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.