Banking in Vietnam
Banks in Vietnam
List of Banks in Vietnam
It is relatively straight forward for British expats to open a bank account in Vietnam if you have a work permit, visa, proof of address & passport. You may apply online for a Vietnamese bank account, but you need to visit the bank in person.
The Largest Banks in Vietnam
List of Local Banks in Vietnam
- VietinBank – Industry and Trade. …
- Agribank – Agriculture and Rural Development. …
- Vietcombank – Foreign Trade. …
- Bank for Investment and Development of Vietnam (BIDV) …
- Military Bank (MB). …
- Sacomb Bank. …
- SHB. …
- Techcombank. …
- Saigon Commercial Bank (SCB). …
- Asia Commercial Bank (ACB). …
- Vietnam Prosperity Bank (VPBank). …
- HD Bank. …
- Exim Bank. …
- TP Bank. …
List of International Banks in Vietnam
- HSBC
- Standard Chartered Bank
- Australia and New Zealand Banking Group Limited (ANZ Bank) – institutional banking only
- Citibank Vietnam
- Shinhan Vietnam
- Commbank (Australian Commonwealth Bank)
- United Overseas Bank Limited (UOB)
How to Open a Bank Account in Vietnam ?
In order to set up a bank account in Vietnam, you usually need the following documents and the banks require your physical presence:
- Your passport
- Your valid Vietnam visa or visa exemption
- An application form (you can fill the form at the bank)
- Minimum deposit (which depends on each bank’s rules)
- Work contract and work permit if you enter Vietnam with a working visa
- Proof of Residential address in Vietnam (utility bill, lease or letter from British embassy).
Can I open a Vietnamese bank account online?
Due to documentation requirements, it isn’t possible to open a Vietnamese bank account online, it requires your physical presence, however, you can start the paperwork process online before you meet a Vietnamese bank representative.
How much money do you need to open a bank account in Vietnam?
It varies bank to bank, but you can open a Standard Chartered bank account in Vietnam with no deposit.
Many Brits open local bank accounts in Vietnamese Dong (VND), then hold an offshore account in GBP, EUR or USD for privacy & security.
Many British expats in Vietnam then opt to set up an offshore insurance wrapper to trade shares & bonds to beat inflation and target single or double digit returns on your money.
Offshore wrappers have no capital gains tax & no income tax. There is no tax on death if you are non-domicile in the UK (i.e. you are a permanent resident abroad).
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Can foreigners open a bank account in Vietnam?
Yes, with the correct documents.
Currency of a Bank Account in Vietnam
Most foreigners opt to open a Vietnamese (VND) bank account. Some banks allow foreign currency.
In general, many people set up an offshore bank account in USD, EUR or GBP for privacy & security & set up a local account in Vietnamese Dong (VND).
However, there are options for multi-currency accounts in Vietnam.
For example, UOB bank offers accounts in VND, USD and JPY. The minimum balance is 3,000,000 VND, 100 USD, 100 SGD, 1000 EUR or 100,000 JPY.
What is Proof of Address?
This is usually a utility bill with your Vietnamese address, letter of proof of residence from your landlord or letter from the British embassy confirming your address in Vietnam.
It may be prudent to open a local bank account in Vietnamese Dong (VND), where you place small amounts of money & open an offshore international bank account where you hold the majority of your money in an international currency such as USD, GBP or EUR for security.
What Happens if I Lose My ATM Card in Vietnam ?
If the ATM machine swallows your card in Vietnam, don’t panic. Take a photo of the ATM and call the phone number on that ATM.
Usually you can come and pick that card up within the next three working days. Take a photo of your debit card when you set up your account for security purposes. This way, if you lose the card, you can read out the number. This is why it’s best to have 3 or 4 bank accounts with debit cards.
How Much is the Vietnamese Dong Worth?
1 USD = 22,648 VND 1 GBP = 30,360 VND
*11th Nov, 2021
Want to Open an International Bank Account?
How to Open a Bank Account in Vietnam?
Can I open a Vietnamese bank account online?
Due to documentation requirements, it isn’t possible to open a Vietnamese bank account online, it requires your physical presence.
How much money do you need to open a bank account in Vietnam?
It varies bank to bank. Some require no deposit upon set up, but most require you to hold a minimum balance or you will get charged for your account.
What is the interest rate on a bank account in Vietnam ?
Interest rates vary depending on whether you just have a current account / checking account or have a savings account with a fixed term deposit in Vietnam.
Interest rates in Vietnam currently stand at around 4%, whilst inflation (the increase in the prices of goods & services) stands at around 3%* which means your money is just about keeping up with inflation.
The average interest rate was 4.78% in 2020.
Many British expats in Vietnam opt to set up offshore insurance wrappers to trade shares & bonds to beat inflation and target a single or double digit return on your money.
Want to Open an International Bank Account?