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Savings potential - Vietnam - sending money home?

Discussion in 'Teaching abroad' started by ljf1aber, Feb 21, 2017.

  1. ljf1aber

    ljf1aber New commenter

    With a move to Vietnam coming up, I was wondering what the general savings potential is? I've done my sums and it's looking good, but I always like to double-check :)

    Tax free salary, accommodation provided, annual flights and medical etc. are in the deal. How much are people earning in USD and then managing to save (happy to PM)? Is sending money back to the UK easy?

    Many thanks in advance
     
  2. dumbbells66

    dumbbells66 Lead commenter

    worked in the region but not in that country, and have a pile of friends that work there. it really depends on your lifestyle, but as a general rule (single, no dependants) i try and send 80% home, and live off 20%. nearly 10 years internationally this has proven to be a good rule of thumb.

    check with the school about sending money out of country (quite easy by all accounts) but they may do it for you....many schools do
     
    ljf1aber likes this.
  3. dumbbells66

    dumbbells66 Lead commenter

    sorry, i forgot.... i also use www.transferwise.com to transfer money internationally. so much quicker and cheaper than a bank. it does only support certain currencies though.
     
    ljf1aber likes this.
  4. vickilew

    vickilew New commenter

    My husband and I are a teaching couple with two children in Vietnam. With both of our wages we earn almost 100,000 usd a year after tax. When I consider our savings and a long term pension fund we pay into we save approximately 35,000 usd a year. If we were more careful we could save more, but we travel, have chosen to add to our housing allowance to live in a bigger house and pay for home help every week.
     
    ljf1aber likes this.
  5. T0nyGT

    T0nyGT Lead commenter

    Thanks for the link. Good rates.
     
  6. dumbbells66

    dumbbells66 Lead commenter

    I sent money to Poland this morning, and it was in the recieving account within 4 hours, and it only cost me £2 in fees. Barclays charge £28 and it takes 3 days to do the same transfer.
     
    T0nyGT likes this.
  7. Jason_Bourne_

    Jason_Bourne_ Established commenter

    That's some seriously good money! Can you give any hints regarding the school that you're working at?
     
  8. cakestin1

    cakestin1 New commenter

    I also use Transferwise. Very quick too, as well as good rates. I'm pretty sure it will work in Vietnam - husband has looked into the possibility already.
     
  9. ljf1aber

    ljf1aber New commenter

    Thanks dumbbells66 - really helpful.
     
  10. ljf1aber

    ljf1aber New commenter

    Thanks vickilew - good to hear that there is good savings potential. Quality of life is going to be very good for sure in Vietnam!
     
  11. vickilew

    vickilew New commenter

    We love it here. We are based in Hanoi and enjoy the vibrancy and potential the place offers.

    Jason_Bourne, I would like to try to retain my anonymity if I can. What I will say is that we are both very experienced and so are at the top of the pay scale but neither of us is on a senior leadership wage. Hanoi isn't perfect but I feel we have a decent quality of life here.
     
  12. vickilew

    vickilew New commenter

    Sorry, I meant to add that we transfer money back to Europe every month via usual bank transfer without a problem. But I will now be looking into transfer wise ...
     
  13. Stillstayingjohnson

    Stillstayingjohnson Occasional commenter

    Chinese Yuan does not appear in the 'send', only in the 'recipient' (same as Vietnamese Dong actually).
    Confused...
     
  14. dumbbells66

    dumbbells66 Lead commenter

    You cant take Dong out of the country. You would have to convert it in country and then send that.
     
  15. cakestin1

    cakestin1 New commenter

    Yes, you're right. Sorry for my error. You can only use Transferwise to transfer money to Vietnam, which is obviously not the point of this thread!
     

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