Written by Bertrand Théaud, Statrys Founder
As founder with 20+ years in Asia as a lawyer, investor, and entrepreneur, I look at what competitors charge, what they deliver, and where they cut corners so you can make decisions with full information, not their sales pitch.
Last reviewed April 2026.
Key Takeaways
Most major Vietnamese banks require a visa or residence permit valid for at least 12 months to open a standard account. Tourist visas are generally not accepted.
Vietcombank is the most reliable option for salary payments and international transfers. Techcombank has the best mobile app for daily spending.
HSBC Vietnam and Standard Chartered Vietnam offer better English support and multi-currency accounts, but come with higher minimum balance requirements.
Most banks in Vietnam will open an account for foreigners. The catch: requirements vary by bank, by branch, and by what visa you're on. Show up with a tourist visa and a passport at a Vietcombank branch, and you will likely be turned away. Come back with a work permit or a temporary residence card, and you will leave with an account the same day. Get the documents wrong, and you may find yourself locked out of receiving salary, paying rent, or sending money home until you sort it out.
This guide covers the banks most commonly used by foreigners in Vietnam, what each one requires to open an account, and where each one falls short.
Note: The information in this guide is based on a review of official bank pricing pages, expat community forums, and publicly available terms and conditions as of April 2026. Bank requirements change, and branch-level policies sometimes differ from what is published. Where details need verification against an official source, this guide flags them explicitly.
Can Foreigners Open a Bank Account in Vietnam?
Yes, but the eligibility depends on your visa type. This is where most guides get vague, and most foreigners get surprised at the branch.
The State Bank of Vietnam's regulations set the baseline: foreigners generally need a residence document valid for at least 12 months to open a standard payment or savings account. In practice, this means:
- Work permit (giay phep lao dong) holders: accepted at all major banks. This is the most straightforward path.
- Temporary Residence Card (TRC / the tam tru) holders: accepted at all major banks, often with fewer requirements than a work permit alone.
- Long-term visa holders (12-month business visa, investor visa): accepted at most banks, though some branches may ask for additional documentation.
📌Important: Tourist visa holders are generally not accepted for opening bank accounts.
What Documents Do You Need?
Bring the following to every bank. Some banks ask for more; none ask for less.
- Valid passport (original, not a copy)
- Valid visa or Temporary Residence Card
- Work permit, if applicable
- Proof of local address (rental contract, hotel letter, or employer letter)
- Initial deposit (amount varies by bank and account type)
A few notes:
- Always bring originals and copies. Bank staff will photocopy your passport on-site, but they want to see the original.
- Some branches ask for a notarised or translated version of documents not in Vietnamese. Call ahead.
- If your employer is sponsoring your work permit, bring the company registration documents as well. Some branches for state-owned banks require this.
Did you know? Since July 2024, State Bank of Vietnam regulations require biometric authentication (facial recognition) for any single transfer exceeding VND 10,000,000 (approximately USD 400) or for daily transfers above VND 20,000,000(approximately USD 800). This applies to all banks. You will need to complete biometric registration through your bank's app before these transfer limits apply.
At a Glance
This table covers the banks most commonly used by foreigners living in Vietnam. Fees and requirements are based on publicly available information as of April 2026 and should be verified directly with each bank before visiting.
| Bank | Best For | Min. Balance | Overseas Transfer | Foreigner Eligibility |
|---|---|---|---|---|
| Vietcombank | Salary accounts | None | Yes (around 0.2%) | Work permit or TRC |
| Techcombank | Daily spending | None | Yes (0.2% + other fees) | Work permit or TRC |
| BIDV | Employer-linked salary accounts | None | Yes (up to 0.2%) | Work permit or TRC |
| HSBC Vietnam | Multi-currency support | VND 3M | Yes (0.11%) | TRC |
| Standard Chartered Vietnam | Wealth clients | VND 1M | Yes (0.2% + other fees) | Valid visa or TRC |
Minimum balance requirements and fees are based on publicly available information as of April 2026. Verify with each bank before visiting.
Best Local Vietnamese Banks for Foreigners
Below are the 5 foreign-friendly banks in Vietnam.
1. Vietcombank
Vietcombank (Joint Stock Commercial Bank for Foreign Trade of Vietnam) is state-owned and the most widely recommended option among long-term expats in Vietnam. If you are going to receive a local salary, this is where most employers will route it.
- International transfers: 0.2% of the transfer amount, minimum USD 5, maximum USD 300 per transaction.
- ATM network: 3,000+ ATMs nationwide
- Minimum balance requirement: None for a standard current account
✅Who this suits: Employees on a work permit or TRC who need a reliable salary account and want a well-established bank behind their money.
⚠️Who this does not suit: Anyone who wants a slick mobile banking experience or primarily needs to transact in foreign currency day-to-day.
2. Techcombank
Techcombank is the go-to recommendation for daily spending among expats who prioritise digital banking. It won Digital Bank of the Year in Vietnam at The Asset Triple A Digital Awards 2025 and consistently tops expat community rankings for app quality.
- International transfers: Supported via SWIFT (Society for Worldwide Interbank Financial Telecommunication) transfers. Fees are typically around 0.2%, plus other charges depending on the transfer amount and destination.
- Mobile app: Supports English, with an AI-powered multilingual chatbot for 24/7 support. The interface is modern and rarely requires a branch visit after the initial account setup.
- ATM network: 1,000+ ATMs nationwide
- Minimum balance requirement: None for a standard current account
✅Who this suits: Expats who want the good day-to-day banking experience in Vietnam and do most of their banking on a phone.
⚠️Who this does not suit: Those who need a bank with a large nationwide branch network for in-person service outside major cities.
3. Bank for Investment and Development of Vietnam (BIDV)
BIDV is another state-owned option, widely used for employer-linked salary accounts. It has a large branch network across Vietnam and handles international business banking well.
- International transfers: Yes. Fees are typically up to 0.2% of the transfer amount, depending on the transaction.
- Minimum balance requirement: VND50,000
- ATM network: 2,000+ ATMs nationwide
✅Who this suits: Foreigners whose employer has an existing BIDV relationship, or those working in sectors (construction, manufacturing) where BIDV is common.
⚠️Who this does not suit: Anyone who wants a modern app or primarily banks in English. BIDV's digital experience is less polished than Techcombank's.
4. HSBC Vietnam
HSBC operates retail banking in Vietnam and is the most commonly recommended international bank among expats who need strong cross-border capabilities or English-language support at the branch level.
- International transfers: Supported via SWIFT. The fee is around 0.11% of the transfer amount.
- Minimum opening balance: VND 300,000
- Minimum balance requirement: VND3 million per month. Otherwise, a monthly fee of VND200,000 applies.
- ATM Network: Around 20 ATMs in Ho Chi Minh City
- Multi-currency support: 9 currencies, including VND, USD, EUR, GBP, AUD, CAD, JPY, SGD and HKD
✅Who this suits: Expats managing assets across multiple countries, or those who already hold HSBC accounts internationally and want seamless cross-border integration.
⚠️Who this does not suit: Expats who need a large ATM network for daily cash access or who do not meet the minimum balance requirements.
5. Standard Chartered Vietnam
Standard Chartered maintains a retail banking presence in Vietnam, focusing on wealth management and multi-currency accounts. Their account offering is generally geared toward higher-net-worth clients and business owners.
- International transfers: Supported, with fees typically around 0.2% plus other charges, depending on the transfer details.
- Minimum opening balance: VND 1,000,000
- Minimum balance requirement: VND1 million per month. Otherwise, a monthly fee of VND100,000 applies.
- ATM Network: Around 20 ATMs nationwide
- Multi-currency support: 6 currencies, including VND, AUD, GBP, EUR, SGD and USD
✅Who this suits: Senior executives, business owners, or investors who want premium international banking in Vietnam.
⚠️Who this does not suit: Expats looking for a standard current account with low fees and a large ATM network.
How to Choose the Right Bank for Your Situation
Your situation determines the right setup. Use this as a starting point:
| Your Situation | Recommended Bank | Notes |
|---|---|---|
| Salaried employee on a work permit | Vietcombank (salary account) + Techcombank (daily spending) | Most straightforward setup for employees |
| Freelancer receiving foreign currency | Vietcombank or Techcombank for VND | Use your home-country bank for foreign currency receipts, then convert and transfer to a local account as needed |
| High-net-worth individual or senior executive | HSBC Vietnam or Standard Chartered Vietnam | Leverage existing global banking relationships |
How to Open a Bank Account in Vietnam as a Foreigner
The process takes between one and two hours at a branch if you have all the documents ready. Most major banks do not offer online account opening for foreign nationals.
- Confirm your eligibility. Check that your visa or residence document has at least 12 months' validity remaining, or that you hold a valid work permit or TRC.
- Choose your bank. Vietcombank and Techcombank are the most common starting points for most expats. If you need international banking capabilities, HSBC Vietnam is the main alternative.
- Prepare your documents. Bring: passport (original + copy), visa or TRC (original + copy), work permit if applicable (original + copy), proof of local address, and initial deposit.
- Visit a branch. Go to a branch in a city centre or commercial area where English-speaking staff are more likely. Avoid the first and last day of the month (busy with salary runs).
- Complete the application form. Staff will assist, but having your home address, employer details, and intended account use ready speeds up the process.
- Make the initial deposit and collect your card. Most banks issue a temporary card on the day and mail a permanent chip card within 5-7 working days.
- Set up online banking. Register for the mobile app at the branch, where staff can help with any issues.
Final Thoughts
Opening a bank account in Vietnam is straightforward once you have the right documents. Choosing the right bank depends on how you use it.
For most expats, a simple setup works best: use Vietcombank for salary and reliability, and Techcombank for daily spending and mobile banking. If you need stronger cross-border capabilities, HSBC or Standard Chartered are alternatives, but they come with higher requirements and costs.
Focus on function over brand. Where your income comes from, how often you move money internationally, and how much you rely on mobile vs branch banking should guide your choice.
If you operate a company in Hong Kong, Singapore, or the British Virgin Islands (BVI), you can also consider Statrys for a multi-currency business account and cross-border payments alongside your local Vietnam setup.
Statrys is licensed as a Money Service Operator.
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FAQs
Can foreigners open a bank account in Vietnam without a work permit?
Yes, in most cases. A work permit is one path, but not the only one. Foreigners holding a Temporary Residence Card (TRC) with at least 12 months validity can open accounts at major banks without a work permit. Some banks also accept certain long-term business or investor visas. The requirement that blocks most foreigners is not the absence of a work permit specifically, but insufficient residency document validity.
