July 28, 2020

Ultimate Guide to Open a Bank Account for Foreigners in Vietnam

Are you an ex-pat and still struggle with the procedure to open a bank account in Vietnam? This article will help you step by step to solve your problem.

Register a bank account is one of the most crucial things you should consider if you have a plan to set sail on your adventurous experiences and stay for quite a long time. The good news is you are free to get a bank account. 

Procedure

First, you need to choose a bank and search for the specific requirements. Each bank may have different terms but overall, you shall need your visa and valid passport, a minimum amount of money, and a proof of address.

After that, choosing a bank that links to your company’s bank account or the bank in your country. Finally, you can make an arrangement online or just simply go to the bank. The process may take 30 minutes. 

Terms and Conditions

In order to have an account, you will need to prepare some documents: 

  • A valid passport
  • A valid visa
  • A minimum deposit amount  
  • Valid proof of address (tenancy contract)
  • A copy of your work/ labour contract if applicable

You also need to deposit to your account a minimum amount as required by the bank you chose. Your account has to have VND 100,000, otherwise, you shall be subject to a penalty. In case you want to withdraw in foreign currencies, some banks might take a commission and if you close your bank account in less than a year, you will likely have to pay tax credit.  

Many expats choose to open two types of accounts.

Banking fees

You might need some information about the fees, they will vary by the bank and depend on your services. But these are some common types of fee: 

Transfer Fees

This is a profitable revenue generator and the range is from 3,000 VND to 33,000 VND. However, you do not have to charge any fees at some banks. 

ATM Fees

Classically, banks do not charge when you withdraw from their own ATM network, but using a different one will tariff a fee, starting at 1,000 VND to 11,000 VND. 

Service Fees

This varies by bank and depends on the minimum deposit, the type of card. The fee is about 5,000 VND to 200,000 VND. 

Internet banking

You may be charged for using Internet banking, nevertheless, it will cost you from 10,000 VND upward with a select few. 

Transferring money in Vietnam is very convenient nowadays, make sure you research about the specific bank procedure in order to make sure it suits your purpose. From our experience, expats in Vietnam should choose large local banking corporations certified by the government like Vietcombank, Vietinbank, Techcombank for top-notch customer service. If you have further questions, don’t hesitate to reach out to us!

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