posted about 5 months ago by kinhvanhoa
about the venue: HSBC

message the reviewer

Inappropriate?

Everyone seems so excited by HSBC these days.
I don't want to argue on that but we'd rather consider the details of HSBC's service policies such as charges, fees, etc.

If you want to withdraw USDs in cash from your HSBC's account, you will have to pay for 0.35% (including VAT !) of the total amount of USDs you want. It's definitely higher than other foreign banks available in Hanoi, some of which only charge 0.1 % of the total inward remittance and don't charge at all whenever you need to withdraw USDs in cash.

So, here is my two cents on banking in Hanoi. If you are in Hanoi less than 6 months and have no proper documentations such as a proof of residence, job position, etc, do not dare to have an account with HSBC. HSBC has a strict personal banking policy, which some might call as a "Global Standard" in favor of Global financial capitalism :).
Well, HSBC will charge you 750,000 VND, if you close your account within 6 months of opening. Moreover, your average monthly balance must be higher than 8,000,000 VND (approx. $ 500);or, you must be charged for 465,000 VND.

Thus, HSBC is not a good option for a traveler or a short-time visitor.
Other foreign banks, one of which I have been using for 3yrs-my monthly or yearly account balance was often down to $0, may seem to be tricky at the very beginning, such as $10 for opening an account, and apply some initial charges for inward remittances (0.1%); however, they are more flexible in managing your USD in cash, if you are not rich enough to have more than $7,000 at hand in Ha Noi. Some foreign banks only require your passport and custom declaration form.

For all long-time residents or wanderers in Ha Noi, if you have USDs in cash at hand and frequently need to have USDs for any reasons in Ha Noi, HSBC may not be "the BEST Option" for you. But, if you only need VNDs, I think HSBC is still the BEST.

For business guys and ladies, I definitely agree that HSBC offers "Global Standard" services at their very best in Ha Noi. Unbeatable at the moment.

I put 4 stars instead of 5, because HSBC, as notorious, seems taking control over my money by the so-called "standard" personal banking tariff.

p.s. I've just opened my own account with HSBC last week. But it will be only used for VND cash withdrawals at ATMs.
Like others, now I am at least relieved from Vietcome bank. :)