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Opening a Bank Account in Vietnam as a Foreigner: Step-by-Step Guide

CliffDecember 20, 20257 min read

Getting a Vietnamese bank account makes life significantly easier - paying rent, utilities, and shopping all become simpler. The process isn't complicated, but there are some quirks to navigate. Here's exactly how to do it.

Money Setup Stack

Set up transfers first, then solve your US address problem

Before you walk into a Vietnamese branch, get your transfer flow and mail setup sorted. Wise makes moving money into Vietnam much easier, and US Global Mail is worth considering if you still need a reliable US mailing address for statements, tax documents, or bank security checks.

Open Free AccountSet Up a US Address

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Do You Actually Need a Vietnamese Bank Account?

For short stays (under 3 months), you can probably get by with:

  • Wise card (multi-currency, great rates)
  • Charles Schwab debit card (no foreign transaction fees, ATM fee rebates)
  • Cash from ATMs

For longer stays, a local account is worth it for rent payments, utility bills, and accessing Vietnamese digital payment systems like MoMo and ZaloPay.

Requirements for Opening an Account

Passport - Original with valid visa
Visa - At least 3 months remaining validity (some banks require 6 months)
Vietnamese phone number - Required for online banking and OTPs
Proof of address - Lease agreement, utility bill, or employer letter
Initial deposit - Usually 500,000-2,000,000 VND ($20-80)

Best Banks for Expats

Techcombank (Our Top Pick)

  • Best English-language app and online banking
  • Easy account opening process for foreigners
  • Good international transfer options
  • Accepts tourists with 3-month visas

Minimum deposit: 1,000,000 VND (~$40)

Vietcombank

  • Largest state-owned bank, most ATMs
  • Reliable but more bureaucratic
  • May require work permit or TRC at some branches
  • English support varies by branch

Minimum deposit: 500,000 VND (~$20)

BIDV

  • Good for those with work permits
  • Competitive rates for savings accounts
  • Extensive branch and ATM network

May require longer-term visa

HSBC / Citibank / Standard Chartered

  • International banks with Vietnam branches
  • Higher minimum balances and fees
  • Best for high-net-worth individuals or corporate accounts
  • Easier international transfers

Minimum balance: $1,000-10,000 depending on account type

Step-by-Step Process

  1. Get a Vietnamese SIM card first - You'll need it for verification codes. Viettel and Mobifone are the major carriers.
  2. Choose your bank and branch - Call ahead or check online which branches handle foreigner accounts. Central/expat area branches are usually better.
  3. Visit during weekday mornings - Less crowded, more time for staff to help with the process.
  4. Bring all documents - Passport, visa, phone, proof of address, and cash for initial deposit.
  5. Fill out application forms - Staff will guide you. Forms may be in Vietnamese with English assistance.
  6. Wait for account activation - Usually same day for debit card, 1-3 days for online banking.
  7. Download the mobile app - Set up fingerprint/face login for convenience.

NestAbroad Pro Tip

Bring a Vietnamese-speaking friend or use our translator service. While many bank staff speak some English, having a translator speeds up the process significantly and helps with any complications.

Managing Money in Vietnam

Once you have your account set up:

  • Link to MoMo or ZaloPay - Mobile payment apps used everywhere
  • Set up auto-pay for utilities and phone bills
  • Use Wise for receiving foreign currency and converting at good rates
  • Keep USD savings abroad - Interest rates on VND savings are higher but currency risk exists

Our go-to tool for transfers: Wise

If you're funding life in Vietnam from abroad, this is usually the cleanest way to move money without getting crushed by bank wire fees and bad exchange rates.

Open Free Account

Sending Money to Vietnam

The best options for transferring money from abroad to your Vietnamese account:

  • Wise: Best rates, fast, transparent fees (~$5-15 for typical transfers)
  • Remitly: Good for larger amounts, promotional rates available
  • Western Union: Expensive but reliable, good for cash pickup
  • Bank wire: Slow and expensive, avoid if possible

Need a US address while abroad?

US Global Mail is a strong option if your banks, cards, or tax documents still need to route through a US mailing address.

Set Up a US Address

Running a remote business?

Mercury is worth comparing if you need US business banking while operating from Vietnam.

See Business Banking

Banking Setup Included

All our packages include banking setup assistance. We'll accompany you to the bank with a translator and ensure your accounts are ready for daily life.

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Cliff

Cliff is the Founder of NestAbroad and writes about visas, relocation planning, banking, and the practical realities of moving to Vietnam and Southeast Asia. His perspective is grounded in firsthand relocation experience and years of helping Western expats make the move with more clarity and less friction.

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