Banking in Vietnam for Foreigners

Here is all you need to know about how to navigate the banking system in Vietnam.

1. Opening a Bank Account:

   • Valid Passport: You need a passport with at least six months' validity remaining1.
   • Visa or Residence Permit: Depending on your visa type, you may need a valid visa or residence permit
   • Proof of Address: Some banks require proof of address in Vietnam, such as a rental agreement or utility bill
   • Personal Information: You must fill out an application form with your personal details1.
   • Initial Deposit: An initial deposit may be required to activate your account

2. Types of Accounts

   • Foreigners can open various types of accounts, including savings and current accounts. However, the specific types of accounts available may vary by bank

3. In-Person Application:

   • Most banks require you to open an account in person. Remote account opening options are limited

4. Additional Documents:

   • Some banks might ask for additional documents such as a reference letter from your current bank, proof of income, or a letter from your employer1.

5. Bank Selection:

   • Choose a bank that suits your needs in terms of services, fees, and accessibility. Some banks offer services in English, which can be helpful for foreigners

6. Regulatory Compliance:

   • Banks in Vietnam operate under regulations set by the State Bank of Vietnam (SBV), ensuring financial stability and consumer protection

I have lived in Vietnam for over a decade and share my experience for those wanting to experience life in this country.