For foreign workers who would like to save up while overseas, it is ideal to have a local bank account. However, in Vietnam, it seems that there is a confusion for foreigners who need to open a local bank account.

On Wednesday, the State Bank of Vietnam announced that resident and non-resident foreigners can still make term deposits at any local bank. This announcement comes after some banks said that they will not accept foreign customers applying for a savings account last week.

What is the Issue?

According to local banks, they will stop taking savings deposits from foreign nationals starting this July to follow Circular 48/2018/TT-NHNN. The circular became effect on July 5 and under its guidelines, only Vietnamese nationals can make savings deposits.

However, another circular – Circular 49/2018/TT-NHNN – which also became active on the same day say that foreigners currently living in Vietnam for six months and up can make term deposits through local banks. Non-residents can also avail this service.

To clarify this issue, the SBV said that there is no change in savings regulations for foreigners. Under the amended Law on Credit Institutions, “term deposits” and “savings deposits” are not the same.

Under Circular 49, term deposit made by either resident or non-resident foreigners must have a maturity date. This date is seen by their visa expiry or the documents indicating their length of stay. Extensions is allowed if banks and clients agree. A collateral will also be included in the discussions.

Currently, the interest rate for local deposits in Vietnam is between 5 to 8.5% per year.

For foreign workers, Vietnam is included in HSBC’s Expat 2019 Global Report as one of the best expat countries. The report reveals that expats working in the country can earn up to $90,408 every year. Some expats also shared it is the best place to save money due to low living costs.

How to Get to Vietnam?

Visiting Vietnam is easy no matter where you are in the globe. Asian travelers can take direct flights to the country either through major airlines or low-cost airlines. European and North American travelers can take connecting flights to get to the country.

If you like ideas on how you can enjoy Vietnam, we have a lot of articles in the site to help you out. Some of the articles we have include where to stay in Hanoi and Da Nang and whether you should take an eVisa or Visa on Arrival when you travel to the country. You can also check out the Official Tourism Website of Vietnam for more ideas.

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When expats look for a country to move to, they have a specific criteria. They consider the average salary in the country, what is in the country and how far they can bring their career. One survey said that Switzerland is the country to go to for expats.

On July 4, premier bank HSBC released the Expat 2019 Global Report and highlights that Switzerland is the best country for expats to relocate. The country dethrones Singapore, which was last year’s top choice for expats to relocate to if they are sent out by their employers. Several reasons were highlighted in the report on why Switzerland dominated this year’s rankings.

Why should expats relocate to Switzerland

According to the survey results, Switzerland dominated the rankings because of its high quality of life. At least 70% of its expat community that took part in the survey said that it had a safer natural environment than their home countries. The country also has a low crime rate and has a stable economic and political environment. These allowed the country to jump from last year’s eight place to first this year.

Furthermore, expats report that they enjoy a paycheck of $111,587 annually in Switzerland, which is higher than the $75,966 average for expats. It follows Shanghai and Dubai in this ranking as expats from both countries earn between $140,000 and $150,000 on average every year. Career opportunities are also a plenty in Switzerland thanks to quick promotions.

For the other categories in the survey, Canada led the list for good living conditions. Respondents report that Canadians are welcoming to expats. It is followed by Spain, who love the Mediterranean atmosphere. Singapore leads the ranking for family benefits thanks to the number of schools for expat children.

The Expat 2019 Global Report survey asked 18,059 overseas workers in 163 locations. HSBC says that its survey is focused on the condition of these foreign workers overseas. Some news reports say that the survey is an overall verdict on the country in general.

How to Get to Switzerland?

For those who wish to travel around Switzerland, you can check out the official website of Switzerland Tourism. We also have articles about which Swiss city to visit and where to stay while in Geneva.

If you are considering on working in Switzerland, we have an article about the cost of living in Zurich.

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