Payment methods in Vietnam and at The Extra Mile

Summary: 

  • Vietnamese Banking Regulations Information

  • Within Vietnam

    • Cash 
        • In Vietnam Dong 

        • In USD 

        • In Other Currencies 

    • Local Bank Transfers 
    • Debit/Credit Card 
    • Crypto Currency
  •  
  • Abroad

    • Local Bank Transfers 
    • Overseas Bank Transfers 
  • Deposits

This article is valid for payments from personal accounts only. For B2B payments, consult with us directly. 

1. Vietnamese Banking Regulations Information 

Vietnam applies very strict regulations and restrictions to financial transactions that make non-conventional payment methods difficult or even impossible. Local bank transfers in the national network and cash are the 2 only conventional and 100% accepted methods of payments across most of the country. Every other payment method will present difficulties of some sort, but The Extra Mile will find ways around them. 

Be mindful that Vietnam is still a developing nation that opened itself to the world only quite recently. This translates to the very disorganized regulations of the banking industry and a lack of consistency when compared to developed nations. As a 100% Vietnamese-owned company, The Extra Mile depends on these regulations, and we hope customers will understand. 

2. Within Vietnam 

a. Cash 

Cash is still the leader in Vietnam. We accept all denominations of Vietnam Dong and some denominations of foreign currency. 

    1. In Vietnam Dong (VND) 

You may pay us in VND in any denomination at our offices or at the delivery location. We will accept both the VND for rental payments as well as for deposits

    1. In United States Dollars 

We accept USD cash for both rental payments as well as for deposits. USD banknotes given as deposit will be kept untouched and the exact same banknotes will be returned to the customers. 

Be mindful that Vietnam does not officially use any other currency than the VND, hence we do not have an obligation to accept USD. We accept them as we can exchange them at local service counters, however that means that we rely on their policies and regulations too. Seasoned travelers in Africa and Asia will know about these regulations, recent travelers in these regions may not so we sum them up here: 

NB: Local currency exchange services do not accept older banknotes. We can then accept USD from 2009 to 2017 series. 

NB: Different USD denominations will have different exchange values. Small denominations will not be as valuable as larger ones. 

NB: Ripped banknotes and banknotes reattached with tape will not be accepted. 

If your USD is not acceptable at local counters, you may exchange it at banks at an extremely low rate.  

At The Extra Mile, we simply use the daily Google rate as the reference for USD values, we then round the value down to a value with five 0’s (the closest 100,000đ.) 

    1. In Other Currencies 

We accept the following currencies in cash: GBP, CHF, EUR, CAD, SGD, AUD, MYR, CNY, THB, JPY, KRW, and IDR

We apply a 5% currency exchange charge on all these currencies except for IDR. We accept IDR without extra fees. The change will be given back in VND, depending on the amounts we may round to 10,000đ (~0.43 USD) to our advantage. 

b. Local Bank Transfers 

We use Timo Digital Bank for local transfers. Timo is backed up by VIET CAPITAL BANK (Ngân hàng TMCP Bản Việt in Vietnamese). Please, make sure to use the Fast Transfer (24/7 transfer in some apps) mode for a quick transaction. The Quick mode is applicable for the NAPAS network. 

For small amount transfers (under 50,000,000 VND),  

use this account:  

Account Holder: Truong Viet Cuong 

Account Number: 9017041070699 

If you have a Timo account,  just use this number: 0867845520 

For larger amount transfers (50,000,000 VND and over), use this account:            

Account Holder: Renzo Xavier Linares 

Account Number: 8007041126705 

If you have a Timo account, just use this number: 0798110682 

Local bank transfers are accepted for both rental payments and deposit payments. Deposits by bank transfer will also be returned by transfer. Customers may opt to receive the transfer in cash if requesting it with anticipation. 

c. Debit/Credit cards 

The Extra Mile accepts some payments by debit or credit card via mPOS. This system accepts payments with Visa, Mastercard, American Express, and Samsung Pay. We have not been able to process JCB nor Union Pay with the mPOS machine. 

All payments by card are subject to the mPOS fee of 1.9% for local cards (VN) and 2.9% for foreign cards. The Extra Mile charges the fee to the customer as it is customary for small and medium businesses in Vietnam.  

We can accept both rental payments and deposit payments by debit/credit card. However, we will not be able to return deposits to the card. Customers would need to receive the deposit back in cash unless they are able to provide a Vietnamese bank account for us to transfer to. Note that both rental payments and deposit payments will be subject to the mPOS fee. 

Unfortunately, as a 100% Vietnamese company, we do not have access to services like Stripe allowing us to make credit card holds. 

d. Crypto Currency

We’re excited to announce that we’ve integrated cryptocurrency payments as a new method for our customers. Now, alongside traditional payment options, you can conveniently use cryptocurrencies to make purchases on our platform. Embracing digital currencies offers greater flexibility, security, and accessibility for our global customer base. Experience the future of payments with us today!

        

3. Abroad

a. Local bank transfers abroad 

The Extra Mile uses Wise (formerly known as Transferwise) for several international transactions. Wise provides us with the opportunity to own and manage bank accounts in different countries, hence enabling us with the possibility to receive payments as local transfers.  

With Wise, we can receive payments in: 

_ USD in USA 

_ CAD in Canada 

_ GBP in the United Kingdom 

_ EUR in the Euro Zone (SEPA Network) 

_ SGD in Singapore 

_ AUD in Australia

_NZD in New Zealand

_HUF in Hungary

_TRY in Turkey

 

Here are all our Wise accounts: 

 

Be mindful that all transactions to and from our USD account will be subjected to a 4.11 USD fee. All transaction fees are to be borne by the customer. 

For customers from the USA, we understand that local transfers can still be complicated due to tough tax regulations in the USA. You may still use this account if you are able to. Your alternative would be paying cash on-site for rentals (only.) 

All payments made via one of our Wise accounts are valid for both rentals and deposits. We will be able to transfer back the deposit provided that the customer sends us their bank details. 

Customers that also use Wise may simply search for the account with the email: renzox.linares@gmail.com 

If you find this account on your Wise account, you may simply select it to make your payment.    

b. Overseas transfers 

If you are not able to make a local bank transfer abroad and your only choice is to transfer from overseas to our Vietnamese accounts, you may use the following information: 

Account Holder: Renzo Xavier Linares 

Bank Name: Viet Capital Commercial Joint Stock Bank 

Address: 412 Nguyen Thi Minh Khai Street, Ward 5, District 3, Ho Chi Minh City, Vietnam 

SWIFT Code: VCBCVNVX* 

Account Number: 8007041126705 

*If the Swift code is not long enough, complete with more X’s at the end. (example: VCBCVNVXXX). 

Overseas transfers are accepted for both rental payments and deposits. However, we will not be able to return deposits by transfer to the sender’s account (unless we have a Wise account in the customer’s country.) Customers would need to receive the deposit back in cash unless they can provide a Vietnamese bank account for us to transfer to.  

4. Deposits

The security deposit is meant to be held by the company while the customer is renting a motorbike. The deposit is to be returned to the customer upon return of the bike should there be no damage or loss. The deposit may be charged in case there is damage, yet only the damage’s bill value will be charged. Non-charged deposit will be returned to the customer. 

We can receive deposit payments with each of our payment methods, however as you may have noticed we are not always able to return the deposit the same way. 

_ If you pay us in cash (whichever currency), we will convert the rental payments to VND, but we will keep the currency given for deposit as is. Upon the customer’s return, if the motorbike does not have any damage, we will return the full deposit with the exact same banknotes given at the beginning. If there is damage, we will then use the conversion rate to calculate how much we keep and return, any change will be provided in VND. 

_ Deposits made by local bank transfers will be returned by local bank transfers as well. 

_ Deposits made to one of our foreign currency Wise accounts will be returned the same way. 

_ Deposits made by overseas transfers will mainly be returned in cash. To receive the deposit back in a foreign bank account, we may arrange it if requested with anticipation and subject to our capacity to transfer to the country requested. 

_ Deposits paid by card will not be returned to the card and they will be subject to the card fee. Deposits paid by card will need to be returned by transfer or cash. For card deposits, please let us know with anticipation to agree on the return method. 

Should you have questions about payment methods, you may contact us at info@theextramile.co