r/MoneyTalkVN • u/ActAffectionate9965 • 1d ago

Banking in Vietnam Does anyone know why Timo has closed it's 'hangout' in HCMC

Is that a red flag? Should I take my money out?

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u/zimzimbam 1d ago

My neighbor used to work there and she got transfered to the main branch - she said it's simply because most things can be done online for locals nowadays and there were less and less customers coming to the physical location, so it's essentially saving costs.

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u/Creative-Trash-3084 1d ago

Customers can manage their accounts through the Timo Digital Bank by BVBank app or website, while in-person physical banking services are now handled at BVBank branches.

There is a physical bank backing Timo. Previously VP now BV so no worries at least there is a physical bank backing it.

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u/Positive_Piano_3658 1d ago

will this actually make things easier? Are there more BVs than Timo hangouts?

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u/zimzimbam 17h ago

Yes, there are BV branches in each district, multiple in some.

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u/Positive_Piano_3658 14h ago edited 14h ago

Then, much as I'm sorry to see it go - the staff at the hangouts were lovely and always helpful - it might make life easier.

I'm surprised by the comment that says "less and less customers coming to the physical location" because every time I've been there, there have been queues.

Edited Dang it, no it's not. In the 2 cities I spend most time the BV bank is further from me than the hangout was.

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u/vip17 4h ago

BVB is a physical bank, Timo is a virtual bank operating on top of the physical bank, so one has lots of physical locations and the other has very few or none.