How to open a bank account in Vietnam?

With a growing population of middle class, location-independent young professionals, Vietnam has placed itself as a formidable Asian business hub. As Vietnam continues to grow, the government has made it easier for foreign business owners and investors to build their enterprises there through creating favorable interest rates.
If you’re one of the many expats ready to move to the beautiful Asian nation, one critically important piece that’s often forgotten during the planning stages is how to manage your finance abroad. This guide will walk you through everything you need to know about opening a bank account in Vietnam.

1. Can I open a bank account as a foreigner ?

Absolutely, yes. Everyone is able to open a bank account in Vietnam. But, like anywhere else, there’s a right way and wrong way to go about it. Making sure you complete the process correctly which will save you plenty of headaches.

2. What's the process? How long does it usually take?

Creating a bank account in Vietnam is a relatively simple compared to other countries that require a hundred of red tape, waiting and legal action. To apply for an account you'll need to submit the following documents to the bank of your preference:
• A passport
• Stamped Vietnam visa that lasts for three to six months
• Application form
• Minimum deposit depending on which bank you're dealing with
• Valid mailing address
• If you're an expat in the country on a work visa then you'll also need to show a copy of your work contract
The process itself can be done within 10 minutes and most banks offer free of charge for opening a new account.

3. What banking fees are involved?

Like banks in all over the world, banking in Vietnam will come with its own set of fees. You should be aware of services throughout your stay. Some of the most common fee types include:
ATM fees
While you typically won't experience ATM fees when using your own bank’s ATMs, using a different bank’s ATM will come with a  small fee in Vietnam. These fees vary from bank to bank. When using foreign debit cards for withdrawing money at ATM, you’ll see fees ranging from VND 20,000 to as high as VND 55,000. Additionally, the total amount that you're able to withdraw at a time is relatively low, sometimes as low as VND 2,000,000 which means these ATM transaction fees can add up.
Fees for domestic transfers
Making transactions to other accounts within Vietnam must be the most common bank actitity. You may use bank transfer to pay for services: visa, house renting, and online shopping. You will be charge not more than 20,000 VND for each transaction.
Fees for international transfers
When you're transferring money internationally between banks your bank will likely charge a fee or even tweak the exchange rate they're giving you. Make sure that you understand what the mid market rate is. This is the actual exchange rate and should be used to ensure that you're getting the best rate. Some vendors will also hide their extra fees by giving you a inflated exchange rate in their favor. If moving money regularly between your foreign and Vietnamese accounts, the smart move would be to use TransferWise to get the real exchange rate without any additional markup or extra transfer fees.

4. Withdrawal limit ?

The current limit amount per transaction at local banks’ ATMs is relatively low, ranging from 2,000,000 VND to 5,000,000 VND. Meanwhile, that of global providers can be up to 8,000,000 VND (Citibank) or 10,000,000 VND (ANZ). Do note that ATMs in big cities have a higher per transaction maximum limit than those located in the suburbs.

5. Which bank should I choose?

All in all, the bank you choose should reflect the services you need most and their proximity to your work or home. While that choice will be different for everyone, some of the most popular banks in Vietnam which are highly recommended for foreigners include:

• Asia Commercial Bank (ACB) which is one of the best in the country with regard to card services. The minimum deposit is VND 100,000.

• ANZ Bank now maintains online application to open a bank account. AnZ also maintains a 24 hours customer service line: 18001559

• Techcombank also offers competitive service. Techcombank Hotline number is: 1800-588-822 

• Vietcombank has the most extensive network of branches and ATM machines. However its customer services could do better with some improvements.

Hopefully, you could find the answer for keeping your money safe in Vietnam and you would make your life in Vietnam at ease.