Vietnam TravelHow to Bank in Vietnam: A Guide for Foreigners

Kaylin2 years ago24
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Banking in Vietnam can be a confusing process for foreigners, as the country has a very different banking system than what many are used to. In this article, we will explore some of the pros and cons of banking in Vietnam, as well as how the system works for those who may not be familiar with it.

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  1. How do you open a bank account in Vietnam?
  2. What are the pros and cons of banking in Vietnam for foreigners?
  3. What are some of the most common bank fees in Vietnam?
  4. How do you withdraw money from a bank in Vietnam?
  5. Are there any special considerations that foreigners should take into account when banking in Vietnam?
  6. What are some of the best banks for foreigners to use in Vietnam?

How do you open a bank account in Vietnam?

Opening a bank account in Vietnam is relatively easy and can be done at most major banks in the country. The process will vary slightly from bank to bank, but generally, you will need to provide your passport and fill out some paperwork. Some banks may require additional documents, such as proof of residency or employment. Once your account is open, you will be able to deposit and withdraw money, as well as use other banking services.

What are the pros and cons of banking in Vietnam for foreigners?

Banking in Vietnam has a few advantages for foreigners. First, many banks offer good interest rates on savings accounts, which can help you earn some extra money. Additionally, banks in Vietnam usually have good customer service and are willing to help foreigners with any questions or issues they may have. On the downside, however, banking in Vietnam can be complicated and time-consuming, as the process is often quite different from what foreigners are used to. Additionally, fees and charges for banking services can be quite high, so it is important to be aware of these before using any banking services.

What are some of the most common bank fees in Vietnam?

The most common bank fees in Vietnam include account maintenance fees, ATM withdrawal fees, and transfer fees. These fees can vary depending on the bank you use, but they are typically quite high. Additionally, many banks charge for currency conversion, so it is important to be aware of this if you plan on using your bank account for transactions in other currencies.

How do you withdraw money from a bank in Vietnam?

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Withdrawing money from a bank in Vietnam is typically done through an ATM. There are ATMs located throughout the country, and most major banks have ATMs that accept foreign cards. Fees for ATM withdrawals can be high, so it is important to check with your bank before using an ATM. Additionally, you may need to have a Vietnamese bank account in order to withdraw money from some ATMs.

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Most banks in Vietnam have a daily ATM withdrawal limit of 2-3 million VND (approximately $100-150 USD). This limit may vary depending on the bank you use, so it is important to check with your bank before making any withdrawals. If you need to withdraw more money than this limit allows, you may need to go to the bank in person to make the withdrawal.

Are there any special considerations that foreigners should take into account when banking in Vietnam?

Yes, there are a few things that foreigners should keep in mind when banking in Vietnam. First, it is important to be aware of the fees and charges that banks may impose for using their services. Additionally, the process for opening and using a bank account can be quite different from what you may be used to, so it is important to take the time to understand how it works. Finally, many ATMs in Vietnam only accept local cards, so you may need to have a Vietnamese bank account in order to use them.

What are some of the best banks for foreigners to use in Vietnam?

There are a few different banks that are considered to be the best for foreigners to use in Vietnam. These include Vietnam International Bank (VIB), HSBC, Sacombank, Vietcombank, BIDV, VietinBank, Charles Schwab, United Overseas Bank and Shinhan bank. These banks typically offer good interest rates, have good customer service, and offer a variety of banking services that can be useful for foreigners. Additionally, these banks typically have ATMs that accept foreign cards, so you will not need to open a Vietnamese bank account in order to use them.

vietnam banks

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For entrepreneurs, international banks are more customer-friendly for foreigners in Vietnam. Here are 4 we recommend:

Charles Schwab is one of the best banks for foreigners to use in Vietnam, as it offers a variety of services that can be useful for expats. Additionally, Charles Schwab has a number of ATMs located throughout the country, which accept foreign cards. This makes it easy for foreigners to access their money without having to worry about dealing with the Vietnamese banking system.

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United Overseas Bank is another good option for foreigners looking to bank in Vietnam. This bank offers a variety of services, including online banking, that can be useful for those who are not familiar with the Vietnamese banking system. Additionally, United Overseas Bank has ATMs located throughout the country, so you will not need to open a Vietnamese bank account in order to use them.

Shinhan Bank is another good option for foreigners looking to bank in Vietnam. This bank offers a variety of services, including online banking, that can be useful for those who are not familiar with the Vietnamese banking system. Additionally, Shinhan Bank has ATMs located throughout the country, so you will not need to open a Vietnamese bank account in order to use them.

HSBC is another good choice for foreigners looking for a bank in Vietnam. HSBC offers a variety of services, including credit cards, loans, and investment products. Additionally, HSBC has a wide network of ATMs that accept foreign cards, so you will not need to open a Vietnamese bank account in order to use them.

For expats who are working in Vietnam, we recommend these 5 local Vietnamese banks, as it offers a salary advance service that can be useful for those who are not familiar with the Vietnamese banking system. Additionally, Vietcombank has ATMs located throughout the country, so you will not need to open a Vietnamese bank account in order to use them. They also have high interest rates for savings accounts.

Vietnam International Bank (VIB) is a good choice for foreigners looking for a bank in Vietnam. VIB offers a variety of services, including credit cards, loans, and investment products. Additionally, VIB has a wide network of ATMs that accept foreign cards, so you will not need to open a Vietnamese bank account in order to use them.

Sacombank is another good choice for foreigners looking for a bank in Vietnam. Sacombank offers a variety of services, including credit cards, loans, and investment products. Additionally, Sacombank has a wide network of ATMs that accept foreign cards, so you will not need to open a Vietnamese bank account in order to use them.

Vietcombank is the last bank on our list of the best banks for foreigners to use in Vietnam. Vietcombank offers a variety of services, including credit cards, loans, and investment products. Additionally, Vietcombank has a wide network of ATMs that accept foreign cards, so you will not need to open a Vietnamese bank account in order to use them.

BIDV is the largest bank in Vietnam and offers salary advance service that can be useful for those who are not familiar with the Vietnamese banking system. Additionally, BIDV has ATMs located throughout the country, so you will not need to open a Vietnamese bank account in order to use them. They also offer high interest rates for savings accounts.

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VietinBank is another good choice for foreigners looking to bank in Vietnam. This bank offers a salary advance service that can be useful for those who are not familiar with the Vietnamese banking system. Additionally, VietinBank has ATMs located throughout the country, so you will not need to open a Vietnamese bank account in order to use them.

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These are just a few of the best banks for foreigners to use in Vietnam. There are many other banks that offer similar services, so be sure to do your research before choosing one. Additionally, it is important to keep in mind that banking in Vietnam can be quite different from what you may be used to, so it is important to take the time to understand how it works.

There are a number of Vietnamese banks that offer high interest rates for savings accounts. Some of the best banks to use for this are Vietcombank, BIDV, and VietinBank. These banks offer interest rates that are significantly higher than what you would find at most banks in the United States or Europe. The interest rates for savings accounts in Vietnam vary depending on the bank. However, most of the banks that are listed above offer interest rates that are 3-7%+ per year. The interest rate on savings accounts in Vietnam can be a great way to help you save money while you are living in Vietnam and possibly live off of the interest you earn. Keep in mind that you will be getting your interest in the Vietnamese currency, so it is important to take the exchange rate into account when you are determining how much money you will be able to earn.

In this blog post we’ve looked at some pros and cons of banking in Vietnam for foreigners, common bank fees, how to withdraw money from a bank account, and special considerations to take into account. We’ve also provided a list of some of the best banks for foreigners to use in Vietnam. If you have any questions about banking in Vietnam that we haven’t covered in this post, feel free to leave a comment below and we’ll do our best to answer them.

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BlueNova95
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BlueNova95

Embark on your banking adventure in Vietnam with assurance! Major banks cater to foreigners’ needs. Embrace digital banking for flexibility. Explore and manage your finances wisely in this new landscape.

NhonQueen
Member

It’s fascinating to learn about the banking options available for foreigners in Vietnam. I discovered that Vietcombank and HSBC are among the top choices with their decent services and extensive branch networks across the country. Having reputable banks like these can definitely make the banking experience more convenient for foreigners.

PhoKing
Guest
PhoKing

When banking in Vietnam as a foreigner, it’s crucial to consider factors such as currency exchange rates, fees for international transactions, and the availability of English-speaking staff. Familiarizing yourself with the banking regulations and requirements for opening an account can save you time and hassle. It’s important to be well-prepared to ensure a smooth banking experience in Vietnam.

BenjaminNgo
Guest
BenjaminNgo

Wow, this guide is really helpful for foreigners like me who are planning to live in Vietnam for a while. It’s great to have all the information about banking in one place, especially when it comes to the documentation and requirements needed to open a bank account.

Caphezilla
Member

@BenjaminNgo As a foreigner who has just moved to Vietnam, I found this guide to be an excellent resource for understanding the banking system and the various options available to me.

BiN22
Guest
BiN22

This article is a great resource for anyone who is new to banking in Vietnam. It provides a detailed overview of the different types of accounts available and the requirements for opening them. The author also gives helpful tips on how to keep your account safe and secure, which is especially important for foreigners who may be unfamiliar with the Vietnamese banking system.

NguyenHien1998
Member

If you’re planning to stay in Vietnam for a while, opening a bank account is a crucial step. This article provides a helpful guide on the banking system in Vietnam, the different types of accounts available to foreigners, and tips on how to handle money while in the country. It’s a must-read for anyone who wants to make the most of their stay in Vietnam!

film_buff
Member

As someone who has traveled to various countries, I can say that banking in a foreign land can be quite daunting, but this guide for banking in Vietnam for foreigners is definitely a helpful tool to have in your arsenal.

AngelZhao
Guest
AngelZhao

Thank you for sharing this informative guide on banking in Vietnam for foreigners, it’s great to see that the article covers all the essential aspects of opening a bank account in Vietnam and provides valuable tips on transferring money to and from the country.

apKz
Guest
apKz

The guide on how to bank in Vietnam is a useful resource for foreigners who are planning to stay in the country for an extended period of time. However, it would have been better if the author provided more details on the potential risks and challenges that foreigners may encounter when banking in Vietnam.

kamikaze
Guest
kamikaze

I apologize for my lack of knowledge on banking in Vietnam, but this guide has been incredibly helpful in providing me with a better understanding of the different types of banks, accounts, and services available.

bookworm99
Member

Oh great, just what I needed, another guide on banking in a foreign country that I’ll never actually use.

GlitteringPixie732
Guest
GlitteringPixie732

Navigating the banking system in a foreign country can be a daunting task, but this article provides a helpful guide for foreigners looking to bank in Vietnam. From understanding the different types of accounts available to knowing which documents are required to open them, this guide has got you covered. Just make sure to keep an eye out for those pesky scams and choose a reputable bank with good customer service, nobody wants to be stuck in a banking nightmare while on vacation!

DalatDreamer
Member

@GlitteringPixie732 As someone who is planning to visit Vietnam in the near future, this guide has been incredibly helpful in demystifying the banking system and giving me the confidence to navigate it with ease.

homeg1rl
Member

From my experience, banking in Vietnam is easier than in most places as they are not so strict and welcome foreigners looking to invest in their attractions and cities. 

Boo_chan
Member

Some countries make it so hard to do this but I have never had any issues with Vietnam banking. I think it makes more sense to have an account if you visit there more often or plan on staying for an extended period. I had one open because I was staying there for an entire summer.

compasstraveler
Guest
compasstraveler

@Boo_chan I completely agree, setting up a bank account in Vietnam is a breeze and definitely worth it if you plan on spending an extended period of time there.

SoVintage
Member

Can someone who is a non-citizen get a bank account? I always assume that you needed to be a citizen in order to have a bank account or have some sort of business in said country to have an account.

LOFIre
Member

@sovintage Yes. Not all banks allow this though. You will have to find one that does. The article lists a few great suggestions. 

SaigonSoul
Member

Yes, non-citizens can obtain a bank account in Vietnam. Many banks in Vietnam offer accounts to foreigners, and the process typically involves providing the necessary documentation to comply with the bank’s requirements. Opening a bank account can be a helpful process with the right information at hand.

TBH23
Member

Can you use crypto in Vietnam yet? 
That is something I am curious about considering more and more places are open to using it.

caphekitty
Member

I have heard that opening an account can be rather difficult in Vietnam but I never actually looked into it. Knowing there are international options for travel is a huge bonus though!

TheDunns7
Member

@caphekitty I had no idea that Vietnam had so many different types of bank accounts available for foreigners, this guide is really helpful!

vietzone
Member

I’m a Vietnamese living in the USA. I’ve been trying to help a friend of mine who’s been asking me about how to open an account in Vietnam.

She lives in Arizona and is working on getting a visa so she can move there and be with her boyfriend. Her visa is coming up soon, but she’s not sure which bank to choose!

I’ve been telling her that Vietcombank is my favorite bank to use when I’m back home. It’s easy to navigate, has great customer service, and it’s close to where I live. But she wants to know more about what other options are available for her situation.