and the Westpac Bank are all safe places to leave your money.The Reserve Bank of Australia has guaranteed all of them without need for a bail-out.

If there is a branch of one of these in the city in which you are living then you could open an account there and leave your money in it. You will need to be in one of the worlds capital cities. If you are in Vietnam then there is a good chance that there is a branch of the Commonwealth Bank of Australia somewhere in Saigon.

According to this report a branch has opened in Ho chi Mihn City
http://www.theaustralian.news.com.au/story/0,25197,23052066-20501,00.html

This site may help but is a bit vauge about the where abouts of foreign branches. You could ring the 1800 number and ask or email.
http://www.commbank.com.au/personal/accounts/going-on-holiday.aspx

Other options if they have branches in Vietnam are:
NAB
http://www.nab.com.au/
Westpac
http://www.westpac.com.au/internet/publish.nsf/Content/PB+HomePage
ANZ Bank
http://www.anz.com.au/

Department of Foreign Affairs & Trade may also help by telling you where to find different bank branches. They do this for business people so there is no reason why they wouldn't help a private individual if you ask nicely.
http://www.dfat.gov.au/

You will probably need reliable ID like a passport or birth certificate and drivers licence in order to open the account. I think that it is the usual drill for opening an account in Australia. If you are an Aussie they will be only too pleased to help. If not I'm sure they'll do all they can for you too, to make sure that your money is safe until you get home.

Hope that this helps. We live in times of an awful lot of shakey banks and I don't blame you for being scared and more than a little anrgy.

Good Luck!!!

Mustafa Leek

Nobody knows the right answer to that I'm afraid.
Personally I'd keep my money at home in a hidden place.

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