What are the best banking options in Vietnam for expats?
Before you move to Vietnam, understanding the local banking system can save you weeks of frustration and unexpected fees.
Banking Overview in Vietnam
| Feature | Details |
|---|---|
| Currency | Vietnamese đồng (VND) ₫ |
| Bank Account for Foreigners | Yes |
| Access Difficulty | Medium |
| Remote Opening | No |
| Wise Available | No |
| N26 Available | No |
Opening a Bank Account in Vietnam
Foreigners can open bank accounts in Vietnam. The process difficulty is rated as medium, which means you should expect some bureaucracy and possibly language barriers.
Required Documents
- Valid passport or national ID
- Proof of address / residence registration
- Residence permit (if applicable)
- Tax identification number (if available)
- Initial deposit (amount varies by bank)
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Digital Banking Options
Wise (TransferWise)
Wise has limited availability in Vietnam. While you may be able to send money to Vietnam, full local account features may not be available. Check their website for the latest on Vietnam-specific services.
N26
N26 is not currently available in Vietnam. You may need to consider local digital bank alternatives or traditional banks.
International Transfers
When transferring money to or from Vietnam, consider these factors:
- Exchange rate: The currency is VND. Always compare the offered rate with the mid-market rate.
- Transfer fees: Transfer fees vary — compare providers like Wise for the best rates.
- Transfer speed: Bank-to-bank (SWIFT) transfers take 2-5 business days. Digital services often complete within 1-2 days.
- Regular transfers: If sending money home regularly, set up a recurring transfer to lock in better rates.
Salary and Everyday Banking
The average salary in Vietnam is approximately €440 per month. Your employer will typically require a local bank account for salary deposits. Most banks offer:
- Debit card (Visa or Mastercard)
- Online banking portal and mobile app
- Direct debit setup for rent and utilities
- ATM withdrawals (check fee policies)
Tips for Expats
- Keep your home bank account: Maintain an account in your home country for at least the first year, in case you need to transfer funds back.
- Set up online banking immediately: Most routine transactions can be handled online or via app, saving you queues and branch visits.
- Open your account early: Visit a bank branch within your first week. Having a local account speeds up everything from rent to mobile contracts.
- Get a local phone number first: Most banks require a local mobile number for SMS verification. Set this up before visiting the branch.
- Learn key banking terms: A few words in the local language go a long way at the bank counter and when reading statements.
Additional Practical Information
The following information is compiled from expat community sources and recent reports to complement the official data above.
Additional Data Points
Recent reports and expat sources provide these additional figures for Vietnam:
- To open a foreign currency bank account in Vietnam , you need a minimum amount as stipulated by the specific bank you choose. Initial deposit amounts vary between banks, but ACB , for instance, accepts as little as 100,000 VND (3.91 USD). It is recommended to keep a minimum amount greater than 50,000 VND (1.96 USD) in your account. Otherwise, you may be subject to a penalty.
- To open a foreign currency bank account in Vietnam , you need a minimum amount as stipulated by the specific bank you choose. Initial deposit amounts vary between banks, but ACB , for instance, accepts as little as 100,000 VND (3.91 USD). It is recommended to keep a minimum amount greater than 50,000 VND (1.96 USD) in your account. Otherwise, you may be subject to a penalty.
- Vietnam has strict regulations governing foreign currency transactions . While many travelers and locals have historically used gold shops for convenience, doing so without government authorization is technically illegal. The legal basis for this is Decree 88/2019/ND-CP , which outlines penalties for unauthorized currency exchange and specifies the legal ways to exchange money in Vietnam .
- Under Decree 88/2019/ND-CP, which came into effect on December 31, 2019 , individuals and businesses involved in illegal currency exchange can face serious administrative penalties . These include transactions made at unauthorized gold shops or any institution lacking a license from the State Bank of Vietnam.
- Despite these restrictions, there are clear, lawful options for exchanging foreign currency in Vietnam . To avoid fines and ensure a legal transaction , you should only use licensed service providers .
- Another legal option is to use licensed exchange agents , including certain hotels, tourist businesses, and a limited number of gold or jewelry shops that have obtained a special permit from the State Bank of Vietnam. These establishments are required to display a visible license or show their partnership with an authorized bank, along with clearly posted exchange rates.
Additional data sourced from expat community reports. All information should be verified with official sources.
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Frequently Asked Questions
Can I open a bank account in Vietnam as a foreigner?
Yes, foreigners can open bank accounts in Vietnam. The difficulty level is rated as medium. Foreign account available. Vietcombank and Techcombank accessible. You will typically need your passport, proof of address (registration), and sometimes a residence permit.
Can I receive my salary in a foreign bank account in Vietnam?
Technically yes, but most employers in Vietnam prefer paying into a local bank account. Using a local account avoids international transfer fees and delays.
Do I need a residence permit to open a bank account in Vietnam?
Many banks in Vietnam require a residence permit or proof of address before opening an account. Requirements vary between banks, so shop around.
Are there any fees for maintaining a bank account in Vietnam?
Many banks in Vietnam charge monthly maintenance fees ranging from ₫2 to ₫15. Some offer free accounts if you maintain a minimum balance or receive a regular salary.
How do ATM withdrawals work in Vietnam?
ATMs are widely available in Vietnam. Your bank's ATM network is usually free; out-of-network ATMs may charge ₫1-5 per withdrawal. International cards may incur additional fees.
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