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.

The post Vietnam Still Welcomes Foreigners for Bank Deposits appeared first on Check in Price.

Vietnam is filled with unique tourist attractions that is sure to capture the hearts of tourists who visit. However, it seems that Hoi An stands out from the rest as it was recently named as the Best City in the World.

On Tuesday, the 2019 Travel + Leisure World’s Best Awards revealed that the Vietnamese city is the best. It dethrones Mexico’s San Miguel de Allende, which is now on second place.

Why Hoi An?

Readers say that the Vietnamese city is a ‘little gem’ and offers a wide variety of options to travelers. The shopping districts, in particular, caught the attention of many readers. They say that they can get stuff ‘made to order’ when they visit shops in the area. The night markets are also excellent for their street food options and fresh produce. Vegetarians would also love the options available in the city.

Other readers say that the infrastructure is also very good, allowing the city to have a chilled and relaxed atmosphere tourists love as they travel. The city is near a river and the streets are pedestrian-friendly. There are also comments that say it is likely one of the safest places in Asia.

It is also the cheapest because bike rentals can cost less than £2 per day, while a meal can be as low as £1.03. Accommodations are also cheap and near major tourist hotspots. If tourists like tours, the city also offers unique tours to teach tourists the city’s culture and tradition.

Travel + Leisure World asked its readers to rate cities based on their sights, culture, cuisine, shopping, friendliness and overall value. From there, the magazine ranked the best using the data from the survey.

After the Vietnamese city, Chiang Mai, Mexico City, Oaxaca, Florence, Seville and Rome made it in the rankings.

How to Visit 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.

The post Hoi An Voted World’s Best City in 2019 appeared first on Check in Price.