Posted on 10/19/2010 8:32:38 PM PDT by Army Air Corps
The Dong A Commercial Joint Stock Bank inaugurated its first automated teller machine (ATM) specifically for selling gold at its Tran Phu branch in district 5, Ho Chi Minh City.
Tran Phuong Binh, General Director of the bank, said this ATM is the first of its kind in Vietnam and the second in the world;. the other one is in Dubai.
Banks will issue buyers a card and, when they decide to make a purchase, they will pay using their cards, not cash. Prices will be updated at the ATM on a real-time basis.
Dong A bank currently has almost 5 million customers and a nationwide network of more than 200 branches and transaction offices plus around 1,300 ATMs.
It plans to manufacture and install 50 Gold ATMs by the end of 2011.
I would be nerovus as can be walking up to an ATM to buy gold...unless I had some bodyguards.
“I would be nerovus as can be walking up to an ATM to buy gold...unless I had some bodyguards.”
Bodyguards are a good idea. OTOH, District 5 is Cho Lon, the Chinese area. Cho Lon means “big market.”
Anyone with sense isn’t going to mess with the Chinese since triads are involved and if you mess with the Chinese mafia, there won’t be a “you” tomorrow.
I’d be much more concerned with where I store the gold since the seller probably has your address and would like to keep your money AND get the gold back to sell again.
BTW, there is a street in District 1 or District 3 with 20 or so stores that all sell safes in varying sizes - probably a great investment but I don’t know if they take gold.
“Anyone with sense isnt going to mess with the Chinese since triads are involved and if you mess with the Chinese mafia, there wont be a you tomorrow.”
Well, there will be, but spread out over a number of scattered locations.
I am going back in January. I hope the dollar has not collapsed by then. It would be embarrassing to to get there with a bunch of dollars I can’t spend. I have considered carrying gold but probably wouldn’t get it through the first airport.
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