Yes, foreigners can open bank accounts in Vietnam, but the process and requirements differ from what Vietnamese citizens face

Most major Vietnamese banks will open accounts for foreigners, but you will need a valid passport, proof of address, and in many cases a local tax identification number or work permit. The account types available to you depend on your visa status and how long you plan to stay. If you are on a tourist visa, some banks will open a savings account but not a checking account. If you have a work permit or temporary residence card, you have access to the full range of accounts.

The process takes between three and seven business days from the time you submit documents. You do not need a Vietnamese phone number to open the account, though most banks will ask for one and you will need it to set up online banking later. Some banks charge monthly fees for foreign accounts; others waive them if you maintain a minimum balance.

Key Takeaways

  • You will need a valid passport, proof of address in Vietnam, and either a work permit or temporary residence card to open most account types.
  • Tourist visa holders can usually open savings accounts but not checking accounts; longer-term visa holders have full access.
  • Vietcombank, Techcombank, and BIDV are the banks most accustomed to opening accounts for foreigners and have English-speaking staff at major branches.
  • The account opening process takes three to seven business days, and you will need a Vietnamese phone number to set up online banking.
  • Monthly maintenance fees vary by bank and account type; some banks waive fees if you keep a minimum balance of 1 million Vietnamese dong or higher.

What documents you need to bring

Your passport is the primary document. Bring the original and a photocopy of the information page. The bank will keep the copy in your file.

Proof of address in Vietnam is required. This can be a rental agreement, a lease, a utility bill in your name, or a letter from your employer or accommodation provider stating your address. If you are staying in a hotel or guesthouse, some banks will accept a hotel registration document or a letter from the hotel on letterhead. The document does not need to be recent, but it should show your current address.

If you are working in Vietnam, bring your work permit or temporary residence card. If you are on a tourist or business visa without a work permit, the bank may still open a savings account, but you will have restrictions on the account type and possibly on transaction limits. Ask the bank directly about what is available for your visa type before you go in.

Some banks ask for a tax identification number (TIN). If you do not have one, the bank can help you obtain one, or you can get one from the local tax office. This process adds a few days but is straightforward.

Which banks accept foreign account holders

Vietcombank (Vietnam Joint Stock Commercial Bank for Foreign Trade) is the most foreigner-friendly option. They have English-speaking staff at branches in Hanoi, Ho Chi Minh City, and Da Nang. Account opening takes three to five business days. They offer checking accounts, savings accounts, and online banking in English. Monthly fees are waived if you maintain a balance above 1 million dong.

Techcombank has a dedicated international banking team and opens accounts for foreigners regularly. They also offer English-language online banking and mobile apps. Account opening typically takes five to seven business days. Minimum balance requirements and fees vary by branch.

BIDV (Bank for Investment and Development of Vietnam) accepts foreign account holders and has English support at major branches. Processing time is usually five to seven business days. They charge a monthly maintenance fee unless you maintain a higher minimum balance.

Other banks including ACB, MB Bank, and Sacombank also open accounts for foreigners, but English-speaking staff and familiarity with the process varies by branch. If you choose a smaller bank, call ahead to confirm they accept foreign account holders and ask what documents they need.

Account types available to you based on your visa

Your visa status determines what you can open. A tourist visa (single or multiple entry) usually allows you to open a savings account only. You can deposit and withdraw money, but you cannot write checks or set up automatic bill payments. Some banks will not open any account for someone on a tourist visa; others will. Call the bank first.

A business visa gives you slightly more access than a tourist visa. Most banks will open a savings account and may open a checking account if you have a business registration or letter from your company. Transaction limits may explore.

A work permit or temporary residence card (issued for employment, study, or family reasons) gives you full access to all account types. You can open checking accounts, savings accounts, and access the full range of banking services. This is the easiest visa status for banking purposes.

A resident card (issued after three years of continuous residence) is treated the same as a work permit for banking purposes.

The step-by-step account opening process

First, visit a branch in person. You cannot open an account online or by mail. Bring your passport, proof of address, and your visa or work permit. Go during business hours, which are typically 8:00 AM to 5:00 PM Monday through Friday, with some branches open Saturday morning.

Tell the staff you want to open an account. They will direct you to the appropriate desk. If the branch does not have English-speaking staff, ask if someone can help or if you should return at a different time when someone is available. Do not assume the process will be explained in English; bring a translation app or a Vietnamese-speaking friend if you are not confident in the language.

The bank will ask you to fill out an account opening form. This will be in Vietnamese, but staff can walk you through it. You will provide your name, passport number, address, phone number, and the type of account you want. You will also sign a terms and conditions document.

The bank will photocopy your documents and verify your information. They may ask questions about the source of your funds or the purpose of the account. Answer honestly. If they ask for a tax identification number and you do not have one, they can direct you to the tax office or handle it themselves.

You will receive a temporary account number on the spot. The account is officially open, but your debit card and online banking access take three to seven business days to set up. The bank will call or text you when your card is ready for pickup.

Online banking and transfers for foreign account holders

Once your account is open, you can set up online banking. You will need a Vietnamese phone number to receive the one-time password (OTP) that activates the service. If you do not have a local SIM card, get one before you open the account. A prepaid SIM costs less than 50,000 dong and takes minutes to set up at any phone shop.

Most major banks offer online banking in English. Log in with your account number and a password you create. You can view your balance, transfer money between your own accounts, and set up bill payments. International transfers out of Vietnam are possible but come with fees and exchange rate markups. Domestic transfers between Vietnamese bank accounts are free and settle within one business day.

Mobile banking apps are available for iOS and Android. read the app from the bank's website or app store, log in with your online banking credentials, and you can manage your account from your phone. Most apps support English.

Fees, minimum balances, and account maintenance

Monthly maintenance fees range from zero to 50,000 dong depending on the bank and account type. Vietcombank waives fees if you maintain a balance above 1 million dong. Techcombank's fees depend on the account tier; their basic account has no monthly fee. BIDV charges a monthly fee unless you maintain a higher balance or meet other conditions, such as having a salary deposited each month.

ATM withdrawals at your bank's machines are free. Withdrawals at other banks' ATMs cost 10,000 to 20,000 dong per transaction. International ATM withdrawals (using a Visa or Mastercard debit card abroad) incur a foreign transaction fee of 1 to 2 percent plus the ATM operator's fee.

Incoming domestic transfers are free. Outgoing domestic transfers are free. International wire transfers into your account are free, but the sending bank may charge a fee. Outgoing international transfers cost 100,000 to 200,000 dong plus a percentage of the amount transferred, depending on the destination country and the bank.

If you do not use your account for six months, some banks may freeze it or charge an inactivity fee. Check your bank's policy. If your account is frozen, you can reactivate it by visiting a branch and making a deposit.

Frequently Asked Questions

Do I need a Vietnamese phone number before I open the account?

No, but you will need one to set up online banking after the account opens. Get a prepaid SIM card from any phone shop before your account opening appointment, or wait until the bank tells you your card is ready and then get a SIM card before you set up online banking. A SIM costs less than 50,000 dong.

Can I open an account on a tourist visa?

Most banks will open a savings account for someone on a tourist visa, but not a checking account. Call the specific bank branch first to confirm they accept tourist visa holders. Some branches do, some do not.

How long does it take to get my debit card?

The account opens on the day you visit, and you receive a temporary account number when ready. Your debit card and online banking access take three to seven business days. The bank will contact you when they are ready for pickup.

Can I send money out of Vietnam to my home country?

Yes, through an international wire transfer. The cost is 100,000 to 200,000 dong plus a percentage of the amount, depending on the destination country. The transfer takes three to five business days. Ask your bank for the exact fee before you send.

What happens to my account if I leave Vietnam?

Your account remains open. You can continue to use it for transfers and deposits from abroad. You can withdraw money using your debit card at any ATM worldwide, though you will pay foreign transaction fees. If you do not use the account for six months, some banks may freeze it. Contact your bank before you leave to confirm their policy on inactive accounts.