Banking in Vietnam
Opening a bank account in Vietnam has become more restrictive, with most banks now requiring long-term visa status.
Visa Requirements
| Visa Type | Account Opening |
|---|---|
| Work Permit + LD Visa | Yes - Full accounts |
| TRC (any category) | Yes - Full accounts |
| Investor Visa (DT) | Yes - Full accounts |
| Student Visa (DH) | Possible - limited |
| Business Visa (DN) | Possible - some banks |
| E-Visa/Tourist | No - most banks refuse |
Required Documents
Essential:
- Valid passport with long-term visa (12+ months)
- TRC or work permit
- Proof of address in Vietnam (lease agreement, utility bill)
- Vietnamese phone number
- Initial deposit (varies by bank)
Additional for US Citizens:
- FATCA form (Foreign Account Tax Compliance Act)
- Disclose US citizenship—failure can freeze account
New 2026 Biometric Requirements
As of July 2026:
- Facial recognition required for transfers over VND 10 million (~$400)
- Daily transfer limit requiring biometrics: VND 20 million (~$800)
- Register biometrics via banking app or in-branch
Recommended Banks
| Bank | Pros | Cons |
|---|---|---|
| HSBC Vietnam | English support, international transfers | Higher fees, stricter requirements |
| Standard Chartered | Good for expats, global presence | Fewer branches |
| Vietcombank | Largest network, VND accounts | Limited English |
| Techcombank | Good mobile app | Mixed English support |
| TPBank | Modern, some flexibility | Smaller network |
Account Types
VND Savings Account: Standard account, low interest
Foreign Currency Account: Hold USD, EUR, etc.
Non-Resident Payment Account: Limited option for short-term visa holders (VND only, no interest)
Mobile Banking
Vietnamese banks have good mobile apps:
- Vietcombank: Solid features
- Techcombank: Modern interface
- TPBank: User-friendly
- HSBC: Full English support
QR code payments are widely accepted at shops and restaurants.
International Transfers
Incoming:
- Wire transfers work but may require branch visit
- Wise and Remitly transfer to Vietnamese accounts
Outgoing:
- Documentation required for amounts over certain thresholds
- Can be bureaucratic for large amounts
Alternatives
If unable to open a local account:
- Wise: Multi-currency account with VND option
- Payoneer: Receive payments from clients
- Cash: ATMs widely available (fees apply)
- Grab/Be: Local payment apps linked to international cards
Pro Tips
- •Get a long-term visa or TRC before trying to open a bank account
- •HSBC and Standard Chartered offer the best English support for expats
- •US citizens must complete FATCA forms—disclose citizenship upfront
- •Wise is a good alternative for receiving international payments
- •Register biometrics before July 2026 to avoid transfer complications
Have questions about banking in Vietnam?