Regulation for foreigners regarding depositing cash in Timo cash deposit machines (CDMs)

According to Circular No. 16/2014/TT-NHNN of the State Bank of Vietnam guiding the use of accounts of foreign currency and Vietnamese dong at authorized banks for residents and non-residents, VPBank issued regulation No. 38/2016/QT-TGÐ, regarding procedures for cash collection and payment at the counters.

DEPOSITING CASH INTO TIMO CASH DEPOSIT MACHINES (CDMs)

All foreigners will no longer be able to deposit cash into a Timo Cash Deposit machine as per this circular. If you do try and deposit funds into a Timo CDM, your deposit will be rejected till the time you can prove the source of funds.
However if you have the proper documents to prove your source of funds, you can continue to deposit cash at ANY VPBank branch counter.

Here are the list of documents required by scenario:

No.

Scenario

Documents required proving the source of funds

1

Sources of money including salaries, bonuses, allowances, allowances and other income are salary and bonus nature

• An employment contract certified by the employer organization within the last 12 months

• Payroll / statement of wages in the last 12 months

2

Source of money from real estate (including income from buying, selling, transferring, leasing real estate or real estate

• Sale, transfer / lease contract is signed within 3 years up to the time of money transfer

• In case the real estate / estate is the common property of husband and wife during the marriage period; it is necessary to supplement the Property Division Agreement between husband and wife to determine the money owned by the sender

3

Source of money from securities stocks (including trading, transferring, contributing stocks, buying and selling securities)

• For income from transfer trading, equity contribution, transfer contract; equity capital contribution within 3 years up to the time of money transfer

• For income from trading securities: securities trading contracts; sub-book / statement of securities account within 3 years up to the time of remittance.

4

Source of money from savings deposit, savings book (including: savings deposit / bank savings book which has been active for 1 month prior to the time of money transfer)

• Receipts for closing savings books /accounts; or a bank account statement certified by the authorized person of the issuing bank or;
• A confirmation from the authorized person of the issuing bank in terms of time of savings book; depositor’s name, amount; currency; saving book serial number…
•Note:+ Customer must transfer their funds overseas within 7 days from the date of closing their savings account / savings book



VPBank will transfer money to foreigner accounts immediately upon receipt of all necessary documents. The service fee will apply as per VPBank’s regulation at that time.

When Timo’s customers deposit cash into their accounts at VPBank’s counter, fees will be applied under VPBank’s current regulation.

Deposit or Withdraw to/from Timo Spend account
at VPBank Branches outside of HCM city
0.02%
(Min 10,00 VND,
Max: 1,000,000 VND)
Transfer or Withdraw at VPBank Branches within
02 working days from deposit date
(amount greater than 1 Billion dong)
0.03%
(Min 10,000 VND,
Max: 1,000,000 VND)

DEPOSITS TOWARDS PAYMENT OF CREDIT CARD OUTSTANDING

If you are a Timo Mastercard holder, we would like to instruct you on how to make a payment towards your Timo Mastercard as an alternative option to making the payment via Timo App as following:

  • Customers can bring the original valid Passport and Visa to the nearest VPBank branch to make the deposit directly only to their Timo Mastercard. 
  • Note that a valid Visa/Temporary or Permanent resident card is required. 
  • If you are unable to provide these documents, you will need to come to Timo Hangout to update them with us prior to visiting the VPBank branch. 
  • Do try and make the necessary arrangements before the due date (November 4th, 2019) to avoid late fees and interest which may be incurred due to a late payment.

Please find the list of VPBank transaction offices nationwide here (https://www.vpbank.com.vn/locations?fbclid=IwAR0MiAmhJR9jmJRaq7nn9bkqClgBREvmXw0cg7OOA4lrmoIu0UienmiTO6c).

You can read the detailed Circular here. 

* Please note: This circular is only available in Vietnamese* https://thuvienphapluat.vn/van-ban/tien-te-ngan-hang/Thong-tu-16-2014-TT-NHNN-huong-dan-su-dung-tai-khoan-ngoai-te-dong-Viet-Nam-nguoi-cu-tru-khong-cu-tru-242207.aspx

Please call our Timo Care team on 1800 6788 or email us at [email protected] for more information.