OI VIETNAM 19
LIFE AS AN EXPAT IS NOT ALWAYS
easy, especially when it comes to
managing money. Balancing multiple
currencies and accounts in different
countries can be challenging - especially
in a country where the government may
not mind the money coming in, but is
less keen on it going out. Thankfully,
while things are not yet as financially
fluid as in other more developed
countries, the rise of global fintech is
bringing an ever-expanding range of
handy money tools. We round up some
of the best below.
Timo
The first widely available digital bank
account in Vietnam, Timo (timo.vn)
has made life for expats infinitely easier.
Before its launch in 2018, only those with
cast iron employment contracts were
able to get a bank account, which meant
excruciatingly high fees to withdraw
money on international credit and
debt cards. Now, however, Timo plus
Transferwise (see below) equals smooth,
easy and affordable transfers in (not out,
though).
The app is also excellent, making it
a breeze to send money to other bank
accounts in Vietnam, while instant
mobile notifications let you know the
moment any money goes in or out. The
‘Timo Hangout’ on Pasteur is also the
model of modern fintech efficiency and
convenience, allowing customers to
open accounts and collect cash cards
in no time at all—all while enjoying a
complementary coffee.
Sadly, though, Timo is no longer
available to expats with visas of
less than 12 months validity and so
things are back as they were, only
worse. Unless you are American, only
foreigners with employment contracts
and accompanying work permits can
have a bank account, with all business
visas for everyone but the Americans
reduced to three months maximum. If
you are American, though, you can have
whatever you like: either on a one-year
tourist or business visa.
Transferwise
Transferwise (transferwise.com) is a
godsend for the location independent,
allowing account holders to transfer
funds between bank accounts in over
50 countries—including Vietnam. Fees
are very competitive, with charges up to
80 percent cheaper than those levied by
the big banks. The firm charges USD
to transfer USD1,000 to a Vietnamese
account, for example—which it says is
nearly USD30 less than typical bank
fees. It also offers a MasterCard linked
to an online ‘borderless’ account in
GBP, EUR, USD, Australian and New
Zealand dollars that can be used all over
the world with low fees. Again, though,
you can’t use it to transfer money out of
Vietnam.xCurrency
xCurrency, in this writer’s humble
opinion, is just about the most useful
app ever for those living life in multiple
currencies—and it is completely free
(on the Apple app store)!! Not only
does xCurrency allow you to convert
any currency into any other currency
in real time, but you can have up to
four set up on your dashboard that
updates hourly—and it will track where
you are and add the local currency
automatically. You can then use it like
a calculator, switching between adding
and subtracting different currencies,
which all automatically convert as you
go. Want to know what VND10,00,
VND - USD100 + €70 is in GBP? Easy
with xCurrency!Holvi
Admittedly a little niche, Holvi (www.
holvi.com) is a completely integrated
solution for business nomads that have
set up an e-residency in Estonia—
providing multiple accounts, invoicing
and bookkeeping services all in one
place. This sounds odd until you learn
that Estonia grants e-residency to
international business owners online,
who then pay a flat 20 percent income
tax on all their earnings—highly
attractive to those from expensive tax
jurisdictions. It is also ideal for small and
medium sized online retailers that want
access to Europe. Do note, though, that
only death or defection will completely
free US residents of the taxman. They
don’t get it easy everywhere!Expensify
Perfect for those traveling a lot for work,
Expensify (www.expensify.com) helps
freelancers and corporate globetrotters
easily input their receipts by taking a
picture from their phones. This is then
automatically put into the Expensify
system using ‘SmartScan’ technology. You
can then track, run and send reports to
your accountant or accounts department,
or automate it. Those here in Vietnam can
also connect their Grab business accounts
to their Expensify accounts and trips will
be automatically expensed! Anyone that
has ever submitted expense report will
know that this is nothing short of a dream
come true. Expats and digital nomads are ditching banks
and turning to fintech
Text by Rebecca Jones