Banking in Vietnam for Foreigners 2026: A Practical Guide

Can Foreigners Open a Vietnamese Bank Account?

Yes - but requirements vary by bank and by your visa status.

In general:

• Easiest: Foreigners with a TRC (Temporary Residence Card) or valid work permit
• Possible: Foreigners with a long-stay visa (business visa, investor visa)
• Difficult: Foreigners on tourist visas or e-visas
• Nearly impossible: Tourists with no long-term documentation

Some banks have become more foreigner-friendly in recent years; others have added bureaucratic hurdles. The situation changes frequently and varies by branch.

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Required Documents

1. Passport (original and photocopy)
2. Valid Vietnamese visa (original and photocopy)
3. TRC or Work Permit (if you have one - significantly increases your chances)
4. Proof of address in Vietnam (utility bill, lease agreement, or hotel registration)
5. Initial deposit (typically 500,000-2,000,000 VND / $20-80)
6. Tax identification number (MST) - increasingly required by larger banks

Branch staff interpretation varies significantly. Going to a foreigner-friendly branch in an expat-dense area (Thao Dien in HCMC, Tay Ho in Hanoi) consistently produces better outcomes than smaller local branches.

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Best Banks for Expats

VPBank

Widely considered the most foreigner-friendly by the expat community:

• English-speaking staff at major branches
• Accepts e-visa holders at some branches (branch-dependent, worth calling ahead)
• Good mobile app with English interface
• Relatively smooth international transfer process

Techcombank

• Modern app with a good user experience
• English-language interface available
• Requires TRC or work permit at most branches
• Popular among expats employed by local or foreign companies

BIDV

• State-owned and reliable
• Wide branch and ATM network nationally
• More bureaucratic than private banks
• Works well for those with full documentation

Vietcombank

• Largest bank in Vietnam, most ATMs nationwide
• More bureaucratic than private banks
• Better suited to long-term residents with complete documentation

HSBC Vietnam

• International standards and process
• Global account linking possible if you already bank with HSBC internationally
• Higher minimum balance requirements
• Easiest for those with an existing HSBC relationship

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What You Can Do with a Vietnamese Account

• Receive VND salary payments
• Pay rent and utilities by transfer
• Access ATMs nationwide at zero fee (own bank) or minimal fee (other banks)
• Pay via local QR apps (ZaloPay, VNPAY, MoMo)
• Send money internationally (with documentation of income source)
• Receive international transfers

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International Money Transfers

Sending Money Out of Vietnam

Requires documentation of the legal source of funds. Employment income supported by tax receipts is straightforward. Large undocumented transfers may be blocked. Banks typically require tax payment receipts for transfers above certain thresholds.

Receiving Money into Vietnam

Generally smoother. Large incoming transfers may require a brief explanation of source. Works well for remote workers receiving salary from abroad.

Best Transfer Tools

Service	Best For	Fee	Speed
Wise (formerly TransferWise)	Mid-size transfers ($500-10,000)	0.5-2%	1-3 days
Revolut	Small, frequent transfers	Low	Same day
Bank wire	Large formal transfers	$20-50 flat	1-5 days
Western Union	Cash pickup option	Higher	Varies

Wise is the most popular tool among expats in Vietnam - transparent fees, good exchange rates, VND is a supported currency.

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If You Cannot Open a Vietnamese Account

Many shorter-term expats and digital nomads never open a local account and function perfectly well without one.

Wise Multi-Currency Account

• Hold VND, USD, EUR, GBP, and others in one place
• Debit card works at all Vietnamese ATMs and contactless merchants
• Best exchange rates available to individual users
• No Vietnamese bank account required
• The most widely recommended tool in the expat community

Revolut

• Similar to Wise
• Better for Europeans (EUR/GBP-based)
• Works at all ATMs in Vietnam

International Cards with Low Fees

• Charles Schwab Investor Checking (USA): Refunds all ATM fees worldwide. The gold standard for American travelers and expats.
• Starling Bank (UK): No foreign transaction fees, easy ATM access
• Monzo (UK): Works well internationally, popular with UK expats

Cash (VND)

Still widely used in Vietnam, particularly for markets, street food, smaller shops, and landlord rent payments. Getting sufficient VND from ATMs is easy - the fee per withdrawal is your only cost.

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ATMs: What to Know

• Most ATMs available: Vietcombank, BIDV, Agribank - distributed across all cities
• Withdrawal limits: Typically 2,000,000-5,000,000 VND per transaction ($80-200). Multiple transactions in one session generally work.
• Fees for foreign cards: 30,000-60,000 VND ($1.20-2.50) per withdrawal, plus whatever your own bank charges
• Skimming risk: Use ATMs inside bank branches or at hotel lobbies rather than standalone street ATMs where possible

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Mobile Payment Apps

Vietnam has a fast-evolving mobile payment ecosystem:

• MoMo: Most popular Vietnamese e-wallet. Increasingly accessible to foreigners with a Vietnamese phone number and basic ID.
• ZaloPay: Integrated with Zalo (Vietnam's equivalent of WhatsApp)
• VNPAY: QR-based payment accepted at most supermarkets, restaurants, and larger shops
• GrabPay: Integrated with the Grab app - simplest for paying rides and food delivery

These apps increasingly accept Visa and Mastercard, meaning basic functionality does not require a local bank account.

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Getting Paid as a Freelancer or Remote Worker

The cleanest setup for remote workers:

1. Invoice and receive payment through a home-country business entity (sole trader, LLC, limited company)
2. Receive into a home-country or Wise account
3. Transfer to Vietnam as needed for living expenses
4. Maintain clear records of all transfers in and out

This is not tax advice - speak with an accountant familiar with both your home country obligations and Vietnamese requirements. See our Vietnam Tax Guide.

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Where This Is Headed

Vietnam's banking sector is rapidly digitizing. Cashless payment is increasingly standard in cities - QR codes are accepted at most shops, restaurants, and markets. The practical situation for expats improves year by year, particularly for those with TRCs or work permits. For nomads and shorter-term visitors, Wise and Revolut fill the gap effectively and most do not feel the absence of a local account.