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How to transfer and receive money from overseas into Timo Account?

A – HOW TO RECEIVE MONEY FROM OVERSEAS INTO TIMO ACCOUNT?

1. Receive money from overseas into Timo account.

Firstly, make sure that your account is already activated to receive money from overseas.

The application opening account at Timo Hangout includes the agreement receiving inward remittance to Timo account. However, the amount will be converted into VND since Timo is a domestic account.

Accepted currency: USD, EUR, GBP, JPY, THB, HKD, CAD, SGD, AUD, CHF.

The exchange rate is applied to the rate of Viet Capital Bank at the date the bank credits amount into your account.

2. Require information:

  • SWIFT CODE: VCBCVNVX or VCBCVNVXXXX

In case you have errors when input VCBCVNVX at some banks, please try to input VCBCVNVXXXX

(XXX is optional and represents a specific branch. Depending on your own or your recipient’s bank, you might not need to add these last 3 characters)

  • Account number: 13 digits under Spend Account on main dashboard in Timo App
  • Bank’s Name: VIET CAPITAL COMMERCIAL JOINT STOCK BANK
  • Branch: Ho Chi Minh
  • Beneficiary name: Your Full name (the same as written in ID card) 
  • Purpose: Must add a clear reason for moving foreign currency. 

Customers can check these information on the Timo App at “My Bank Details”

3. The oversea receiving fee:

  • Crediting fee: 0.05% per total amount exclusive VAT (Min 5 USD – Max 100 USD)
  • No limitation 
  • In case, the beneficiary information is not correct or unclear, the amount might be returned to the sending bank with a refunding fee (this fee is regulated by Viet Capital Bank) 

4. Common issues and how to solve them. 

According to Vietnamese regulations, transactions from oversea to your domestic accounts may be temporarily withheld without sufficient information. Here are some specific cases which customers may encounter: 

  • The transaction is related to investments//securities
  • The sending description contains the text “REFUND or REIMBURSEMENT”
  • The beneficiary name is incorrect

Here are some tips to make sure you receive your overseas funds on time

  • Your sender needs to make sure the Beneficiary name, Account Number, Swift Code (if applicable) are correct
  • The description for sending the funds must be clear. 

For example: personal expenses, living expenses, daily expenses, payment for XYZ

  • If there is any description related to “Refund”, “Reimbursement”, “Investments”, “Stocks”, “Bonds”, “Mutual Funds”, “Loan”, etc, you will be asked for additional documents to process the transfer.
  • If the beneficiary name is incorrect (wrong name order), you may bring valid documents to Timo Hangouts to sign The commitment form. 

B – HOW TO TRANSFER OVERSEA?

Timo is a domestic bank account so you can not transfer money overseas on Timo app. However, you can visit Viet Capital bank branch for support.

  • For foreigners, Viet Capital Bank can sell foreign currencies for those who want to transfer it abroad but must present the valid documents to prove the source of money.
  • Vietnamese can transfer money overseas with the purposes: study abroad, settle abroad, inheritance, etc but must present the valid documents to prove the source of money.

The service fee is applied by the scheduled fee of Viet Capital Bank.

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Similarities & differences between digital bank and electronic wallet

E-wallets and digital banks are two of the most well-known technology products & services in the 4.0 revolution. While providing some common benefits and utilities to users, e-wallets and digital banks are two completely different products.

What is a digital bank?

Digital banks are built on the basis of allowing customers to carry out most banking transactions online via the internet. Instead of going to a bank branch or office to make the transactions, transactions via digital banks can be done simply and quickly via your phone application or the bank’s official website.

The concept of digital banks is becoming more popular and favored by people in Vietnam due to the fact that all usual procedures associated with banking transactions and even fees are minimized. This helps customers to save a lot of time and money.

What is an e-wallet?

Unlike traditional wallets, e-wallet is placed in your mobile application. Since it is a new trend of payment method favored by a large population of people in Vietnam due to its convenience, e-wallets are becoming more common and accepted as an an online and offline payment method in different sectors.  

Money in e-wallets can come from 3 main sources: money in your e-wallet account, bank account or bank card. Some of the most common features of e-wallets include:

– Phone top up

– Bill pay: You can use e-wallets to pay your shopping bills or bills at restaurants, coffee shops, bars, etc. if the service provider accepts this as a payment method.

– Online payment via e-commerce websites, such as Tiki, Lazada, Shopee, etc.

– Buy movie tickets at CGV, Lotte Cinema, etc.

Similarities & differences between digital banks and e-wallets

Similarities: online transactions and payment

Both digital banks and e-wallets allow you to pay bills (electricity, water, internet, etc.), top up your phone credit and settle online payments. Both products can be used as a replacement for cash.

Differences:

Digital banks

1/ Provide you with a bank account and card for transactions

When using services provided by digital banks, you will be provided with a bank card and an account number to transact online and offline.

2/ Provide other banking services/products

The majority of digital banks offer a full range of banking products and services such as: different loan products, savings accounts, transferring and receiving money, etc. However, unlike traditional banks, most of the transactions associated with these services and products offered by digital banks can be carried out online via a website or a mobile application.

E-wallets

1/ Need to be linked with a bank account or card

In addition to depositing money into your e-wallet at an office of the e-wallets’ provider, you need to link your e-wallet with your bank account or card to be able to use it.

2/ Do not provide other banking services/products

Unlike digital banks, you can only use e-wallets for online payments and transactions. E-wallets do not provided other banking services and products as mentioned above.

Hopefully this article has helped you to clearly see that digital banks and e-wallets provide their own set of features. While Momo, ZaloPay & Moca are currently some of the most leading e-wallets in the market, Timo and Yolo are two of the most well-known brands in the digital banking sector.

 

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Similarities & differences between digital bank and electronic wallet

E-wallets and digital banks are two of the most well-known technology products & services in the 4.0 revolution. While providing some common benefits and utilities to users, e-wallets and digital banks are two completely different products.

What is a digital bank?

Digital banks are built on the basis of allowing customers to carry out most banking transactions online via the internet. Instead of going to a bank branch or office to make the transactions, transactions via digital banks can be done simply and quickly via your phone application or the bank’s official website.

The concept of digital banks is becoming more popular and favored by people in Vietnam due to the fact that all usual procedures associated with banking transactions and even fees are minimized. This helps customers to save a lot of time and money.

What is an e-wallet?

Unlike traditional wallets, e-wallet is placed in your mobile application. Since it is a new trend of payment method favored by a large population of people in Vietnam due to its convenience, e-wallets are becoming more common and accepted as an an online and offline payment method in different sectors.  

Money in e-wallets can come from 3 main sources: money in your e-wallet account, bank account or bank card. Some of the most common features of e-wallets include:
– Phone top up
– Bill pay: You can use e-wallets to pay your shopping bills or bills at restaurants, coffee shops, bars, etc. if the service provider accepts this as a payment method.
– Online payment via e-commerce websites, such as Tiki, Lazada, Shopee, etc.
– Buy movie tickets at CGV, Lotte Cinema, etc.

Similarities & differences between digital banks and e-wallets

Similarities: online transactions and payment
Both digital banks and e-wallets allow you to pay bills (electricity, water, internet, etc.), top up your phone credit and settle online payments. Both products can be used as a replacement for cash.
Differences:
Digital banks
1/ Provide you with a bank account and card for transactions
When using services provided by digital banks, you will be provided with a bank card and an account number to transact online and offline.
2/ Provide other banking services/products
The majority of digital banks offer a full range of banking products and services such as: different loan products, savings accounts, transferring and receiving money, etc. However, unlike traditional banks, most of the transactions associated with these services and products offered by digital banks can be carried out online via a website or a mobile application.
E-wallets
1/ Need to be linked with a bank account or card
In addition to depositing money into your e-wallet at an office of the e-wallets’ provider, you need to link your e-wallet with your bank account or card to be able to use it.
2/ Do not provide other banking services/products
Unlike digital banks, you can only use e-wallets for online payments and transactions. E-wallets do not provided other banking services and products as mentioned above.
Hopefully this article has helped you to clearly see that digital banks and e-wallets provide their own set of features. While Momo, ZaloPay & Moca are currently some of the most leading e-wallets in the market, Timo and Yolo are two of the most well-known brands in the digital banking sector.
 

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What is digital banking?


Originated around the earlier 2000’s, digital banks have became a new trend in the banking industry across both developing and developed countries. Equally, digital banking is also considered the ideal solution to help radically improve the customer experience commonly associated with traditional financial institutions. However, the concept of digital banking is still somewhat alien to people in Vietnam.

What is a digital bank?

Most of us are probably familiar with the concept of traditional banks offering branches and transaction offices at different locations for customers to come and carry out their banking transactions.
Unlike traditional banks, digital banks allow customers to carry out the majority of regular banking transactions online via the Internet. Instead of having to visit a bank branch or office to make transactions, all transactions are digitized and can be done online, from applying for a new bank account to opening a savings account, getting an overdraft loan, etc.

Digital banking is becoming more popular in Vietnam as all procedures and even fees associated with digital banking services and products are minimized. This helps customer to save a lot of time as they would only need a mobile phone with Internet connection to manage their bank account and make any bank transaction they need via the digital bank’s official website or mobile app. Unlike traditional banks, digital banks have little to no branches. However, there are still offices where customers can visit to collect their cards, deposit money into their accounts or get advice from banking representatives.

Benefits of digital banking

1/ All payments and transactions can be done conveniently
With either a phone or a laptop connected to the Internet, you can carry out any transaction with digital banks anytime and anywhere, whether at home, in the office or even abroad. All transactions from basic to extended levels, such as checking your account balance, transferring money, paying bills, opening savings accounts, etc., can easily be done on the digital bank’s official website or mobile app. You will not have to worry about arranging time to visit its office to carry out your transactions.
2/ Fees are minimized
Not only do digital banks help customers to save time and effort, fees are also minimized.
To enhance customer experience, many digital banks in the market have minimized different types of fees associated with banking, such as: money transfer fees, ATM withdrawal fees, account maintenance fees, etc with the aim of encouraging transactions online.
3/ High accuracy
Built on the foundation of internet and information technology, digital banks handle and record transactions more quickly and accurately. All activities that arise from the process of a transaction being made would be handled quickly and fully recorded in the system with absolute accuracy.
4/ High security
As a digital bank is built on the basis of letting customers perform most transactions via the Internet, information and account, careful attention is paid to security of digital banks. This is also why most mobile apps provided by digital banks are built with multiple layers of protection such as OTP/iOTP, instant notifications of transactions, etc, to ensure all transactions made are authorized and secure.

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Key considerations before opening a credit card

Credit card usage has grown steadily and is becoming a favoured method of payment for a large number of people around the globe due to the convenience and flexibility it offers. To adapt to the high demand of credit card usage, banks try to make sure the application process of getting a credit card is as painless as possible for customers.
While the process of applying for a credit card can sometime be easy, there are still many factors to be considered before applying for one.
miễn phụ phí xài thẻ mastercard nước ngoài

Card fees of the issuing bank  

With the high demand of credit cards, many banks have tried to establish a reasonable tariff with competitive fees. Hence, before applying for a Visa or a MasterCard, make sure you  first do your research about fees and service charges levied by the issuing bank. There are a few common fees of credit cards, such as: cash withdrawal fees, card issuance fees, annual fees etc.
If you are not worried about card fees and just need the flexibility in your life to manage daily expenses, then a credit card would be the perfect fit. However, if you are just planning to apply for a credit card for the purpose of peace or mind or travelling, you should consider the service fees before getting one. Keep in mind that, except for card fees, there are also several other fines such as: late payment fees, exceeding credit limit fees, foreign exchange fees etc. Each bank would have their own regulations and calculation methods for this.

Credibility of the issuing bank

Choosing a reputable and trustworthy bank for your credit card is of the utmost importance. The credibility of each bank comes from their transparency in documents/papers and the commitments provided to customers upon issuing them their credit cards. Before applying for a credit card, refer to your issuing bank’s policies regarding issuance of credit cards to customers.

Interest rates and the process of calculating interest rates of the issuing bank

Before deciding on the bank to get your credit card, you need to know about their interest rates and how they calculate them. Misunderstanding interest rate calculations can put you into complicated situations that make your banking experience unpleasant and disappointing. We highly recommend that you find out exactly the types of interest rates charged by your chosen issuing bank, repayment period and due dates.

Are you financially able to afford your credit limit?

Businesses around the world have made it easy for their employees to apply for a credit card by providing proof of payroll and other required documents. However, what needs to be considered more is the financial ability of people to repay their entire credit limit. This is because banks usually charge high interest rates on credit loans, and your repayments will highly affect your credit ranking. Hence, make sure you are financially capable of affording your credit limit before getting a credit card for yourself, so you would not have to put yourself in the situation of stress over penalties and bad credit ranking.
miễn phụ phí xài thẻ mastercard nước ngoài
This is some basic information to help your banking experience be more comfortable and reassuring when owning a credit card. We recommend considering all the factors above before applying for a credit card.
For your consideration, Timo is currently offering a Timo MasterCard Credit card with flexible installment plans at 1% interest, along with many other attractive special offers and incentives. Find out more information here to know about how to apply and the qualification criteria for a Timo MasterCard.
 

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