Foreigners' Guide to Opening a Bank Account in Vietnam Master These Steps for Hassle-Free Account Setup

A Detailed Guide for Foreigners Applying for a Bank Card in Vietnam - Understanding These Steps Ensures a Smooth Account Opening

With Vietnam’s continuous economic development and increasing international integration, more and more foreigners are choosing to live, work, or invest in the country. Whether staying long-term or short-term, having a local bank card is essential for daily life - from paying rent, utility bills, shopping, and conducting online transactions. However, due to language barriers and differences in banking systems, many foreigners find the account-opening process confusing.

This guide provides an up-to-date and comprehensive overview of how foreigners can open a bank account in Vietnam, helping you navigate the process smoothly and confidently.

1. Choosing the Right Bank

Vietnam currently has several major commercial banks, including Vietcombank, Techcombank, Sacombank, ACB, and VPBank. Each offers different services, fee structures, and ATM coverage

Vietcombank A state-owned bank with numerous branches nationwide, ideal for those seeking stable and reliable service.

Techcombank VPBank Known for their advanced digital banking platforms and user-friendly mobile apps.

ACB Recognized for its streamlined procedures and popularity among expatriates in recent years.

Consider your location, usage habits, and whether you need online banking or mobile app functionality when selecting a bank.

2. Preparing Required Documents

While specific requirements may vary slightly between banks, the following documents are generally required

1. Original passport and copies including visa page and entry stamp

2. Valid visa or Temporary Residence Card

3. Proof of address This can be a rental contract, utility bill, or hotel stay confirmation

4. Employment or income proof some banks may require this

5. Personal contact information A Vietnamese phone number capable of receiving SMS you can purchase a SIM card locally

Some banks may also ask you to complete application forms in English or Vietnamese and conduct identity verification such as photo capture or facial recognition. Due to stricter anti-money laundering regulations, it's crucial that all documents are accurate and complete.

3. Step-by-Step Account Opening Process

1. Visit a Bank Branch

Locate the nearest branch via the bank’s official website. Many banks have foreign exchange counters or dedicated desks for international clients offering English assistance.

2. Complete Application Forms

Bank staff will help you fill out personal details, contact information, and occupation. If needed, ask them to explain any sections in English.

3. Submit Documents and Wait for Review

Once submitted, the bank will review your materials. Some banks complete the process on the same day, while others may take 1-3 business days.

4. Collect Your Debit Card and Activate Services

After approval, you’ll receive your physical card. It’s recommended to activate online banking or download the bank’s app right away for easier account management. Some banks also support Google Pay or Apple Pay integration.

5. Set Up Passwords and Security Features

Set a withdrawal PIN and transaction password to secure your account. Enabling SMS alerts is also highly recommended for real-time updates on account activity.

4. Key Tips and Common Questions

Is an appointment necessary?

Most banks don’t require one, but visiting during off-peak hours or scheduling an appointment via the bank’s app can save time.

Can I open a savings or checking account?

Foreigners can typically open a Savings Account Saving Account. For corporate or checking accounts, additional documentation may be required.

Are there annual or maintenance fees?

Policies vary by bank. Some waive fees for the first year, while others charge based on balance or frequency of use. Clarify these details before opening the account.

Can I apply online?

Currently, most banks require in-person visits to open an account. However, some banks are piloting remote video-based account opening, which may become more common in the future.

5. Recent Developments and Trends

As reported in late 2025, the State Bank of Vietnam is actively promoting fintech innovation and encouraging banks to offer more convenient services for foreigners. For example, Techcombank recently launched a multilingual digital banking platform, allowing non-Vietnamese users to complete part of the account-opening process online.

Additionally, several banks are collaborating with immigration authorities to simplify the linkage between residency documents and bank accounts. While mobile wallets like Momo and ZaloPay are becoming increasingly popular among expats, owning a local bank card remains essential for building credit history, making large transfers, or signing long-term contracts.

6. Conclusion

Although the process of opening a bank account in Vietnam can seem complex for foreigners, thorough preparation, choosing the right bank, and following staff instructions carefully can make it straightforward. As Vietnam continues to modernize its financial system, life for expatriates in the country is expected to become even more convenient.

We hope this guide serves as a practical reference to help you easily establish your financial presence in Vietnam.