TravelHow to Bank in Vietnam: A Guide for Foreigners

Kaylin4 weeks ago7
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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.

american dollars

photo: Alexander Mils

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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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.

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. 

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!

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.

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