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Banking in Vietnam – Everything You Need to Know 2024

Banking in Vietnam – Everything You Need to Know 2024

ATMs are easy to find for many travelers – from big cities to smaller towns. As long as there is a backpacker trail, international ATMs will be around the corner. For foreigners planning to move to Vietnamopening their own bank account is an excellent step in saving money from the currency exchange rate and ATM fees.

Vietnamese Dong (VND) is the currency in Vietnam; however, US dollars, the British pound, and Australian dollars are common in the tourism industry. These major currencies can be used easily when booking a tour and paying for your room.

The Vietnamese Dong is one of the weakest currencies in the world. At this moment, US$1 is equivalent to around VND 24,000. Many newcomers will say, “You only need $50 to be a millionaire in Vietnam”. Vietnam’s lowest bill is 200 VND, which is sometimes hard to get rid of. Vietnam also decided to get rid of their coins, which is pretty nice, your wallet can be a lot lighter.



BANKING IN VIETNAM -How To Open A Bank Account, Requirements, ATM Fees
Photo credit: Firmbee via

There are many international banks in Vietnam. Some operate fully in the country, while others only place ATM machines from the north to the south, following the backpacker trail. Each ATM charges different fees, and you can only withdraw VND, not your home currency or other currencies.

RELATED POST: International and local hospitals and medical clinics in Vietnam


Citibank is a bank from the US operating all over the world. Here are the requirements to apply for a bank account:

  • A minimum initial deposit of VND 2,000,000, USD 100, or equivalent

Documents required for Vietnamese:

  • Primary ID: National ID/Citizen ID/Passport
  • Secondary ID: Home Registration Book or Driver’s license.

The following documents are required for foreigners (resident/non-resident) and must be translated to Vietnamese and notarized:

  • Passport
  • Valid visa
  • Residence card

More info on their website.


HSBC is an international bank founded in Hong Kong but now operates worldwide. Here are the requirements to open a bank account:

  • Personal account opening form
  • A duplicate copy of the original ID card (for local Vietnamese) or passport (for foreigners)
  • A duplicate copy of a valid visa to Vietnam (for foreigners)
  • A duplicate copy of the labor contract (for foreigners, if any)
  • Address proof documents, apartment contract, bill statement in your name
  • Individuals aged 18 and above
  • The minimum monthly average balance of VND 3,000,000

Find more information here.

Banking in Vietnam

Bangkok Bank

Requirements to open a savings account with Bangkok Bank:

For foreigners

  1. Foreigner with a work permit
  • Passport
  • Work Permit
  1. Foreigner without a work permit
  • Passport
  • A reference letter issued by one of the following institutes or organizations or a required document
    • Embassy located  in Vietnam 
    • An overseas bank where the customer holds an account sent via SWIFT 
    • Trusted individuals such as a Bangkok Bank staff member or customer, director of a private company, permanent residence in Thailand, government or private educational institutes located in Vietnam trusted by the bank
    • Trusted companies, e.g., an employment letter from the company if the customer is applying for a work permit.

Notes: Contact addresses for both Vietnam and overseas must be provided (hotel and P.O. Box addresses are unacceptable).

  1. Foreigner with permanent residence in Vietnam
  • Passport, Certificate of Residence, or Alien Certificate 
  • House registration document

More information to read here.

Other banks

  • Deutsche bank
  • Scotiabank
  • Maybank
  • ANZ bank

RELATED POST: Teaching English in Vietnam

Photo credit:


These local Vietnamese banks are listed based on their popularity. Almost all of them accept international bank cards on their ATMs as long as they are with VISA, MasterCard, JCB, Cirrus, Maestro, and UnionPay.


Vietcombank is a state-owned bank. The following are the requirements to open a savings bank with Vietcombank:

  • Valid passport
  • Passport ID
  • Valid visa
  • Residence permit
  • Valid residence address
  • Initial deposit cash

You can read more information here.


VIB is a local bank that offers an amazing number of banking features to expats in Vietnam. If you have a valid TRC, you can easily open an account and get a MasterCard. Their best feature is the ease of applying for an account and how convenient it will be to transfer money from your international account to your VIB account without hassle.

With Vietcombank, only your employer can often transfer money to the account, and international transfer (to receive) won’t be possible. With VIB, it only takes a moment to receive the transfer as long as you transfer during working days.

Here are the requirements:

  • Passport
  • Temporary Residence Card (TRC)
  • Address in Vietnam (you don’t need to bring your lease contract, but in case, bring a copy)
  • Local mobile phone

Read more here – you can choose from Digital Bank, Debit Account, or Current Account.

Other local banks



Timo is a new ‘digital’ bank less bureaucratic than other Vietnamese banks. Opening an account is easy, and the mobile banking app is very intuitive and has many useful features. Find more information here.



A few years ago, there were only a few expats who were living in Vietnam. Opening a bank account was easy; the government didn’t care a lot, and banks don’t have many rules to follow. All you need to do is show your passport, visa stamp, address wherever you are staying, and an opening cash deposit.

Since Vietnam gained more traction and started getting more expats to come, live, and most likely teach here, opening a bank in Vietnam became more strict and regulated.

RELATED POST: How to find an apartment in Vietnam

Choose the Bank

Your first task is to choose the bank you want. The requirements are different depending on which bank you apply to. International banks can be more strict than local ones, while the good side of having an international bank is the big chance that their staff speaks English and that they have better services such as online banking and mobile banking.

Make a list of the banks you want and check their requirements online, or it is much better to go to their office and ask for the list of requirements. The standard requirements are:

  • Your passport and valid visa (present the original and make a photocopy)
  • Your apartment contract showing your address
  • Valid work permit or temporary residence permit
  • For an initial cash deposit, many banks have a minimum of $20 ($400.000 VND)
  • Some banks will ask for your passport-sized photo

Submit your requirements and wait

The next step is to submit your requirements to the bank; once everything is ready, your bank will tell you when to pick up your bank card. Typically, it takes between 4 to10 working days. Some banks can get your bank card ready in just a few minutes.

Some banks will give you two bank cards that are connected to one account: one Visa card and one MasterCard.

RELATED POST: What is the cost of living in Vietnam

Apply for online and mobile banking

The last step is to apply for mobile banking and online banking. Access to this service will let you transfer money to another local bank or account. Depending on the Bank, some of their online portals are both in Vietnam and English.

BANKING IN VIETNAM -How To Open A Bank Account, Requirements, ATM Fees

Photo credit: stevepb via


Here are the things you need to know and remember before opening a bank account in Vietnam. The rules have changed and have become a lot harder; if you see yourself staying here for at least six months with a job, you may want to consider opening a bank account to avoid all the ATM fees.

You can’t just come here and open a bank account

Today, not many bank companies let foreigners on a tourist visa or aspiring expats open a bank account easily. Some even say no to foreigners; the company wouldn’t want to deal with the paperwork.

When I first arrived in Vietnam, I managed to open a savings account with Vietcombank on a tourist visa; I was only required to fill out a form, present my passport, give the cash deposit, and write the address of my hostel.

At that time, I was planning to work as an English teacher. Therefore, I explained to the bank personnel that I would submit my work permit and job contract together with my apartment contract once it was ready – that time, it was as easy as that.

International bank companies can be a pain

If you think opening a bank account with HSBC, ANZ, or Citibank would be ideal, you are wrong. These companies are a lot stricter. They require more documents, and their fees can be higher. However, these companies hire staff who speak English well, meaning you will have an easier time talking with their employees. Some of them can even connect to your bank from your home country.

backpacking in vietnam travel cost and budget

It’s not easy to send money out of Vietnam

This is true and wrong at the same time. Of course, there’s always a way to make things work. Vietnam has so many expats, the community is massive, and when everyone is in the same situation, they find ways and share them.

On the fine print, if you have a work permit and a local bank in Vietnam where you receive your salary, you can send money out of Vietnam. However, the amount can be limited per transaction and with high fees.

There is no money transfer in Vietnam apart from Western Union; with them, they will still ask for your work permit to prove that you work here.

Learn how to navigate all these issues in our guide to transferring money out of Vietnam.

ATM fees and withdrawal limits

Many ATMs will only let you withdraw a maximum of $150 (3 million VND). If you use an internal ATM card, the fee can be as high as $4 per transaction.

However, some ATMs will let you withdraw up to $400 (10 million VND) per transaction; they are rare but existing.

If you have a local bank, many ATMs are with no charge or will credit you for as little as $.25 (5.000 VND)

Using your bank card out of Vietnam

Your bank card will work just like any other ATM card outside of Vietnam. If you have one with a Visa or MasterCard logo, it should work without a hassle. The ATM fee varies depending on your bank and the ATM you will be using.


Banking hours in Vietnam are different for each bank. The standard hours are:

  • Monday to Friday from 8 AM to 11 AM, then again from 1 PM to 5 PM

To make sure you go to a bank where the staff speaks English, check out those where most expats live.

I hope you found this banking in Vietnam article helpful and it has answered most of your questions. Let us know in the comment section below if anything is unclear or if you have some information that we should add.

Featured Image Credit: Shutterstock / PrasongTakham.

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Florian Rücker

Sunday 12th of July 2020

Hi Isabelle, would you still recommend Timo after the new restrictions in October 2019? Or is Vietcombank now preferrable (that's what another Blog suggests, but without diving into *why* that would be the case).

I just signed up for Timo online, but it now says: "REQUIRED DOCUMENTS FOR FOREIGNERS NOTE: You will be asked to provide the following documents

1/ Valid Passport; AND 2/ One of the following valid documents having at least 12 months validity

Visa to Vietnam, OR Temporary resident card, OR Permanent resident card"

I only have a tourist visa extension (3 months), so I guess that's not happening :-(


Monday 13th of July 2020

Hi Florian,

I also had a tourist visa when I applied for Vietcombank but that was three years ago. The past few years, expats said that Vietcombank doesn't accept tourist visa anymore. However, I do think you should try with Timo first and see if it will work and then try with Vietcombank as well. I honestly think that I got lucky when I applied and the staff at Vietcombank just gave me a pass and let me open an account.

I'm sorry that I can't give you a clearer answer. Good luck and keep us posted if they work out.


Sunday 31st of May 2020

I am using a foreign bank ATM card. Initially, I was able to withdraw 6,000,000 VND at Citibank. Now, there seems to be an issue. I get the message on the screen that states I have reached my daily limits. If I attempt to withdraw 3,000,000VND, this will go through. Is there a cap on how much a foreign ATM card can withdraw from the local ATM machines per day?


Tuesday 2nd of June 2020

Hi Simon,

Based on my experience, the cap for withdrawal is mostly set by your own bank on your account. For example, I was able to withdraw 10Mil consecutively using my international bank card the same day while my friend could only withdraw 5Mil a day with his US bank card and that same screen note about max daily limit would show - we used the same ATM.


Sunday 7th of July 2019

And now if i only have tourist Visa which bank i can open in Vietnam?


Monday 8th of July 2019


I used Vietcombank but I think they are more strict now. I think Timo can you help on this one.