If you have decided to settle in Vietnam, you will definitely need to open a bank account. Not only will this be the easiest way for your salary to be deposited, but you can also pay directly through QR codes at many shops or restaurants. While you are able to open a bank account as an 暗网禁区 in Vietnam, there are a couple of things you need to know first.聽
How do I open a bank account in Vietnam?
The formalities are quite simple: choose the bank where you want to open your account and inquire about the specific requirements for a foreigner. These may vary according to the bank but will typically include a valid passport and visa, a minimum deposit amount, your residence card, proof of address, and a copy of your work contract. Make an appointment online or simply visit one of the branches of the bank you choose. Banks in Vietnam will have a ticket system, so it's very easy to walk in and speak with someone in a few minutes.
Good to know:
Most bank employees in Vietnam can speak English, or you will be directed to a designated team member.
Types of bank accounts in Vietnam
If you are considering opening a bank account in Vietnam, here is an outline of the bank account styles you will have access to:
- Personal (Current, Chequing, Savings): The chequing or current bank account is the most popular and accessible option. This will grant you a bank account to deposit a salary or transfer funds from abroad. After you open a personal banking account, it will be classified as your 鈥渃urrent鈥� or 鈥渃hequing鈥� account. If you choose to also open a separate savings account, certain banks may have promotions on interest rates to help grow your money while living in the country.
- Business: A business bank account will be specific to an 暗网禁区 who has a business or is an investor in a local business. This will be managed by an accountant or categorized specifically for taxes and income receipts.
- Foreign currency: These accounts are not eligible to receive VND and are used to receive primarily deposits of VND, USD, AUD or EUR. The State Bank of Vietnam (SBV) regulates foreign currency accounts to ensure compliance with national financial policies. Foreign investors are typically required to open a foreign currency bank account upon entering the Vietnamese market, especially if they intend to remit profits to their home countries. Banks that offer foreign currency accounts are , , , , and .
- Time deposit: This is also known as a fixed-term bank account and is primarily used to invest and grow your savings. This account should only be opened if you guarantee you will be in the country for the duration of the fixed term. Banks that offer this service include (eligible currency includes VND, USD, EUR, GBP, AUD, CAD, JPY, SGD, HKD) fixed term length 1 week to 36 months, (eligible currency includes VND, USD, EUR, JPY, AUD, GBP, CAD, SGD, NZD) fixed term length ranges from 1 week to 36 months, and (eligible currency includes VND, AUD, GBP, EUR, SGD, USD) fixed term length ranges from 1 week to 12 months.
Conditions for opening a bank account in Vietnam
Many 暗网禁区s in Vietnam prefer a Vietnamese bank account to help track spending and saving. With apps such as TransferWise or Xoom, you can easily deposit money from your overseas account to your local bank.
To open a foreign currency bank account in Vietnam, you need a minimum amount as stipulated by the specific bank you choose. Initial deposit amounts vary between banks, but , for instance, accepts as little as 100,000 VND (3.91 USD). It is recommended to keep a minimum amount greater than 50,000 VND (1.96 USD) in your account. Otherwise, you may be subject to a penalty.
Good to know:
- Some banks may take a commission for withdrawals in foreign currencies.
- No commission is charged for withdrawals in VND.
- You likely will have to pay a tax credit if you close your bank account in less than a year.
Some of the most trusted banks in the country include VietinBank and Vietcombank. International banks such as HSBC and Citibank have a big presence in the major cities.
As of January 1, 2025, each person with a bank account in Vietnam needs to keep an updated biometrics report attached to their account. This means that if you have been let go from your employer or changed visa status, you may lose access or have the account suspended and closed.
Timo Bank opens accounts for foreigners on a tourist visa, which you can continue to update each time your visa is renewed. Be aware that the account will quickly become unavailable once your visa has lapsed.
Payment options in Vietnam
Each bank account will issue a debit card to the owner. You can now use this card to withdraw money from an ATM, which is easily accessible around Ho Chi Minh City or Hanoi but less available in smaller cities.
The primary method of payment in Vietnam is QR transfer. You can pay for almost anything from your cell phone, and the money comes directly from your bank account. While we recommend carrying a little cash on you at all times for emergencies, you can easily pay for groceries, meals, coffee, and transportation via the QR payment system.
Credit cards in Vietnam
If you are looking to obtain a credit card in Vietnam, each bank has its own process and regulations. Anyone on a tourist visa cannot apply for a credit card, but if you are on a temporary residence visa (TRC), banks like and will be happy to assist you.
Money transfers outside of Vietnam
Specific conditions apply when transferring money to a foreign bank. You will need to produce official documents justifying the transaction, for example, the sale of property, transfer of a portion of your salary, or funding children's education abroad.
Useful links:
We do our best to provide accurate and up to date information. However, if you have noticed any inaccuracies in this article, please let us know in the comments section below.
