How to Open a Bank Account in Vietnam as a Foreigner? (2024)

FAQs

Can I open a bank account in Vietnam as a foreigner? ›

As a non-resident in Vietnam, a foreigner is welcome and has the freedom to open a bank account in the country. This is highly recommended for quick and convenient transactions, especially if you are planning to reside in Vietnam for more than six (6) months or directly invest to the Vietnamese market.

Your passport. Your valid Vietnam visa or visa exemption. An application form (you can fill the form at the bank) Minimum deposit (which depends on each bank's regulation)

There are five U.S. banks and financial institutions operating in Vietnam. Citibank and Far East National Bank have branches, Wells Fargo and Visa International have representative offices, and JP Morgan Chase has both a branch and a representative office.

Can you open a Vietnamese bank account online? Most banks in Vietnam allow you to create an account online, provided you have all of the correct documents. A big plus is that there are international banks like HSBC and Citibank that have a strong presence in major cities like Ho Chi Minh City and Hanoi.

Can I open a bank account as a non-resident of Vietnam? Most definitely. As an incoming expat you are free to open a bank account within the country.

And, while it is absolutely legal to own a foreign bank account, there are some additional reporting and tax requirements that US persons should be aware of so that they can remain in IRS tax and reporting compliance and avoid unnecessary fines and penalties.

What are some of the best banks for foreigners to use in Vietnam? There are a few different banks that are considered to be the best for foreigners to use in Vietnam. These include Vietnam International Bank (VIB), HSBC, Sacombank, Vietcombank, BIDV, VietinBank, Charles Schwab, United Overseas Bank and Shinhan bank.

Bank of America Opens First Branch in Vietnam | AP News. The AP News site encountered an error , please click the AP logo above to reload the site.

The most popular ATMs in Vietnam

The most popular ATMs of foreign banks in Vietnam include Citibank, ANZ, HSBC, Commonwealth Bank, Shinhan, Standard Chartered. These ATMs can only be found in big cities where there are many foreigners live and work.

You'll need to visit a U.S. Bank branch to send money outside of the United States. Talk to a banker to let them know you'd like to send an international wire transfer. Feel free to schedule an appointment with one of our bankers if you can't drop by or need to manage your time.

Does Chase bank have branch in Vietnam? ›

J.P.Morgan Chase Bank N.A. has maintain a direct presence in Vietnam since 1995 by operating a branch in Ho Chi Minh City and a representative office in Hanoi. The firm is global leader in investment and commercial banking, wealth management, private equity and retail financial services.

Wells Fargo does not have offices outside of the U.S. that provide services to consumer or small business customers.

This is the most common problem that foreigners realize. However, larger banks such as US Bank, TD Bank, Bank of America, Chase, and Wells Fargo will allow non-residents to set up a checking account and a savings account.

You can make bank transfers or bank deposit payments to Vietnam with no hidden transfer fees. What information is required to send money to Vietnam? To transfer money to Vietnam, you will need to provide your full name, address, bank payment details, and verification of your identity.

If you're a foreigner, you need to have had a residence permit in Vietnam for at least 12 consecutive months when you apply to open a secured credit card.

Citi set its first footprint into Vietnam before 1975, and then started up a representative office in Hanoi in 1993. A year later, Citi became the first U.S financial institution licensed for branch opening and full branch establishment in Hanoi. In 1998, Citi opened the second branch in Ho Chi Minh City.

If I apply for dual citizenship with Vietnam, do I have to renounce my U.S. citizenship? A U.S. citizen may acquire foreign citizenship by marriage, or a person naturalized as a U.S. citizen may not lose the citizenship of the country of birth.

Since foreign accounts are taxable, the IRS and U.S. Treasury have a very rigid process for declaring overseas assets. Any American citizen with foreign bank accounts totaling more than $10,000 in aggregate, or at any time during the calendar year, is required to report such accounts to the Treasury Department.

Bermuda, Monaco, the Bahamas, and the United Arab Emirates (UAE) are four countries that do not have personal income taxes. If you renounce your U.S. citizenship, you may end up paying a tax penalty called an expatriation tax.

Per the Bank Secrecy Act, every year you must report certain foreign financial accounts, such as bank accounts, brokerage accounts and mutual funds, to the Treasury Department and keep certain records of those accounts.

Can I use my US debit card in Vietnam? ›

While cash is used for small purchases and street vendors in Vietnam, most establishments accept payments from major credit card providers such as Visa. Hotels, tour operators, boutiques, restaurants, grocery stores, and spas all generally accept international debit and credit cards.

Vietnam's best international bank 2022: HSBC.

An international bank account is entirely possible and could offer benefits that you may not get with a bank account here at home. Be sure to take your own financial goals into consideration as you keep reading to learn why and how to open an international bank account.

Vietnam International Commercial Joint Stock Bank, abbreviated as Vietnam International Bank (VIB), was among the leading joint stock banks in Vietnam. For more than 20 years, VIB has achieved significant development and prominent milestones.

Major US firms such as Apple, Intel, Qualcomm, Universal Alloy Corporation (UAC), Nike, and Key Tronic EMS have already moved production lines to Vietnam due to costs associated with the trade war. All these factors have helped increase trade between both countries since the normalization of diplomatic relations.

Citibank is one of the best international banks in the US for expat banking because of their very international model. It currently physically operates in 97 markets², supporting clients from more than 160 countries, making access to their ATMs more convenient.

CURRENCY RESTRICTIONS FOR ENTRY: None. However, Vietnamese Dong in excess of VND 150,000,000 or foreign currency in excess of 5,000 U.S. dollars or equivalent must be declared.

How much money do I need in Vietnam? According to the law, amounts exceeding VND 15,000,000 must be declared on arrival and amount exceeding USD 5,000 or equivalent in other currencies must be declared as well.

If you plan to take money out of Vietnam, you can take out amounts of less than 15 million in Vietnamese dong or USD5000 (or equivalent in other foreign currencies) without declaring this. Any amount in excess of this will need to be declared to Customs at the airport.

No, Zelle® can only be used to send funds to someone who has a bank account in the United States.

How do I wire money from USA to Vietnam? ›

Bank Transfer

Bank transfers are usually the cheapest option when it comes to funding your international money transfer with Wise. Bank transfers can be slower than debit or credit cards, but they usually give you the best value for your money.

the answer is, most often, yes. You may also be able to use your credit card to withdraw cash at most ATMs overseas, which may come along with fees. Depending on your credit card issuer, you may need to notify them that you're traveling abroad.

VietinBank, Agribank, BIDV, Vietcombank, DongA Bank, Techcombank, Sacombank, ACB, and Eximbank are the key companies in the Vietnamese cards and payments market.

Bank of America, which came to Vietnam in 1993, closed its representative office in southern Ho Chi Minh City in December 2001, the central bank official added. At the end of 2001 there were 27 branches and 42 representative offices of foreign banks in Vietnam.

All Wells Fargo cards should work internationally wherever the card's network is accepted – however, there's often a 3% foreign transaction fee, plus ATM withdrawal costs if you're overseas.

Your Wells Fargo business credit card is either a MasterCard or a Visa card and is accepted worldwide wherever you see those logos. It's a good idea to have some foreign currency with you before you leave the U.S. to cover immediate expenses.

Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), one of the biggest banks in Vietnam, is among the nation's most esteemed banking institutions. With total assets of VND 2.048 trillion, BIDV is the largest bank in Vietnam and has become a major player in the country's economy.

Yes, but you will likely need to provide extra documentation to verify your identity, place of residence, and the legal purpose of the account.

Can you open a bank account in another country without being a resident? ›

A non-resident bank account can make managing your money overseas easier. A non-resident bank account is an account you can open in a central location based in a country or territory you don't currently live in. These accounts are also referred to as Offshore Bank Accounts or Offshore Accounts.

As a non-resident in Vietnam, a foreigner is welcome and has the freedom to open a bank account in the country. This is highly recommended for quick and convenient transactions, especially if you are planning to reside in Vietnam for more than six (6) months or directly invest to the Vietnamese market.

When you send money to Vietnam with Western Union, you can make your transfer the way that suits you – on our app, in person or online, by cash or card. It's quick, easy and free to register for your Western Union profile.

Yes. All US citizens need a visa to enter Vietnam for business or leisure trips.

Asiamoney Vietnam's best digital bank 2021: HDBank.

We're here to help!

Fortunately, opening a bank account in a foreign country is totally possible — and totally legal, as long as you're not doing so for tax evasion purposes. However, it may take a few more steps than opening a domestic account would.

About Us. J.P.Morgan Chase Bank N.A. has maintain a direct presence in Vietnam since 1995 by operating a branch in Ho Chi Minh City and a representative office in Hanoi. The firm is global leader in investment and commercial banking, wealth management, private equity and retail financial services.

The most popular ATMs of foreign banks in Vietnam include Citibank, ANZ, HSBC, Commonwealth Bank, Shinhan, Standard Chartered. These ATMs can only be found in big cities where there are many foreigners live and work.

ACA teamed up with the State Department Federal Credit Union (SDFCU) to help provide accounts for Americans residing abroad. This is the same account used by US citizens working at US embassies as well as many other people living around the world. You can reside full-time or part-time abroad and still qualify.

The primary rationale is likely a combination of increased U.S. regulation of financial institutions and a perceived compliance risk that U.S. banks have about operating in certain foreign countries. Laws such as the U.S. Foreign Account Tax Compliance Act (FATCA) have brought increased scrutiny to this area.

What is the easiest country to open a bank account? ›

Generally, Belize is considered one of the easiest countries to have a bank account. The reason behind the popularity of Belize is its stability. To begin with, Belize's offshore banking system is among the most stable in the world based on its liquidity rates.

Offshore Company Bank Accounts

A U.S. citizen unable to open an offshore account in their individual name and passport number can indirectly deposit money in an offshore bank account through a foreign entity.

The San Francisco-based bank debuted its Hanoi branch in February 1995, one month after New York-headquartered Citibank launched its Hanoi branch.