Open an Individual Bank Account

Yes, but there are eligibility requirements. Foreigners can open a bank account in Vietnam if they hold a long-term visa or a residence permit valid for at least 12 months. Due to recent regulatory changes, short-term visitors may face difficulties, so it’s essential to ensure your visa aligns with the specific bank’s requirements.

To open an individual bank account in Vietnam as a foreigner, you’ll typically need the following documents:

• Valid Passport (with at least 6 months’ validity remaining)

• Valid Visa or Temporary/Long-Term Residence Card (usually valid for at least 12 months)

• Proof of Address in Vietnam (e.g., lease agreement, utility bill, or hotel confirmation)

• Proof of Employment or Income (required by some banks)

• Initial Deposit (varies by bank and account type)

Note: Specific requirements may vary slightly depending on the bank. Always check in advance with your chosen bank to confirm their exact document checklist.

No, it’s generally not possible to open a bank account in Vietnam while on a tourist visa. Vietnamese banking regulations require customers to have either:
– A Temporary Resident Card (valid for 12+ months)
– A Permanent Resident Card Some banks may offer limited deposit accounts for those with 6-month residence permits, but tourist visa holders typically cannot open accounts.

You have several options:
– International Banks: HSBC and Citibank have branches in major Vietnamese cities like Ho Chi Minh City and Hanoi. If you already have an account with these banks, you can link it to access banking services in Vietnam.
– Pre-arrival Setup: Consider opening an account with an international bank in your home country before moving to Vietnam. This ensures you’ll have banking access upon arrival.
– Online Account Opening: Once you have the proper residency documentation, most Vietnamese banks offer online account opening services. However, you’ll still need to meet the residency requirements mentioned above.