“Can I open a bank account in Vietnam?” is a common question for expats settling in the country. Fortunately, opening a personal bank account in Vietnam is a straightforward process, provided you meet certain requirements and follow the necessary steps.
In today’s digital payment age, having a personal bank account to manage expenses and payments is essential. In this article, we provide a complete guide on the requirements for opening an account, estimated costs, and tips for choosing the right and safest bank.
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Can Expats Open a Personal Bank Account in Vietnam?
Yes, expats can open a bank account in Vietnam if they possess valid residency documents, such as a valid entry visa, visa exemption proof, or a temporary residence card (TRC). Vietnamese law does not limit the number of banks an expat can open an account with, giving you the freedom to choose a bank that suits your needs.
To open an account, expats must ensure they have all required documents and follow the necessary procedures. Once these requirements are met, you can easily access banking services in Vietnam, making it easier to manage your finances and transactions.
Read Related: Temporary Residence Card (TRC) in Vietnam: Definition, Requirements, and Validity
Required Documents to Open a Personal Bank Account in Vietnam
According to Circulars amending and supplementing Circular No. 23/2014/TT-NHNN, expats looking to open a bank account in Vietnam must prepare the following documents:
- Payment account opening request form: This form must be filled out according to the bank’s template where the account is opened. It will ask for essential information such as your full name, date of birth, nationality, occupation, position, phone number, valid passport number (including the issue date and place), a valid (temporary) residence card or long-term visa, or proof of visa exemption. The form also asks for your registered residence address abroad, registered residence address in Vietnam, and whether you are classified as a resident or non-resident.
- Valid passport: This is the primary identification document for the account holder.
- Entry visa or documents proving visa exemption: This serves as proof of legal residency status in Vietnam.
- Your Vietnamese registered phone number: You will need to provide a valid Vietnamese phone number registered in your name.
Currently, expats cannot open a payment account online in Vietnam. As a result, you are required to visit a bank’s physical branch to complete the account opening process in person.
Estimated Cost Table for Opening a Personal Bank Account
| Type of Fee | Description | Estimated Cost |
|---|---|---|
| Initial Account Opening Fee | Some banks may require a small initial deposit to be maintained in the account. | A few hundred thousand VND to a few million VND |
| Monthly Account Maintenance Fee | Applies if the average balance does not meet the minimum requirement. | VND 5,000 – 15,000 |
| ATM/Debit Card Issuance & Maintenance Fee | Card issuance and annual maintenance fees. | VND 0 – 50,000 (issuance) VND 50,000 – 100,000 (maintenance) |
| Mobile Banking/SMS Banking Service Fees | Monthly fees for mobile or SMS banking services. | VND 5,000 – 15,000 |
| Transfer Fees | In-bank and interbank transfer fees. | Free or low-cost for in-bank transfers; varies for interbank |
| Foreign Currency Transaction Fees | Fees for converting foreign currency or handling international transfers. | Varies between banks, based on exchange rates |
It is strongly recommended to inquire about all applicable account and card fees directly at the bank branch before making a decision to open a personal bank account.
Key Criteria When Choosing a Bank
When selecting a bank, it’s important to evaluate the following 7 key criteria to ensure convenience and meet your financial needs:
- Diverse Currencies: Opt for a bank that supports popular foreign currencies such as USD, EUR, AUD, JPY, and SGD to facilitate smooth international conversions and payments.
- Exchange Rates: Compare foreign currency exchange rates across different banks. Even small differences in rates can significantly impact the amount you receive during currency exchanges.
- Transfers to Multiple Countries/Territories: Choose a bank with robust international transfer capabilities to provide flexibility in sending or receiving money across borders.
- Smart Digital Banking & User-Friendly Interface: Prioritize banks with modern, easy-to-navigate digital banking applications, ensuring you can manage your accounts and perform transactions effortlessly, anytime and anywhere.
- Customer Support Services: Look for banks that offer multilingual customer support available 24/7 to assist with any questions or concerns promptly.
- Quick & Simple Procedures: Opt for banks that provide efficient, user-friendly procedures for opening accounts, whether online or at a branch.
- Promotions & Services: Seek banks that offer beneficial perks like low transaction fees, high interest rates for savings, and cashback on purchases.
Some “Big” Banks in Vietnam for Expats
In Vietnam, you have the option to open a personal bank account with both local and international banks. Here are some popular choices for expats:
9 Popular Local Banks in Vietnam
- Vietcombank: One of the largest and oldest banks in Vietnam, known for its broad branch network and high security. Vietcombank offers a wide range of services.
- Techcombank: A leader in digital banking, Techcombank offers a modern mobile banking app with numerous features and frequent promotions for individuals.
- VietinBank: One of Vietnam’s four largest state-owned commercial banks, offering a comprehensive range of financial services and an extensive network.
- VPBank: A fast-growing private bank that focuses on personal finance and small-to-medium-sized businesses, with a strong emphasis on digital products and attractive offers.
- BIDV: One of Vietnam’s largest commercial banks, BIDV stands out with a wide range of services for both individuals and businesses, as well as strong international trade financing solutions.
- MBBank: A well-established and reputable bank, MBBank offers personal and business banking services with advanced digital banking options, providing a flexible and convenient experience for users.
- Agribank: A state-owned bank focused on agriculture and rural development, Agribank offers financial products aimed at both personal customers and small businesses.
- Sacombank: One of the top 10 private joint-stock commercial banks in Vietnam, Sacombank provides a variety of personal and business banking services with a focus on innovative digital solutions.
- ACB: Known for its customer-centric approach, ACB offers a full range of services from personal banking to corporate finance, alongside convenient digital banking features.
International Banks with Branches in Vietnam
- HSBC: A well-established international bank in Vietnam, offering a wide variety of services, especially suited for businesses and clients with cross-border transactions.
- Standard Chartered: Another reputable international bank, focusing on personal banking, wealth management, and corporate services, with an emphasis on international transactions.
Checklist: Important Considerations When Opening a Bank Account
Always keep your mobile banking login information secure by using strong, unique passwords and enabling two-factor authentication whenever possible. Be cautious of phishing emails or messages asking for your account details. Protecting your login credentials is the first line of defense against unauthorized access.
Additionally, it’s important to understand the fluctuations in exchange rates, as they can significantly affect the amount you receive when converting currency. Research the best time to exchange your money, as even small differences in rates can have a big impact on international transactions.
Before opening an account, ensure you have all the necessary documentation prepared. This will help you avoid delays and complications during the account opening process.
If you plan to make international transactions, take the time to compare foreign currency services and fees across different banks. Look at services like outward/inward remittances and currency buying/selling to choose a bank with reasonable conversion fees, which can save you money in the long run.
Finally, always keep records of your transactions, including receipts for deposits, withdrawals, and transfers. These documents will help you resolve any discrepancies that may arise and maintain control over your finances.
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The Nest Asia is a one-stop resource offering comprehensive information, practical relocation advice, cultural insights, valuable connections, and trusted services to help expatriates living in Vietnam navigate the transition, overcome challenges, and build a fulfilling life abroad. Starting your journey in a new country can often feel overwhelming. The Nest Asia is your trusted partner – we’re here to simplify that process and ultimately make Vietnam feel like home for you and your loved ones.
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Disclaimer: The Nest Asia is not an authorized provider of official government or non-government services. The information provided is intended for general guidance only. While we strive to offer accurate and timely information, we make no representations or warranties regarding its completeness or accuracy.
