Vietnam Bank Account for Expats: Requirements, Fees & Benefits

For expats in Vietnam, having a Vietnam bank account for expats is essential for managing finances smoothly. It simplifies transactions, reduces cash dependency, and enables convenient payments. A Vietnamese ATM card for foreigners provides easy access to ATMs, transfers, and online payments.

This guide covers everything from eligibility and required documents to the best banks and key Vietnam banking for expats tips. Next, we’ll explore account types and how expats can open a local bank account. Let’s get started!

1. Can Expats Open a Bank Account in Vietnam?

One of the most common questions from foreigners living in Vietnam is whether they can open a Vietnam bank account for expats. The good news is that many banks in Vietnam allow expats to open an account, provided they meet specific eligibility requirements. Having a local bank account not only makes daily transactions easier but also ensures seamless access to financial services such as online banking, bill payments, and fund transfers.

1.1. Eligibility Requirements for Vietnam Bank Account for Expats

To open a Vietnam bank account for expats, most banks require foreigners to provide the following:

• 📍 Valid Passport – A passport with at least six months of validity is mandatory.
• 📍 Vietnam Visa or Temporary Residence Card – Some banks may require proof of long-term stay, such as a visa valid for over three months or a temporary residence card.
• 📍 Proof of Residence in Vietnam – This can be a rental contract, a utility bill, or a confirmation letter from your landlord. Some banks may also accept work permits or employer confirmation letters.
• 📍 Initial Deposit – The required deposit amount varies by bank and account type. Some banks allow expats to open an account with as little as 1,000,000 VND (~$40).

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1.2. Types of Bank Accounts Available in Vietnam

Expats have several options when opening a Vietnam bank account for expats, depending on their financial needs:

1. VND Current Account (Checking Account) – This is the most common account type for daily transactions, bill payments, and salary deposits. It allows you to receive and send money locally and comes with a Vietnamese ATM card for foreigners.
2. USD (or Foreign Currency) Account – If you frequently receive money from abroad, a foreign currency account (usually in USD, EUR, or GBP) allows you to store and exchange foreign currency at competitive rates. Some banks require expats to provide proof of income in Vietnam to open this account.
3. Savings Account – For those looking to save money with higher interest rates, a fixed-term or flexible savings account is available. Interest rates in Vietnam are relatively attractive compared to Western countries.
4. Multi-Currency Account – Some international banks in Vietnam offer multi-currency accounts, allowing expats to hold multiple currencies within one account for easier transactions.

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2. Documents Required for Opening a Bank Account in Vietnam

Opening a Vietnam bank account for expats requires several key documents. While requirements may vary slightly between banks, most institutions follow a standard process. Ensuring you have the necessary paperwork prepared in advance will make your application smoother and faster.

1. Valid Passport

A passport is the most important document required when applying for a Vietnam bank account for expats. Most banks require a passport with at least six months of validity from the date of account opening. The passport must also contain a valid visa or residence permit.

2. Visa or Temporary Residence Card (May Be Required)

Depending on the bank, you may need to provide:

• 📍 A valid visa (some banks require at least a three-month validity period).
• 📍 A temporary residence card if you are staying in Vietnam for an extended period.
• 📍 A work permit or business visa if you are employed or running a business in Vietnam.

While some banks allow expats to open an account with a tourist visa, this is becoming less common. It’s best to confirm with the bank beforehand.

3. Proof of Residence in Vietnam

Most banks require proof of a local address to ensure you are residing in Vietnam. Acceptable documents include:

• 📍 A rental contract signed by you and your landlord.
• 📍 A confirmation letter from your landlord (some banks may ask for a notarized version).
• 📍 A utility bill (electricity, water, internet) with your name and address.
• 📍 A residence confirmation letter from local authorities (available at the local police station).

If you are staying in a hotel or serviced apartment, some banks may accept a hotel booking confirmation as temporary proof of residence.

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3. Other Possible Requirements Depending on the Bank

Apart from the basic documents, certain banks may request additional paperwork, including:

• 📍 Employment Contract – Some banks ask for a signed employment contract if you are working in Vietnam.
• 📍 Initial Deposit – Many banks require an initial deposit when opening an account, which can range from 1,000,000 VND ($40) to 3,000,000 VND ($120), depending on the account type.
• 📍 Letter of Recommendation from an Employer or Sponsor – Some banks, particularly international ones, may require a reference letter from your employer or a local business partner.
• 📍 Tax Code (Optional) – If you plan to receive a salary or conduct business transactions, having a Vietnamese tax identification number (TIN) can be beneficial.

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4. How to Apply for a Vietnamese ATM Card for Foreigners

Once you have successfully opened a Vietnam bank account for expats, the next step is to apply for an ATM card. A Vietnamese ATM card for foreigners allows you to conveniently withdraw cash, make payments, and use online banking services. Below is a step-by-step guide on how to obtain an ATM card in Vietnam, along with details on the types of cards available and how long it takes to receive one.

🔖 Step 1: Open a Vietnam Bank Account

Before applying for an ATM card, you must first open a Vietnam bank account for expats. Most banks allow you to request an ATM card during the account opening process. If you did not request one at that time, you can visit your bank later to apply.

🔖 Step 2: Visit the Bank in Person

Unlike some Western countries where ATM cards are automatically issued, in Vietnam, you must visit a bank branch to apply. Bring the following documents:

• 📍 Passport (with valid visa or residence permit).
• 📍 Bank account details (your new account number).
• 📍Proof of residence (if required).

🔖 Step 3: Fill Out the ATM Card Application Form

At the bank, you will be given a short application form to fill out. The form typically asks for basic personal details and your preferred card type (domestic or international).

🔖 Step 4: Pay the Issuance Fee (If Required)

Some banks charge a small fee (usually 50,000 – 100,000 VND or $2 – $5) to issue a Vietnamese ATM card for foreigners. International cards (Visa/Mastercard) may have a higher fee.

🔖 Step 5: Receive a Temporary PIN & Activation Instructions

After completing the application, the bank will provide a temporary PIN. You may be required to change this PIN at an ATM before using the card.

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5. Vietnam Banking for Expats: Tips & Precautions

To ensure a smooth banking experience, expats should be aware of common security risks, best practices for online banking, and potential ATM issues in Vietnam.

5.1. Banking Security Tips for Expats

• 📍 Always cover your PIN when using an ATM to prevent skimming or hidden cameras.
• 📍 Avoid using street ATMs at night or in isolated areas to reduce the risk of fraud.
• 📍 Enable SMS alerts for transactions to monitor your bank account in real time.
• 📍 Beware of card skimming devices, especially on ATMs outside tourist hotspots.

5.2. How to Use Internet Banking & Mobile Banking Safely

• 📍 Use official banking apps instead of third-party services to access your accounts.
• 📍 Activate two-factor authentication (2FA) for online banking logins.
• 📍 Never log in to your bank account using public Wi-Fi, as it can be intercepted by hackers.
• 📍 Regularly update your passwords and avoid using the same PIN for multiple accounts.

5.3. Common Mistakes to Avoid When Using ATMs in Vietnam

• 📍 Forgetting to take your card: Some ATMs automatically take back the card if left too long.
• 📍 Using an ATM with a low withdrawal limit: Choose banks like Vietcombank or Standard Chartered for higher limits.
• 📍 Not checking withdrawal fees: Always confirm the transaction fee before proceeding.
• 📍 Attempting to withdraw foreign currency: ATMs in Vietnam mainly dispense VND; withdrawing USD/EUR is not an option.

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6. Conclusion

Opening a Vietnam bank account for expats is essential for managing finances conveniently while living in Vietnam. It allows expats to receive salaries, make payments, and conduct transactions smoothly. Having a Vietnamese ATM card for foreigners further enhances financial flexibility, making it easier to withdraw cash and shop securely.

To ensure a seamless banking experience, expats should choose banks that offer good services for foreigners, such as Vietcombank, Techcombank, and HSBC. Understanding ATM fees, withdrawal limits, and Vietnam banking for expats security tips will help avoid unnecessary costs and risks. For expert guidance, consult a trusted bank to get started effortlessly!