Opening a Bank Account in Vietnam:
If you plan to stay for more than 6 months you should strongly consider opening a bank account in Vietnam in order to reduce fees at both ends on ATM withdrawals and give yourself greater access across the country to money. You can also time your money movements to swings in the exchange rate more easily this way.
Asia Commercial Bank (ACB) You will need to submit your passport with Vietnamese visa stamp and ACB application form. The minimum deposit is 100,000VND.
Techcombank also offers competitive services. To apply, you need to present a valid passport or ID card and a signed application form.
Vietcombank has the most extensive network of branches and ATM machines. You will need to submit 3 copies of both ‘Application for Account’ and passport with the Vietnamese visa stamp (with a duration of at least 6 months).
You also need to maintain a minimum balance required by the bank at the time (it’s not a large amount). It is probably better to go in personally to open a bank account as the website (even with English translation) can be a bit difficult to follow. However, using the website for normal transactions is very easy (though you may need a little help to start with).
ACB: Contact Center 24/7: 1900 545486 (toll free) – (08) 38 247 247;
Techcombank: Hotline: 1800-588-822; Web: https://www.techcombank.com.vn/home
Vietcombank: Contact Number: (+84-4) 38-248-281; Web:http://www.vietcombank.com.vn/
Dong A (www.dongabank.com.vn)
HSBC Bank (www.hsbc.com.vn)
Vietin Bank (www.vietinbank.vn)
MB Bank (Military Bank) (www.mbbank.com.vn)
Note: These aren’t the only options so feel free to explore further – simply by dropping in to any branch with English services in your location – but be careful of the reach and services available from the smaller banks who may be tempting you with more attractive interest rates. Also, in Vietnam, smaller banks are not as safe as they are in the West.
Frequently Asked Questions:
I was told you needed to show your Vietnamese address as well as your passport when you apply to open a bank account, is this right?
Some banks don’t require this but others do and sometimes there’s no rhyme or reason and they ask for it anyway. Take documentation of a permanent address in Vietnam with you, like a house rental contract or something from your homestay, if possible.
Can I transfer money via the Internet from my Australian bank account to my Vietnam bank account?
Yes, no problem. Your Australian bank will convert your Aussie dollars into dong and the transaction is very smooth.
Can I open an Australian dollar account in Vietnam?
Yes, you can open accounts in other currencies. Hoi An Now has USD, AUS & Dong accounts with Vietcombank. All banks have different rules so check what foreign currencies they allow.
What’s the best way to bring money from overseas? If the banks convert it first they always give you a terrible rate of exchange.
The best way to maximize money is to exchange it in Vietnam i.e. Hoi An Now transfer Aussie dollars into their Aussie dollar account at Vietcombank. We then transfer it into our dong account on a day the exchange rate is good.
My bank won’t let me make cash deposits without a work permit or contract. Are there any that do?
Most banks will question cash deposits and will demand proof of origin such as a salary slip or some form of description to say how the cash was made. Sacombank, however, will allow you to deposit cash without asking questions. But!!! Always make sure. Rules change like the wind in Vietnam and it can also equally come down to the whim of the individual serving you. If you have any issues depositing cash, get a Vietnamese friend to do it for you. This embargo only applies to foreigners.
When going into a bank always take your passport, no matter what the transaction is.
When you open your account opt for a Visa Debit card rather than a standard bank card! The Vietcombank Visa Debit card can be used for on-line and over the counter transactions as well as ATM withdrawals overseas.