Opening a bank account in Vietnam for foreigners .

Let’s talk about such important issues both for doing business and living in Vietnam - the bank system, opening bank accounts, and lending opportunities.

Opening a bank account in Vietnam for foreigners 

Any foreigner with a valid passport and visa may open a bank account in Vietnam. All kinds of visas are suitable for these purposes. Opening a personal bank account takes about 1 hour. However, you can put cash into your bank account only in certain cases, there are a few of them:

• You have a currency import declaration to Vietnam. It’s important to know about it - you can declare any sum of money when passing customs even if it is optional;

• You have a labor contract with a Vietnamese company, you can provide it in the bank and then you can replenish your account for a sum of money equal to your salary. For example, if your labor contract is valid from January and you open a bank account in June, you can replenish your account for the sum of money equal to your salary for five months.

• You withdraw cash via the operator of this bank (not using ATM), withdrawal check is a confirmation document to replenish your account.

• The same principle applies to the Western Union, Golden Crown, and other systems of international transfers.

• In all other cases, you can fund your account by transferring money from abroad.

Immediately answering the most popular question, is it possible to link Visa or Mastercard to your bank account? Yes, it’s possible, but not all banks can do it. 

Get a Bank Card in Vietnam for foreigners

Many foreigners still believe that obtaining a bank card in Vietnam without a TRC (Temporary Residence Card) is impossible. In practice, this is no longer entirely true. Several banks, including Vietcombank, continue to open bank accounts and issue debit cards to foreigners even on a tourist e-visa. The key nuance is that the validity period of the card is usually limited to the validity period of the current visa. After extending the visa, the client can return to the bank and update their immigration information.

In practice, the procedure is relatively straightforward: the applicant visits a bank branch with a passport and a valid visa, then submits an application to open a bank account and issue a Visa or MasterCard debit card. Issuing a bank card takes up to 10 days. In some cases, the bank may request proof of residence in Vietnam. At the same time, much depends not only on the bank itself, but also on the specific branch and employee handling the application.

It is important to understand that in Vietnam, communication style and overall presentation matter significantly. Calm and respectful communication is often far more effective than arguing or putting pressure on bank employees. If a manager initially states that a long-term visa or TRC is required, it may be useful to politely clarify that a debit card can sometimes still be issued with its validity limited to the expiration date of the current visa. In practice, many situations are resolved through respectful and confident communication.

Foreigners should also avoid several common mistakes: visiting the bank dressed for the beach, failing to prepare proof of address in advance, or assuming that a refusal from one branch is final. Banking practices in Vietnam can vary considerably even within the same bank network. As a result, if one branch refuses the application, another branch may process it without any issues. For this reason, in many cases it is entirely possible to open a bank account and obtain a debit card independently, without overpaying intermediaries for assistance.

Bank loans for foreigners and companies with foreign capital in Vietnam

A foreigner may obtain a personal loan in Vietnam only in certain exceptional situations. One of them is having very large transaction volumes through the company account where the foreigner serves as director. In most other cases, lending is primarily available to companies, including companies with 100% foreign ownership. To qualify for a business loan from a Vietnamese bank, a foreign-invested company is usually required to operate for at least one year, provide accounting and financial reports for that period, demonstrate financial stability, and clearly explain the purpose of the loan.

A separate topic is credit cards for foreigners. Formally, they are available, but in practice obtaining one is significantly more difficult than getting a standard debit card. Even having a TRC, official employment, and a salary account in a Vietnamese bank does not guarantee approval. Foreigners often face situations where one bank branch claims that issuing a credit card is impossible due to the lack of Vietnamese credit history, a short remaining TRC validity period, or internal bank restrictions, while another branch may agree to process the same application after additional internal approval.

In practice, banks may request a fairly extensive set of documents, including a work permit, labor contract, proof of address, bank statements, and income or tax information. In some cases, banks may require a security deposit that serves as collateral during the initial period of using the credit card. It is also important to understand that in Vietnam much depends on the specific bank, branch, and internal compliance review process. Nevertheless, foreigners who officially work in Vietnam, receive their salary through a local bank account, and maintain a transparent financial history may still successfully obtain a credit card and receive an approved credit limit.

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