Find out how to go about opening a bank account in Vietnam: the documents needed and the process to expect...
Many companies in Vietnam have arrangements with particular banks for salary payments, so employees should check with their employer before opening a bank account.
To open a bank account in Vietnam customers need to be over 18 years old. Foreigners need to be able to provide a permanent residential address in Vietnam. It is impossible for non-residents to open a bank account before arrival.
The following documents should be taken to the chosen bank:
- Passport (foreigners also need a valid visa)
- Residency card
- Work permit
The bank will then provide an application form so that the customer can choose the bank services required.
A bank account can be opened within a day, although it takes a further 3-5 days to receive the bank card. A deposit is also required (usually between VND 50,000 - 100,000).
It is also possible to set up an account online or by telephone although the process may take longer.
Useful Terminology
| Vietnamese | English |
|---|---|
| Tai khoan ngan hang | Bank account |
| Tien da rut | Cash withdrawal |
| The tin dung | Credit card |
| So tien con lai | Current amount |
| Ghi no | Debit |
| Tien dat coc | Deposit |
| Ky ten | Signature |