Easing Bank Card Application in Vietnam Revealing the Process and Practical Tips

How to Easily Open a Bank Account in Vietnam A Step-by-Step Guide and Practical Tips

With the growing economic and trade exchanges between China and Vietnam, an increasing number of Chinese citizens are traveling, working, or investing in Vietnam. Whether for daily expenses, money transfers, or participation in local business activities, having a Vietnamese local bank card has become increasingly important. So, how can foreigners, especially Chinese citizens, easily open a bank account in Vietnam? This article provides a detailed guide based on the latest developments and practical experiences.

1. Which Banks Allow Foreigners to Open Accounts?

Vietnam’s banking system is well-developed, with major commercial banks including

Vietcombank Vietnam Joint Stock Commercial Bank for Foreign Trade

VietinBank Vietnam Joint Stock Commercial Bank for Industry and Trade

Agribank Bank for Agriculture and Rural Development

Techcombank Vietnam Technological and Commercial Joint Stock Bank

Sacombank Saigon Commercial Bank

In recent years, with the growing number of expatriates, some banks have gradually relaxed restrictions on foreign account holders. According to 2025 media reports, under the financial liberalization policies promoted by the State Bank of Vietnam SBV, banks are encouraged to offer more convenient financial services to foreigners. For example, Techcombank and Vietcombank have launched dedicated account opening services for foreign clients, especially in major cities like Ho Chi Minh City, Hanoi, and Da Nang.

2. Required Documents for Opening a Bank Account

Foreigners, including Chinese citizens, typically need the following documents to open a bank account in Vietnam

1. Original and photocopy of a valid passport

2. Valid visa or Temporary Residence Card TRC

3. Proof of local address, such as a rental contract, hotel booking confirmation, or utility bill

4. Employment proof or employer recommendation letter required by some banks

5. Tax Identification Number TIN or related tax documents some banks may request this

Please note that specific requirements may vary between banks. For instance, Vietcombank tends to be stricter and may ask for additional supporting documents, while Techcombank is more flexible and has a faster approval process.

3. Step-by-Step Guide to Opening a Bank Account

1. Choose the Right Bank

Prioritize banks with branches in city centers or expat communities, such as Vietcombank, Techcombank, or Sacombank. These banks often provide English service, and some even offer Chinese support.

2. Make an Appointment

Some banks offer online appointment services via their official website or mobile app, helping you save time on-site.

3. Visit the Bank Branch

Bring all required documents and fill out the account opening application form. Submit copies of your documents and wait for the staff to review them. A brief interview may be conducted.

4. Set Up Your Password and Receive the Card

Upon approval, the bank will open your account and issue a debit card. Some banks allow same-day card pickup, while others may take 1-3 business days.

5. Activate and Link Services

Activate your card at an ATM and download the bank’s official mobile app for account management. Some banks allow linking to Alipay or WeChat Pay for cross-border transactions, but make sure the card supports international payments.

4. Practical Tips from Experience

Prepare All Documents in Advance

Make sure all documents are complete and copies are clear. Some banks have specific format requirements for photocopies.

Choose the Right Account Type

Most banks offer Savings Accounts and Current Accounts. For foreigners, a savings account is usually more cost-effective and supports ATM withdrawals.

Understand Account Maintenance Fees

Some banks charge monthly fees if the account balance falls below a certain threshold. Ask about this before opening an account and choose a low-cost or fee-free option.

Limited Chinese Support

While English is widely spoken in major cities, Chinese-speaking staff are rare. Consider bringing a translation app or a Vietnamese-speaking friend.

Link to Local E-Wallets

Vietnam’s mobile payment landscape is booming. Popular platforms like Momo, ZaloPay, and VNPay are widely used. Linking your bank card to these apps can greatly enhance daily convenience.

Cross-Border Transfer Tips

To send money back to China, use Wire Transfer or the SWIFT system. Ensure you provide the correct IBAN and SWIFT/BIC code, and confirm the transfer fees and exchange rates.

5. Frequently Asked Questions

Q Can I open an account without a residence card?

A Some banks accept short-term visas like tourist visas, but success rates are lower. A work visa or long-term residence permit is recommended.

Q Can I use the card for online shopping?

A Most cards support Visa or MasterCard standards and can be used on both local and international platforms, but you may need to activate international transaction features.

Q Is remote account opening possible?

A Most banks still require in-person visits, but some allow video verification followed by card delivery by mail.

Q Can I open a USD-denominated account?

A Some banks offer USD savings accounts. Check with the bank for specific policies and exchange rate regulations.

6. Conclusion

Opening a bank account in Vietnam may seem challenging for foreigners, but with proper preparation and understanding of the process, it is entirely manageable. As Vietnam’s financial system continues to open up, banking services for expatriates will become increasingly convenient. Whether you're visiting temporarily or planning a long-term stay, having a local bank account enhances both daily life and business operations.

We hope this guide helps you smoothly start your financial journey in Vietnam.