Opening a local bank account in Vietnam

You can get local bank accounts similar to a local if you carry the 5 years visa extension, spousal resident, work or business visa.  As for the tourist option, it is now almost impossible to get a bank account without restrictions.  Some banks won't even issue debit cards for those accounts and on top of that, you can only receive $ deposit or transfer in from foreign countries.  I can get one but never have faith in the local banks so my money flows are with Schwabs, Fidelity, Betterment, Chase, Wise and Revolut when in country.

@brianAFSER73

Hello, please note that this new thread has been opened from your post on the Vietnam forum for better visibility.

All the best

Bhavna

@yng68bld

This may be what your already saying but I wanted to add that I have the 5 year visa exemption and I tried to apply for a bank account at 5 different banks including citibank which advertised being great for international accounts. You really need a TRC of some kind to have a bank account with decent functionality. Unfortunately the 5 year VEC is treated as a tourist visa basically. I went to Vietcombank, Sacombank, HD Bank, Citibank and another one I dont remember that a relative worked at. I was flat out denied at Vietcombank, Sacombank and HD. They just flat out said theyd didnt want to deal with foreigner accounts. I think Vietcombank said they would do it if I really pushed but just recomended I didnt and they really didnt want my account. The others including Citi I was told would be extremely limited. I was able to transfer money in from an external account. Id probably have to use Wise. It could be USD in the account but I would have to convert to VND to withdraw. I could NOT deposit cash I was told since it was untracable by the government. I was not allowed a debit card. If I wanted to withdraw funds I had to go directly to the bank with my passport to withdraw money.

I thought Citibank would be much more friendly to foreigners but they explained they were a completley separate company basically just using the citi name. Their selling point was for Vietnamese doing more international stuff or dual citizens maybe. IDK but they just werent as foreigner friendly as I thought they would be. Another thing was that I was not allowed to earn interest at any of the banks.  I am not sure if I would be allowed to use the app to buy things and transfer. Never made it that far. I could live without a debit card if I could use my phone to transfer or use something like VNPay. I could see them not allowing that.

With all the hassle we just ended up opening an account we share in my wifes name where she has all the full rights of a citizen. I tried to set up VNPay using her account but it wouldnt let me. I got like 95% through and denied during the process of connecting the bank because I was not an account holder. Ill try again later but just set up the VNPay account in her name.

I did talk to an interesting vietkieu guy who claimed that Timo bank was the way to go for foreigners but I have still not tested this because we just use my wifes account now. I havent been able to verify but he said they gave him a debit card and he is able to use the app to pay for things using transfer. He also said he could go to any ATM around the country and not be charged fees. He was Vietnamese born but was not a citizen. He also had a 5 year visa exemption. I never tested any of this but one day when I get time will swing by Timo because I would love to have an account of my own. 

@brianAFSER73

Are you on a tourist visa or are you living here like on a TRC for work or marriage? How you handle money will really depend on that. If your traveling for a few month just bring cash and a debit card or two for backup. If you have a TRC or here for work your probably going to want a bank account which should be perfectly fine with a TRC. Talking about your situation and how long your staying would help.

    @brianAFSER73
Are you on a tourist visa or are you living here like on a TRC for work or marriage? How you handle money will really depend on that. If your traveling for a few month just bring cash and a debit card or two for backup. If you have a TRC or here for work your probably going to want a bank account which should be perfectly fine with a TRC. Talking about your situation and how long your staying would help.
   

    -@jrharvey

He left out the highly significant point that he plans to "retire" here 6 months at time using his a 5-year Visa Exemption Certificate (VEC) based on his non-citizen Vietnamese heritage (he was born here).

As @PogiWayne rightly pointed out somewhere, the VEC is not a retirement visa, only permission to remain here essentially on extended tourist status.

Since your on a VEC I did just get back from Timo bank and confirmed it's pretty quick and easy to set up an account with a VEC. Unfortunately they said debit cards are no longer allowed with a VEC or travel visa per new government rules. Need a TRC that allows you to stay 1 year or more. Good news is that the app can be used for electronic payments just like any other bank. I already bought some things using the app and it's pretty convenient. That's the entire reason I got the account anyways. I funded the account using wise transfer which took about 5 minutes. If you send VND your paying wises fees which is much better rates than most banks.

Seems to be the same limitations as any other Vietnam based bank. Not allowed to deposit cash, not allowed to receive transfers from Vietnam accounts. You can only deposit money from a foreign account. To withdraw money you can take your passport to any Viet Capital bank and withdraw cash.

These are pretty much all the same restrictions I have heard from other banks. I guess the only advantage of Timo is that they market themselves as catering to foreigners, speak English and make it super easy to set up.

I guess I'll learn more about the bank and it's pros and cons in the next few months.

I should have my TRC soon too. Getting busy and catching covid set me back on that mission quite a bit.

   not allowed to receive transfers from Vietnam accounts. You can only deposit money from a foreign account.
   

    -@jrharvey

I have 3 Vietnam bank accounts & never had that problem, I regularly transfer between accounts.

       not allowed to receive transfers from Vietnam accounts. You can only deposit money from a foreign account.         -@jrharvey

I have 3 Vietnam bank accounts & never had that problem, I regularly transfer between accounts.
   

    -@goodolboy

Thats interesting. Thats what they told me today that I couldnt accept domestic transfers. I havent had a chance to try it out but maybe it does work. I could get my wife to send me a little bit to test. Sounds like the worry is from the government and they dont want you working under the table. Could also be something lost in translation.

           not allowed to receive transfers from Vietnam accounts. You can only deposit money from a foreign account.         -@jrharveyI have 3 Vietnam bank accounts & never had that problem, I regularly transfer between accounts.        -@goodolboy

Thats interesting. Thats what they told me today that I couldnt accept domestic transfers. I havent had a chance to try it out but maybe it does work. I could get my wife to send me a little bit to test. Sounds like the worry is from the government and they dont want you working under the table. Could also be something lost in translation.
   

    -@jrharvey

get the rest though, I cant deposit cash, when my TRC ran out, Standard Chartered Vietnam warned me well in advance & blocked my debit card. I can still do online & App transactions though. However my other two Vietnamese banks did not stop my cards & I just renewed one card. Went to the branch & asked for a new card....."no problem sir" scanned my e visa page & bobs yer uncle had it!! runs out 2027, just got to hope I am still drawing breath in 2027

Good news is that the app can be used for electronic payments just like any other bank. I already bought some things using the app and it's pretty convenient. That's the entire reason I got the account anyways.

    -@jrharvey

Can you expand on that?

Are you saying you made purchases THROUGH the TIMO app, not independently from the app (giving someone or a merchant your account # or phone number)?

If you had to make your purchases through the app but aren't able to shop around for the best price (Lazada, Shopee, etc) by doing a funds transfer to another private party, then you may be describing being forced to participate in a buyer's club to use your account for shopping.

If that's the case, I can see how TIMO may be skirting the rules by technically keeping your international funds segregated from the domestic system.

If so, what a racket for them: they make money on wire transfers for a fee AND on their foreign exchange rate, and they make money on any purchases you make through the bank's buyer's club.

AgriBank is aggressively pushing the use of their buyer's club, but we've yet to see any deals that beat Lazada.

@jrharvey

timo? is that a bank. never have seen their location. yeah, some of the locals i know go about cashless, being they can make payment through QR code transfer. seem that is the way to go. but got to have a local account for that. i did have a U.S citi bank issued debit card, and could make my withdrawal at citi branch ATM there in vn without incurring ATM transaction fee, only currency exchange service fee. that sucks since it can add up fast.

@jrharvey

taking early retirement. i hold a 5 yrs tourist visa. the plan is go hang out, travel through the country. i got plenty of interest to keep me occupied like tennis and golf, still have not found any group of expat for playing partner. then at some point i will get bore, that is why i am looking to teaching english as a way to occupy my time.

   
taking early retirement. i hold a 5 yrs tourist visa. the plan is go hang out, travel through the country. i got plenty of interest to keep me occupied like tennis and golf, still have not found any group of expat for playing partner. then at some point i will get bore, that is why i am looking to teaching english as a way to occupy my time.
   

    -@brianAFSER73

Do you mean a 5 year VEC?   I do know that CITI VN changed my wife's single account to joint only after I got my VEC.  I also know of one person who opened an account at Sacombank while holding a VEC based on ancestry.  Can anyone confirm this possibility? 

I also believe that holding a VEC now exempts one from having to hold a work permit if they choose to work.   I should add that this is not first hand experience but something I read on this forum.

Are you saying you made purchases THROUGH the TIMO app, not independently from the app (giving someone or a merchant your account # or phone number)?

If you had to make your purchases through the app but aren't able to shop around for the best price (Lazada, Shopee, etc) by doing a funds transfer to another private party, then you may be describing being forced to participate in a buyer's club to use your account for shopping.

If that's the case, I can see how TIMO may be skirting the rules by technically keeping your international funds segregated from the domestic system.

If so, what a racket for them: they make money on wire transfers for a fee AND on their foreign exchange rate, and they make money on any purchases you make through the bank's buyer's club.

AgriBank is aggressively pushing the use of their buyer's club, but we've yet to see any deals that beat Lazada.
   

    -@OceanBeach92107

Oh sorry I should mentioned. I bought stuff at the mini stop, I paid for my wifes hair salon trip, I bought dinner at a restaurant and we went to a clothing shop where I bought a pair of shorts. Its all pretty easy with the app but just like any other vietnam bank account. Just scan the shops QR code thats at most checkout counters, enter the amount you owe and show the person the receipt and thats it. I use to use google pay back in the US and just tap to pay using my phone or watch and it was super easy. I wanted to do the same here but unfortunately it didnt work here with my US card. Either way hope that clears it up.

    @jrharvey
timo? is that a bank. never have seen their location. yeah, some of the locals i know go about cashless, being they can make payment through QR code transfer. seem that is the way to go. but got to have a local account for that. i did have a U.S citi bank issued debit card, and could make my withdrawal at citi branch ATM there in vn without incurring ATM transaction fee, only currency exchange service fee. that sucks since it can add up fast.
   

    -@brianAFSER73

Yes the QR code is what I was talking about. Timo is a Vietnam based bank. Its owned by Viet Capital Bank. Its like a sub company or something. Already in having the account just half a day I can already see some negatives such as it not being one of the top big banks but I guess it beats not having an account at all. The reason that may be a negative is that I wasnt able to link to VNPay or Mimo which is a widely used E wallet here. I think most vendors are switching to the QR code thing though so that makes it more universal for any bank. Long story short I dont know enough yet to say what bank to go with but I will say if Timo was super easy to set up and Sacombank was a no go for foreigners since they pretty much pushed me out the door. Thats who my wife banks with which is why I considered them but they are a big no.

@jrharvey

the question is can we use our foreign bank account to do QR code transaction there in vn. do western bank provide this capability to use in overseas.  if so it's much simpler to not deal with local banks.  QR transaction isn't widely adopted nor popular as a payment method in the u.s yet.

I believe you can also load MOMO from cash loading places like Thegioididong.  There is a map on the app which shows the closest place.  MOMO is also widely used in VN with QR codes

    can anyone on this forum has experience of opening a local bank account. i am told the deposit fund would need to be explained how the fund was obtained. otherwise. you won't be able to access the fund.

    -@brianAFSER73

Have you tried ACB Bank?

https://acb.com.vn/en

@jayrozzetti23

nope, but judging from the other post, folks had tried multiple banks in vn without success, with only one off-brand bank TIMO seemed to be accepting expat banking need.

        can anyone on this forum has experience of opening a local bank account. i am told the deposit fund would need to be explained how the fund was obtained. otherwise. you won't be able to access the fund.     -@brianAFSER73


Have you tried ACB Bank?

https://acb.com.vn/en-@jayrozzetti23

Don't.

Even with my spousal TRC they aren't willing to open a domestic account for me, even though I've previously had two international accounts and a USD account with them.

The Đà Nẵng office claimed it's company policy.

I opened a SCB, in Nov 2020 (Saigon Commercial Bank) with my VEC, cannot put cash deposit only E-transfers. Has ATM card but no visa card. When I changed to my spousal TRC I opened an account with Standard Chartered (they will not except a VEC), which allows cash deposits and E-transfers and a visa card which you can use anywhere and any ATM.

    I opened a SCB, in Nov 2020 (Saigon Commercial Bank) with my VEC, cannot put cash deposit only E-transfers. Has ATM card but no visa card. When I changed to my spousal TRC I opened an account with Standard Chartered (they will not except a VEC), which allows cash deposits and E-transfers and a visa card which you can use anywhere and any ATM.
   

    -@cougarcar20

& with Standard Chartered you can transfer money to overseas bank providing you have trackable details of where the money came from legally.

    @jrharvey
the question is can we use our foreign bank account to do QR code transaction there in vn. do western bank provide this capability to use in overseas.  if so it's much simpler to not deal with local banks.  QR transaction isn't widely adopted nor popular as a payment method in the u.s yet.
   

    -@brianAFSER73

I dont think this is possible with any US bank. Like another poster mentioned I think you can load up a MoMo wallet to pay with QR code.

@goodolboy

Yes, that is also my understanding, you can have both money transferred to overseas and transfer money from overseas to your account in Vietnam.

    @goodolboy
Yes, that is also my understanding, you can have both money transferred to overseas and transfer money from overseas to your account in Vietnam.
   

    -@cougarcar20

not only understanding cougar, I have a Standard Chartered account & have done it many times both ways & done on line. As a matter of interest I also have an account with VIB that also allows international transfers both ways.