Everything you need to know about Opening a Bank Account in Vietnam

You are a foreigner and in the near future, you will come to live or work in Vietnam. Moving to a new country is not easy, so preparing and considering everything carefully will make your life more favorable. One of the things you need to prepare first is a bank account in Vietnam. So how can I open a bank account in Vietnam? Let's take a look at the instructions below with JRE.

Creating a bank account in Vietnam is a fairly straightforward process compared to other countries. However, to start opening a bank account, you need to pay attention to the following:

• Passport is still valid for at least 6 months prior to the expiration date
• Valid visas valid for 1 year or more are issued within 12 months.
• A copy of the work permit with a term of 1 year or more, issued in the last 12 months.
• Registration form of the bank
• The minimum deposit amount depends on the bank you are dealing with
• Valid email address

In short, if you have legal documents allowing you to stay and / or reside in Vietnam for 1 year or more, you can easily legally open a bank account. To avoid wasting time moving from one branch to another, you can contact them by email or phone to ask if they agree to open your account provided you have all necessary documents.

Tips: You should go with a Vietnamese you trust, you can hire an interpreter or go with a Vietnamese friend (if any). This will give you more language advantage during signing up. Usually the process of opening a bank account in Vietnam can take one morning or afternoon depending on which bank you want to use.

If you find it quite difficult to open a bank account, we suggest to you a very popular bank for foreigners in Vietnam, this is TIMO. You just need to enter the information and take a photo of the documents they requested, then confirm your registration, they will let you choose an appointment to pick up your card and complete the registration process. Everything does not take too much time but you can also be self-controlled in terms of time.

WHAT BANKING FEES ARE INVOLVED?

Like banks around the world, banks in Vietnam will have their own fees that you need to be aware of for services during your stay. Some of the most popular include categories:

• ATM fees

However, you won't be charged for using your bank's ATM network, but for the use of another bank's ATM, there will be a fee in Vietnam. Depending on the bank, there will be different fees.

• Normal bank fees

Vietnam is currently in a period of great growth with more and more people hoping to join the foundations of the economic growth momentum. What that means for you is that services like opening a new bank account can be done without having to pay upfront. However, it should be noted that a minimum balance must be maintained to keep an account.

• Fees for international transfer

When you transfer money internationally between banks, your bank will likely calculate costs or even adjust the exchange rate they are giving you. Make sure you understand what the average field rate is. This is the actual exchange rate and should be used to ensure that you get the best rate. If transferring money regularly between your foreign account and your Vietnamese account, then smart method will be used TransferWise to receive the made exchange rate without paying additional markup or transfer fee.

• Maintaining fees

Each bank will have a card that maintains a different fee. When your deposit is below the bank's limit, you will be charged a fee called a maintenance card.

RECOMMENDED BANK LIST

HSBC

VietinBank

Vietcombank

ACB

Sacombank

Standard Chartered