How to open a bank account in Vietnam as a foreigner
One of the primary considerations when relocating to Vietnam is financial management. If you plan to stay in the country for more than six months, it may be beneficial to open a local bank account. This is due to (1) the high fees associated with frequent ATM withdrawals, (2) potential unfavorable currency exchange rates charged by your home bank, and (3) the possibility of limited ATM access in some areas.
Photo: timo.vn
What do you need to open a bank account in Vietnam?
The good news is that you can apply online for a Vietnamese bank account with ease. Below are the instructions for opening an account with some of the most popular banks in Vietnam.
Typically, you will need to provide the following documents and information:
- Your valid passport
- Your long-term visa or residency card
- Proof of address
Asia Commercial Bank (ACB)
ACB customer counter. Photo: nguoiduatin.vn
ACB is recognized for its excellent card services. To apply for an ACB current account, you will need to submit your passport with a Vietnamese visa stamp and an application form to open a new bank account. The minimum initial deposit is VND 100,000. Additional information can be found here or by calling ACB's customer service at 1900 5454 86.
ANZ Bank
ANZ continues to offer online applications for opening bank accounts. To apply, click here for the application form. If you have any questions, you can reach their 24-hour customer service line at 1800 1559.
Techcombank
Techcombank provides competitive banking services. To apply, you'll need to present a valid passport or ID and a signed application form. The Techcombank Hotline is available at 1800-588-822.
Vietcombank
Vietcombank boasts the largest network of branches and ATMs across Vietnam. However, their customer service could benefit from improvements. To open a bank account as a foreigner, you must submit three copies of the account application, your passport with a Vietnamese visa stamp (with a validity of at least six months), and maintain the bank's minimum balance. If you intend to use checks, a letter of recommendation from your employer is necessary. For more on the application process and forms, click here. You can contact Vietcombank at 1900 54 54 13.
