Banking in Vietnam for Expats: What You Can Do on Each Visa Type

Can you open a Vietnamese bank account on a tourist visa? What about sending money home? Your visa type determines almost everything about your banking options in Vietnam. Here is a complete breakdown.

Why Your Visa Type Matters for Banking

Vietnamese banks are required to verify legal residency status before opening accounts or processing certain transactions. This is not optional policy on the bank's part - it flows from State Bank of Vietnam regulations. Your visa determines what accounts you can open, whether you can send money abroad, and which products are available to you.

The good news: the more established your residency status, the more access you get. The bad news: tourist-visa banking in Vietnam is genuinely limited.

Banking by Visa and Status Type

Tourist Visa (DL) / E-Visa

If you are in Vietnam on a tourist visa or e-visa, your banking options are minimal:

• Cannot open a bank account at Vietnamese banks - this is legally prohibited, not just a bank policy
• Can use foreign cards at ATMs - VISA and Mastercard are widely accepted at major bank ATMs
• ATM withdrawal limits typically 2 to 5 million VND per transaction, with daily limits around 10 to 20 million VND
• No ability to send VND abroad
• International cards are the practical solution - Wise Debit and Revolut are the most popular options among tourists

If you are staying more than a few weeks, load up a Wise account before arriving. It gives you real exchange rates and lets you withdraw at Vietnamese ATMs without excessive fees.

Business Visa (DN)

A business visa opens a small crack in the door, but not much more:

• Some banks will open a VND current account with a business visa plus proof of a company relationship (invitation letter, contract, etc.)
• Limited products - typically no savings accounts, no international transfers
• Inconsistent - this varies significantly by bank branch and even by individual manager discretion
• Not a recommended long-term banking route - a TRC or work permit gives far better access

If you are in Vietnam on a DN visa regularly, push for TRC status. It makes banking (and much else) considerably easier.

Work Permit Holders (with Valid Visa)

Holding a valid work permit changes the picture considerably:

• Can open a full VND current account at most major banks
• Can open a USD foreign currency account
• Can receive salary directly to a Vietnamese bank account
• Can remit salary abroad - up to 100% of after-tax income, with proof of work permit and salary
• Access to savings accounts and term deposits
• Online and mobile banking available
• Some banks offer foreigner-friendly English service (HSBC, Standard Chartered, Techcombank)

The salary remittance right is significant. If you are earning in Vietnam and want to send money home regularly, a work permit plus TRC gives you a legal, documented path to do that.

TRC Holders (Temporary Residence Card)

TRC holders have the broadest banking access available to foreigners:

• Full banking access - equivalent to Vietnamese citizens in most practical respects
• Can open VND and foreign currency accounts
• Can remit funds abroad - salary, business income, investment returns
• Access to all retail banking products
• Easier mortgage and loan eligibility (though still harder than for Vietnamese nationals)
• Can receive property-related payments directly into account

If you are planning to stay in Vietnam long-term, getting your TRC sorted is probably the single biggest improvement you can make to your practical financial life here.

Business Owners / Foreign-Invested Company

If you have set up a foreign-invested enterprise (FIE) in Vietnam:

• Company can open corporate accounts in VND and USD
• Outward remittance permitted for legitimate business expenses, profit repatriation, and salary payments
• Profit repatriation requires a completed annual audit and tax clearance certificate - you cannot simply move profits offshore without this
• Capital accounts (for investment capital) and current accounts (for operating expenses) are kept separate and have different rules

Many business owners discover the profit repatriation requirement only when they try to send money home. Do not skip the annual audit.

Which Banks Are Most Expat-Friendly

Not all Vietnamese banks are equal when it comes to serving foreigners. Here is a practical ranking:

• HSBC Vietnam - Full English service, international wire transfers are straightforward, higher minimum balances required
• Standard Chartered - English service, strong international focus, fewer branches but solid for expats
• Techcombank - Best Vietnamese bank for English-language digital banking; the app is excellent and widely used by expats
• Vietcombank (VCB) - Largest Vietnamese bank with the widest ATM network; English internet banking available; a solid everyday choice
• BIDV - Widely used, strong ATM network, functional English internet banking
• VPBank - Good mobile app, improving English service
• MB Bank - Popular with younger expats for app quality and ease of use

Avoid smaller local banks with Vietnamese-only interfaces if you cannot read Vietnamese. You will struggle with OTP messages, customer service, and statement interpretation.

Opening a Bank Account: What You Need

For TRC or work permit holders, most banks require:

1. Passport (original and copy)
2. Valid Vietnamese visa or TRC (original and copy)
3. Work permit (if applicable)
4. Proof of address - lease agreement or hotel confirmation letter
5. Initial deposit - varies by bank, typically 0 to 500,000 VND
6. Tam Tru (temporary residence registration) - some banks require this, others do not

Get a Vietnamese SIM card before going to open an account. You will need a local phone number for the OTP verification that is central to Vietnamese mobile banking. Without a local number, you cannot complete setup.

Sending Money Abroad

This is where the rules get more specific:

• TRC or work permit holders remitting salary - you need payslips, work permit, tax identification code, and recent bank statements. Keep these documents current.
• Business owners repatriating profit - requires completed annual audit and tax clearance. Budget time for this: the audit process takes weeks, not days.
• No restriction on bringing money into Vietnam - incoming transfers are straightforward regardless of visa status
• Wire transfers via Vietnamese banks - possible but slow and expensive. Wise is widely recommended for regular international transfers due to better rates and speed.
• Western Union and MoneyGram - available at post offices and some bank branches for cash-based transfers

Practical Tips

• Get a Vietnamese SIM before opening your account - needed for OTP and mobile banking setup
• Set up e-banking and mobile app immediately - most transaction approvals now require app confirmation; without it, you lose significant functionality
• Keep a foreign card as backup - a Wise Debit card or similar is useful when you travel, when systems are down, or when you need a currency other than VND
• Vietnamese banks charge for international ATM withdrawals - some foreign bank accounts (especially Wise and Charles Schwab) refund these fees; factor this into your banking setup

For a broader picture of what things cost day-to-day, see our cost of living guide.

Have questions about your specific situation? Contact us and we can point you in the right direction.

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Disclaimer: Banking regulations and individual bank policies change regularly. This article reflects the general framework as of April 2026. Always verify current requirements directly with your chosen bank and a qualified financial or legal advisor before making decisions.