Vietnam is a great place for people to live and retire, especially if they have visited the country before, and know all there is to be aware of, before making their final move.

The cost of almost everything is very low compared to any Western or industrialized country. Then you have so many great benefits for retirement, like good healthcare, and cheap but tasty food.

The finances in the country are mostly based on hard cash, but there are some good banks also available, some of which are international names.

Bank Accounts

The banking is not a concern for foreigners because you can withdraw cash from ATMs, which are easily accessible in the city.

Most banks also have employees who speak English, which means no communication barrier.

But remember that you will need to provide your passport and employment status. You will have the option to bank in local currency or US dollars.

Dealing With A Financial Crunch

While livings costs are very low in the country, due to uncertainty, or lack of planning on your part, you might have to cut down on the expenses even more, so you can pay for whatever it is that came up.

If ever in a situation like this, or trying to a more conservative lifestyle, Rad the following things on how to save money in Vietnam by GlobalEye Vietnam.

Split Up Housing

People who are working for local or foreign organizations in the country will often have housing provided to them, and an amount cut from their salaries and allowances for this.

In many cases, you can also avail the option of shared accommodation, especially if you are not with your family and kids.

Along with cutting your expenses, this means you can pool money with other companions for things like food and utilities, and discuss ways to cut expenses even more.

Calling Cards

One of the first things people do when they get a new city is buy a valid SIM. Buying a prepaid card can save you money, but you can also consider doing most of your communication using the internet, especially when you want to call abroad.

Workers

If you have more than $2000 in your budget for living expenses, chances are you have some domestic staff to help you with cleaning and house maintenance etc.

When looking to cut expenses, one option is to consider letting them go, and looking after yourself.

This might mean having more work on your hands, but may be one of the most effective ways to save money to make up for the emergency flight home, or an unexpected health issue.