How to Open Bank Account in Vietnam: For Expats & Travelers
How to Open a Bank Account in Vietnam: Essential Guide for Expats & Travelers
Opening a bank account in Vietnam can streamline finances, offer convenience, and simplify transactions for expats, travelers, and foreigners planning to work or invest here. In this guide, we answer the most common questions about account eligibility, document requirements, hidden fees, and unique benefits of local and international banks in Vietnam.
Table of Contents
1. Who Can Open a Bank Account in Vietnam?
Foreigners Who Haven’t Entered Vietnam Yet
If you’re a foreigner who hasn’t arrived in Vietnam, some banks offer remote account opening, though not all do. For eligibility, it’s best to check with specific banks since policies may differ.
Tourists in Vietnam (90-Day Visa Holders)
Tourists with a 90-day visa can open a bank account in Vietnam but may face a few more restrictions than residents. Required documents include your passport, visa copy, proof of local residence, and possibly a local phone number for online banking.
Expats Working in Vietnam (With Work Permit & Temporary Residence Card)
Expats with work permits and Temporary Residence Cards have the most access to full banking services in Vietnam. This group can benefit from a wide range of banking products like loans, savings, and credit cards.
2. Key Documents and Requirements for Opening a Bank Account
Each category of account holder has different documentation needs. Here’s a quick breakdown:
- Remote Applicants: Passport, notarized identity documents, proof of home country address.
- Tourists (90-Day Visa): Passport, visa, and proof of temporary residence.
- Expats with Work Permit: Passport, work permit, TRC, and verified local address.
These documents are essential for identity verification and for banks to determine your eligibility for certain account features and services.
3. Common Hidden Fees and Currency Exchange Rates
Hidden fees can add up quickly, especially for international banking needs. Here’s what to expect:
- Currency Exchange Rates: Banks in Vietnam generally set their own rates, which may be lower than market averages, especially for frequent exchanges.
- Remittance Fees: Both sending and receiving international funds incur fees, usually a flat rate or percentage. For large transfers, it’s wise to compare rates across banks.
- ATM Fees: Expect fees for using ATMs outside the bank’s network.
- Maintenance Fees: Some accounts have monthly maintenance fees or additional charges for early account closure.
Knowing these fees upfront can help you plan better and avoid unnecessary costs.
4. Purpose of Opening a Bank Account and Limitations
Many Vietnamese banks ask for a specific purpose when opening a foreign account. Common purposes include receiving a salary from a local employer, investing in property, or operating business funds. Without a stated purpose, certain account functions may be limited, like receiving large sums or accessing loans.
5. Choosing Between Local and International Banks in Vietnam
Vietnam has a mix of local and international banks, each with distinct features. Here’s a quick overview:
- Local Banks: Vietcombank, BIDV, VietinBank, and Agribank are the primary local options. While these banks offer a wide variety of services, they may lack dedicated support for non-Vietnamese clients, including limited English support.
- International Banks: Standard Chartered, HSBC, and UOB are among the international options in Vietnam, known for their expat-friendly services and multilingual support. For instance, Standard Chartered offers a Relationship Manager service, providing one-on-one assistance for expats, which can make a big difference in navigating local regulations and ensuring smooth account management.
6. Advantages of Having a Relationship Manager
One of the standout features of international banks is their ability to provide dedicated Relationship Managers. A Relationship Manager acts as your main point of contact for all things banking—whether it’s helping you open an account, manage money transfers, or offer investment insights. This service is especially useful for foreign clients who may face language barriers or need guidance on Vietnamese banking processes.
7. Summary of Banking Options and Closing Thoughts
Banking in Vietnam offers a blend of opportunities and challenges. Local banks are widely accessible, though international banks often provide tailored support and multilingual services for expats. Remember:
- Understand your purpose for the account (e.g., receiving salary, buying property).
- Prepare necessary documents and be aware of fees.
- Consider banks with dedicated expat support if you foresee needing specialized services.
Navigating banking as an expat or traveler in Vietnam can be complex, but with the right guidance and knowledge, the process becomes much simpler. Whether you’re planning to visit, work, or invest in Vietnam, this guide gives you the essentials for making informed decisions.
