Personal accounts: Vietnam
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A foreigner opens a personal account in Vietnam with a passport carrying a valid visa or a temporary residence card, usually in person at a branch. Nearly all large banks open dong accounts; foreign currency accounts are rarer and need proof of the source of funds. Banks often tie the account and card to the validity of your visa or residence card, so plan renewals in advance.
Since 1 July 2024 the State Bank of Vietnam has required biometric face verification for online transfers above 10 million dong at a time (about US$390) or above 20 million dong a day. Since 2025, online transactions on accounts whose biometrics have not been matched to an ID are blocked. For a foreigner this means matching your face to your passport in the bank app or at a branch right after opening, otherwise transfers will be blocked.
Documents
- Passport with a visa, or a temporary residence card.
- A Vietnamese phone number registered to your passport.
- Local address; for employees, an employment contract or work permit.
- For a foreign currency account and large inflows, proof of the source of funds.
We will calculate online the cost of opening a personal account and maintaining it for a year.
Visa and residence
Russian citizens enter Vietnam visa-free for up to 45 days, and citizens of any country can get an e-visa for up to 90 days with single or multiple entry. Not every bank will open an account on a short visa-free stamp, and the account will be limited to the length of stay. For long-term life in Vietnam people get a temporary residence card, issued to investors, workers with a work permit and family members of Vietnamese citizens; with it opening and using an account is easiest.
How money is protected
Since 13 July 2026 Vietnam's state deposit insurance pays up to 350 million dong per person per bank, about US$13,500, up from 125 million. The limit covers all accounts at the bank together, interest included. Individuals' dong deposits are insured, so large sums are best spread across banks.
Transfers abroad
- A foreigner can transfer lawful income earned in Vietnam, such as salary, abroad with supporting documents.
- The bank converts dong into foreign currency for a transfer against documents: contracts, income and tax certificates.
- Interest on individuals' bank deposits is exempt from personal income tax in Vietnam.
Common reasons for refusal
- A short visa, or a visa type the chosen bank does not accept.
- No Vietnamese phone number in your name.
- Biometric verification not completed, so online transactions are blocked.
- Large inflows without proof of origin.
What we do
We choose a bank that works with foreigners on your visa type, prepare documents, accompany the visit and biometric check, and help with transfers abroad. If you need residence, we suggest a suitable route. We quote after a consultation.
What we do
- Personal account - opening assistance
See also
Company formation · Business account · Investment property · Country taxes · All country programs
FAQ
Can a foreigner open a bank account in Vietnam?
Why does the bank need my biometrics?
Are deposits insured?
Can I transfer money out of Vietnam?
Is deposit interest taxed?
What happens to the account when my visa expires?
Can I open an account on a visa-free entry?
Need a personal account in Vietnam?
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