Yes, but you need a visa and a Vietnamese address

Foreigners can open a bank account in Vietnam, but the process is more restrictive than it is for citizens. Most banks require you to hold a valid visa (tourist, business, or long-term), have a Vietnamese residential address, and provide a passport. Some banks will not open accounts for tourists on short-term visas at all. The major banks that accept foreign account holders are Vietcombank, BIDV, Techcombank, and ACB, though policies vary by branch and change without notice.

The account itself works like any other Vietnamese bank account once it is open. You can receive wire transfers, pay bills, use a debit card, and access online banking. The main limitation is that you cannot open an account remotely—you must appear in person at a branch with your documents. If you are planning to stay in Vietnam for work or study, opening an account early in your stay is worth doing, because the process can take several weeks and some branches move slowly.

Key Takeaways

  • You must have a valid visa and a Vietnamese address to open a bank account; tourist visas may not be accepted by all banks.
  • Bring your passport, a proof of address (utility bill, rental agreement, or letter from your employer), and your visa in person to a bank branch.
  • Processing takes one to four weeks depending on the bank and branch; some banks require a minimum deposit, usually between 50,000 and 500,000 Vietnamese dong.
  • Major banks like Vietcombank and BIDV have English-speaking staff at larger branches, but smaller branches may not.
  • Once your account is open, you can receive international wire transfers, though fees and exchange rates vary by bank.

What documents you need to bring

Your passport is the primary document. Bring the original, not a copy, and make sure it is valid for at least six months beyond your intended stay. Banks will photocopy it during the account-opening process. You will also need proof of your Vietnamese address—a utility bill (electricity, water, or internet), a rental agreement, or a letter from your employer or landlord stating your address and confirming you live there. If you have just arrived and do not have a utility bill yet, a signed letter from your landlord or accommodation provider is usually accepted, though some branches are stricter than others.

Your visa must be valid and in your passport. Tourist visas, business visas, and long-term residence permits all work, but the bank will check the expiration date. If your visa expires within a month or two, some branches may refuse to open an account because they consider you a flight risk. Bring your visa documentation even if it seems obvious—banks are cautious about this. A few banks also ask for a tax identification number (TIN), which you can obtain from the local tax office, but this is not always required for a basic account.

Which banks accept foreigners and what they require

Vietcombank (Vietnam Joint Stock Commercial Bank for Foreign Trade) is the most foreigner-friendly of the major banks. Branches in Hanoi, Ho Chi Minh City, and Da Nang have English-speaking staff and clear processes for foreign account holders. They accept tourist visas and do not always require a minimum deposit, though some branches ask for 100,000 to 500,000 dong. Processing typically takes one to two weeks.

BIDV (Bank for Investment and Development of Vietnam) also accepts foreigners, but policies vary by branch. Larger branches in major cities are more accommodating; smaller branches sometimes refuse. Minimum deposits range from 50,000 to 1,000,000 dong depending on the branch. Processing can take two to four weeks.

Techcombank and ACB (Asia Commercial Bank) accept foreigners but are less consistent than Vietcombank. Techcombank branches in central business districts tend to be more open to foreign accounts; ACB is more selective. Both may require a higher minimum deposit and longer processing times. If you are working for a company, ask your HR department which bank they use—many employers have relationships with specific banks that speed up the process.

Smaller or regional banks often refuse to open accounts for foreigners, or require a Vietnamese co-signer. It is worth calling ahead to the specific branch you plan to visit and asking whether they accept foreign account holders on your visa type. Policies change, and a branch that accepted foreigners last month may have new instructions this month.

The step-by-step process at the bank

Arrive at the bank during business hours with all your documents. Most Vietnamese banks are open Monday to Friday 8 a.m. to 5 p.m., with a lunch break from 11:30 a.m. to 1 p.m. Saturday hours vary; some branches close on Saturday, others open until noon. Go to the customer service desk and tell them you want to open a savings account (or current account if you need one for business). They will give you a form to fill out, usually in Vietnamese and English.

The form asks for your name, date of birth, passport number, Vietnamese address, phone number, and occupation. Fill it out carefully and in block letters—banks are particular about this. Hand the form back with your passport and address proof. The staff will photocopy your documents and may ask you to sign the copies. They will also ask you to set up a PIN for your debit card and choose a password for online banking. Some branches ask you to sign a terms-and-conditions document; read it or ask for an English translation if you do not understand it.

The bank will tell you when your account will be ready—usually within one to four weeks. They will give you a reference number. Do not leave without it. You will need this number to check on your account status. Some banks call you when the account is ready; others do not. Call the branch after two weeks if you have not heard anything. When your account is ready, return to the bank to collect your debit card and passbook (a physical record of transactions, which Vietnamese banks still issue). Your online banking login will be activated at the same time.

Fees, limits, and what happens to your money

Most banks charge a monthly account maintenance fee of 10,000 to 50,000 dong (less than $2 USD), though some waive it if you maintain a minimum balance. Debit card fees are typically 50,000 to 100,000 dong per year. ATM withdrawals at your bank's machines are free; withdrawals at other banks' ATMs cost 10,000 to 20,000 dong per transaction. International wire transfers into your account are usually free, but outgoing transfers cost 100,000 to 300,000 dong plus the correspondent bank's fee (which can be substantial). Exchange rates for foreign currency deposits are set by the bank and are usually slightly worse than the market rate.

There is no legal limit on how much money you can keep in a Vietnamese bank account as a foreigner. However, if you receive large international transfers (over $10,000 USD in a single transaction), the bank may ask you to declare the source of the funds for anti-money-laundering compliance. This is routine and not a problem if the money is legitimate—just be prepared to explain where it came from. Keep receipts or documentation of the transfer.

Your money is protected by the State Bank of Vietnam's deposit insurance scheme, which covers up to 75 million dong per account per bank. If the bank fails, you are covered up to that amount. This protection applies to foreign account holders the same way it applies to Vietnamese citizens.

Online banking and international transfers

Once your account is open, you can set up online banking through the bank's website or mobile app. Most major Vietnamese banks have English-language interfaces. You will log in with your account number and password. Online banking lets you check your balance, transfer money between your own accounts, pay bills to Vietnamese companies, and initiate international wire transfers.

To receive money from abroad, give the sender your account number, the bank's SWIFT code (which you can find on the bank's website), and your full name as it appears in your passport. Processing time for incoming international transfers is usually two to five business days. To send money out of Vietnam, log into online banking or visit the bank in person. You will need the recipient's bank details and will pay the outgoing transfer fee. Processing time is typically three to seven business days, depending on the destination country and the receiving bank.

Some banks limit the amount you can transfer online per day or per month. Vietcombank, for example, may cap daily online transfers at 500 million dong for new accounts, though you can request a higher limit after a few months. Ask your bank about these limits when you open your account.

What to do if a bank refuses you

If a branch refuses to open an account for you, ask why. If they say it is because of your visa type, ask whether a longer-term visa would change their decision. If they say it is their policy, ask to speak to a manager—policies are sometimes enforced inconsistently, and a manager may override a staff member's refusal. If the manager also refuses, try a different branch of the same bank or a different bank altogether. Vietcombank is usually the most flexible option.

If you are staying in Vietnam long-term, consider obtaining a temporary residence card (TRC) from your local immigration office. This is not a visa, but it is a separate document that proves you are a legal resident. Some banks view this more favorably than a tourist visa and may be more willing to open an account or offer better terms. The process for obtaining a TRC varies by province and takes two to four weeks.

If you cannot open a bank account, you can still receive money through informal channels like Western Union or MoneyGram, though fees are higher and the process is slower. Some expats also use online payment services like Wise (formerly TransferWise) to move money in and out of Vietnam, though you will need a Vietnamese bank account to withdraw the money once it arrives.

Frequently Asked Questions

Can I open a bank account on a tourist visa?

Most major banks will open an account for someone on a tourist visa, but it depends on the branch and the bank. Vietcombank is the most likely to accept you. Smaller branches and regional banks often refuse. Call ahead to the specific branch you plan to visit and ask whether they accept tourists. If your tourist visa expires within a month, some banks will refuse because they consider you a flight risk.

How long does it take to open an account?

Processing time ranges from one to four weeks depending on the bank and branch. Vietcombank is usually faster (one to two weeks); BIDV and smaller banks can take three to four weeks. You will be given a reference number when you submit your application. Call the branch after two weeks if you have not heard anything. Some banks do not call you when the account is ready, so you may need to check in yourself.

What is the minimum deposit?

Most banks do not require a minimum deposit to open a savings account, though some branches ask for 50,000 to 500,000 dong (roughly $2 to $20 USD). A few banks require higher minimums for certain account types. Ask the bank when you visit. If they ask for a deposit and you do not have Vietnamese dong yet, you can usually exchange money at the bank itself or at a money changer nearby.

Can I use my foreign address instead of a Vietnamese one?

No. Banks require a Vietnamese residential address. If you do not have one yet, ask your employer, landlord, or accommodation provider for a letter confirming your address. If you are staying in a hotel or hostel temporarily, use that address and explain the situation to the bank. Once you move to a permanent address, you can update your address with the bank.

What happens to my account if I leave Vietnam?

Your account remains open and active. You can continue to use it to receive international transfers and access your money online from anywhere. You can also keep the account open indefinitely, even if you do not return to Vietnam. However, if the account sits inactive (no deposits or withdrawals) for a long period, some banks may freeze it or charge inactivity fees. Check your bank's policy. If you want to close the account, you can do so by visiting the bank in person or, at some banks, by submitting a request online.