System overview
Vietnam's banking sector is dominated by four state-owned commercial banks (Vietcombank, VietinBank, BIDV, Agribank) and a growing number of private joint-stock banks (Techcombank, TPBank, VIB, ACB, MB Bank). The State Bank of Vietnam regulates all [1]. The sector has grown rapidly, digital banking is advanced, and foreign-owned banks (HSBC, Standard Chartered, Shinhan) also operate locally. The Vietnamese dong (VND) is a managed currency with tight central-bank control; offshore convertibility is limited.
Opening an account as a foreigner
Requirements follow a standard pattern under SBV Circular:
- Valid passport with visa or Temporary Residence Card (TRC). Tourist visas are generally insufficient.
- Proof of residence in Vietnam: rental contract or hotel registration certificate from the local police.
- Some banks require a work permit for current accounts; savings accounts may be possible with just a valid TRC or long-stay visa.
- Initial deposit: typically 100,000-1,000,000 VND (about 4-40 EUR).
Private banks (Techcombank, TPBank, VIB) tend to be more foreigner-friendly than state-owned banks. English-speaking staff are common in Hanoi and Ho Chi Minh City branches but rare in provincial branches.
Account types
- Savings account (demand deposit): everyday account. Interest rates historically modest (3-5% as of 2026 on demand deposits, higher than most regional peers). No monthly fee if minimum balance (usually 50,000-500,000 VND) is maintained.
- Term deposit (time deposit): 1 to 24 months. Rates of 5-7% for longer terms in 2026. Popular with expats for holding emergency funds.
- Current account: for cheque-writing (rarely used in Vietnam) and business. Requires a work permit or business registration.
International transfers
Inbound
SWIFT transfers are standard. Vietnam's correspondent-bank fees add 10-25 USD per inbound transfer. Wise is available but you must label transfers correctly for SBV reporting. Cryptocurrency is not recognised as legal tender by SBV; inbound transfers from crypto exchanges may be delayed or rejected.
Outbound
Vietnam has tight capital controls. Outward remittances by individuals are limited and require documentation of source of funds and tax clearance. Practically, most expats transfer money into Vietnam and spend locally rather than accumulating savings in VND. Any significant outward transfer (above 1,000 USD equivalent per day in some banks) requires a paper reason and supporting docs.
Digital banking
Vietnamese banks have some of the most advanced mobile apps in the region by feature set. Techcombank, TPBank and MB Bank offer fully English-capable apps. Standard features:
- QR code payments (VietQR is universal across merchants).
- Instant interbank transfers (NAPAS network, free and instant between participating banks).
- Bill payment, mobile top-up, and investment products.
- International wire initiation (in-app, but outbound wires often require in-branch verification for first-time recipients).
Foreign-currency accounts
Residents may hold foreign-currency accounts (USD, EUR) at commercial banks [1]. However, converting VND to foreign currency for savings purposes is restricted. A foreign-currency account is most useful for receiving an overseas pension or salary in EUR/USD and then converting to VND only as needed, avoiding the conversion spread twice.
Debit and credit cards
Debit cards (Visa/Mastercard/JCB) are standard with savings accounts. Foreigners with a work permit and verifiable income can get credit cards (typically 15 million VND/month minimum). Without a work permit you need a security deposit equal to 100% of the credit limit. International cards work at most merchants in cities; cash is still king in rural areas and for small transactions.
ATMs
Widespread in cities, less so in rural areas. Foreign-card withdrawal fees are 20,000-50,000 VND (about 0.80-2 EUR) per transaction at most banks. Maximum per withdrawal is typically 2,000,000-5,000,000 VND (80-200 EUR).
Tax implications of interest
Interest on VND savings accounts attracts 5% withholding tax (final). Interest on foreign-currency accounts is generally not subject to withholding if paid in foreign currency.
This page is not financial advice. Confirm current requirements with the specific bank branch.