Savings plans for someone moving abroad

Bogomip

Hi all,

In July I am moving to live in Vietnam for, at least, two years. The advise I have received from the expats who already live there is not to leave our money in a Vietnamese bank (in case the government changes any policies on a whim and we lose out as a result).

Part of the problem I am having is trying to make it so I can save as much money as I can - and the costs involved in UK Banking from abroad (i.e. enormous charges to transfer money from a Vietnamese Bank into a British Bank) appear to be quite large.

The full situation (so you have all the info) is:

• Me and my girlfriend will have individual accounts in Vietnam (unmarried).
• We get paid in USD (American company).
• We would like to keep all of our excess money (for traveling and for saving) in the UK, and living money in Vietnam. The travel money (from a UK account) can then be spent online so as not to incur charges when buying plane tickets, booking hotels etc.
• Obviously, we would like to spend as little as possible in transferring money around
• Me and my partner would like separate savings accounts, but only one travel account.

The plan I currently have is to have our individual Vietnamese accounts and start a joint Vietnamese account. The money we want to move to the UK will be put into the joint account and moved once every few months (One charge between us, and only every few months). This will be transferred into a joint current account in the UK (travel account) from where we can internet bank for free into our individual UK Savings accounts.

Does this sound like a good plan? Does anybody see any holes in this or know of something else we could do? Have I missed any detail?

Thanks!
Bogo

Jonbvn

Having lived in VN myself, I was aware that there were currency controls in place. Please check that you can transfer money out of VN without going through an arduous bureaucratic process, much loved by the VN'ese gov't.

I would suggest you look at opening accounts with the international banks located there e.g. HSBC.

atush

Yes, open accts at HSBC, and they have USD accts too if you want your salary paid there.

They have a decent online banking platform (though I hate the secure Key you have to use).

PenguinJim

You could also consider a drive up to Hong Kong to open a HK bank account for your US dollars, as well as opening a brokerage account there. When the GBP is strong, just move your US dollars instead of converting them. You can invest them into index funds at will (after you've set everything up in person).

Don't just use your banks to transfer money. Set up an account with an international money transfer company, like Travelex (that's an example, not a recommendation either way). Better rates and lower fees.

atush

Yes, a travelex acct would help.

Also open a couple of good non isa online savings accts here now that you can put money into later online.

And obv HSBC would be a good bank to use in HK. They also have investment accts.