Vietnamese Banking Services in Vietnam: what actually matters to know
Short answer
Foreigners can open bank accounts at banks like BIDV and Vietcombank using a passport, phone number, and address, though requirements vary significantly by branch. Accounts opened with short-term e-visas may be frozen upon visa expiration, and many branches now require a long-term residence permit for card issuance.
From real experience
Foreigners can open bank accounts in Vietnam.
Vietcombank (VCB) issues accounts and cards in about 3 hours (requires passport, VN phone number, and local address), which enables QR code payments. BIDV offers cards valid for up to 5 years. If opened using a 90-day e-visa, banks often freeze the account upon visa expiration until a new visa/stamp is presented. P2P transfers via platforms like Bybit to the local VN account are highly recommended for fund transfers.
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Foreigners in Vietnam seeking to open or extend bank accounts often encounter requirements for a visa valid for at least one year.
Banks like VietinBank, BIDV, Sacombank, Vietcombank, and VPBank have been reported to deny account services to those without such a visa. This is a common hurdle for expatriates and long-term visitors.
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Explain the process and requirements for tourists to open bank accounts and obtain debit cards in Vietnam (e.g., Vietcombank, BIDV).
Note that having an e-visa might facilitate the process, but requirements can vary by bank and individual circumstances.
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Opening a bank account in Vietnam as a non-resident can be complex.
It is advisable to research banks that offer services to foreigners and understand their specific documentation and residency requirements. Some banks may have simpler procedures than others.
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Foreigners can open a bank account at BIDV using only a passport and entry stamp.
Opening requires ~50,000 VND as a minimum balance. The account allows QR-code payments, which are standard in Vietnam. P2P transfers are the most efficient method for currency exchange, as direct cash-to-bank account deposits for non-account holders are typically not possible.
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When applying for a BIDV bank card in Vietnam, policies regarding e-visa holders can vary between branches.
Some branches may deny the application, while others may process it without issues. It is recommended to visit multiple branches or inquire specifically about their policies for foreigners with e-visas to ensure a successful application.
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Investigate the possibility of opening a bank account in Vietnam (specifically in Nha Trang) without possessing a visa.
Inquire about requirements and procedures, noting that some banks may require a visa.
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When attempting to open an account and obtain a card at Vietcombank in Vietnam, it was stated that only an account could be opened, and a residence permit (ВНЖ) is required for card issuance.