Opening a bank account in Vietnam requires only a few basic steps. However, the process may differ depending on whether you are a local or a foreigner. Here is a summary of how to open a bank account in Vietnam that can help foreigners reduce confusion and save time.
Disclaimer: We do not provide service but only share with you through our knowledge and experience. We are not responsible for the accuracy of the information provided on this website. If there are any changes in the laws of Vietnam regarding bank accounts for foreigners, all the information below will be changed.
Necessary documents for foreigners to open bank accounts in Vietnam
According to a circular issued by the State Bank of Vietnam, foreigners are only allowed to open bank accounts and use related services when they are permitted to stay in Vietnam for more than 12 months. To remain in Vietnam, foreigners must provide documents proving their legal residency, such as:
- Valid passport (identifiable) with at least six months of expiry date remaining.
- Vietnam visa with at least 1-year validity and issued within the last 12 months OR one of the documents below with a duration of 1 year and issued within the past 12 months:
- Temporary Resident Card (TRC)
- Work Permit
- Permanent Resident Card (PRC)
- Temporary resident confirmation issued by Vietnam police
A second story is now presented: How to open a bank account in Vietnam for a foreign business? This time we will focus on what is called the account opening process, or the three stages of account opening in Vietnam: identification, registration, and opening the account.
Two compulsory subjects (following types):
- Investment capital account: perform transactions related to the equity
- Transaction account: perform daily transactions
But according to Vietnamese law, an enterprise needs to open an account if it has total sales exceeding 20 million VND (about 1,000 USD). However, if it absolutely needs to pay, it needs to prepare the following documents to complete the process:
- An application form declares information as transaction name, headquarter address, phone number/fax number (if any), business sectors, etc.
- Documents certifying the company established in Vietnam:
- Establishment decision
- Operation license
- Business registration certificate
- Identification of the legal representative of the company
Bank Account Registration Process
First of all, non-residents wishing to open a bank account must submit documents and make the necessary payments in person or by mail to the place they want to apply for a bank account.
After receiving a file application, the bank must review all documents and compare them to the factors stated in the application. If there is no match, the applicant is rejected.
If the documents are incomplete or inaccurate, the bank must notify the customer to correct them.
Banks may refuse to open or close accounts, but must tell the customer the reason for the refusal. If they don’t, the bank will face fines.
The fact that there are available bank accounts in Vietnam
Bank Account In Foreign Currency
Some banks don’t offer international money transfer services. Therefore, opening this kind of account is the best way to get around the inconvenience.
To ensure that you don’t have to carry around large sums of money when using the system, you must meet certain minimum requirements. The deposit amount for the card is at least 300 USD or 300 EUR, and you must present a valid ID document.
The Vietnamese legal system makes it difficult to send international money transfers. Foreign currency accounts must be opened, and banks charge different rates for receiving and sending funds.
Local Currency Account (VND)
A foreign currency bank account is available to Vietnamese who live abroad. This type of account allows payment of bills for everyday expenses within Vietnam.
Withdrawal fees at a bank’s ATM are usually free. At ATMs other than banks, you have to pay about $0.20.
Best bank in Vietnam for foreigners
Recommended Vietnamese Banks
Vietnamese commercial bank VCB
VietcomBank is a state-owned bank with a long history. Its greatest strength is its strong customer service. With many branches and ATMs, it is very well known among both local and foreign customers.
The Viet Nam Joint Stock Commercial Bank for Industry and Trade (Vietinbank)
Vietinbank is the largest state-owned bank in Laos, established in 1988. It has been a reliable source of funding for foreign investors since 1992.
The Vietnam Technology and Commercial Joint Stock Bank (Techcombank)
Techcombank is awarded several certifications for its financial services, including a designation by the United Nations. It is considered a leading bank in Vietnam.
Timo is a digital financial services platform developed by VPBank (Vietnam Prosperity Joint Stock Commercial Bank). It is designed to help Vietnamese people send money abroad, make investments, borrow money and purchase insurance products.
Timo, the bank founded by Ban Viet Commercial Bank, provides a fast and convenient platform for banking. It offers 24/7 customer service and enables transactions to be made in any time and place, even when banks are closed.
Recommended International Banks
HSBC Bank is the first international bank to set up a subsidiary in Vietnam. It is the oldest and largest bank in the country. With 150 years of experience in the local market, HSBC offers a full range of banking and financial services.
Standard Chartered Bank (Vietnam) Limited
Standard Chartered Bank is an unfamiliar name to Vietnamese banking customers. But it has been in Vietnam since 1904 with 100% British capital.
It is the leading bank in Asia, Africa, and the Middle East, providing reliable financial services.
Shinhan Bank Vietnam
In the first year after opening a branch of Shinhan Bank in Vietnam, the bank had more than 30 branches throughout the country. In 1996, the bank opened its first two large branches. In 1997, the bank began to grow rapidly, opening more than 50 branches in 1998. Today, the bank has more than 300 offices throughout the country.
This article is about how to open a bank account in Vietnam. However, some banks can change their registration policies, and others don’t. In general, you will have no problems opening a bank account.