Opening a bank account as a foreigner
A Vietnamese bank account is how you'll pay rent, receive your salary and use local payment apps. Requirements vary from bank to bank, and even from branch to branch, so it pays to have your paperwork in order before you go.
Why a local account matters
Day to day, a local account is what lets you pay rent, receive your salary and use local payment apps. Many Vietnamese banks charge little or nothing a month for a standard account.
It also matters for bigger steps later on. If you buy property in Vietnam, payments must be made through a bank account in Vietnam, in Vietnamese dong. And banks generally lend only to foreigners who live and work here, with income paid into a Vietnamese bank account.
Documents banks usually ask for
Each bank sets its own list, but you should expect to need:
- A valid passport
- A valid visa or Temporary Residence Card
- Proof of your address in Vietnam (temporary residence registration)
- A Vietnamese phone number, for SMS and banking-app verification
- Your employment contract, if you're opening a salary account
Bring the originals with you. Some banks also ask for a minimum remaining visa validity, so check how long your visa or residence card has left before you go.
Your address comes first
Proof of address usually means your temporary residence registration. By law, your landlord or building must declare your temporary residence to the police, usually within 12 hours of your arrival. Make sure this is done, as you may need it for your bank account as well as your visa or residence card. In practice, that means organising your home before you visit a bank.
How your tax code fits in
Your personal tax code (Mã Số Thuế, or MST) is the unique identifier for your tax, financial and legal matters in Vietnam. You'll need it for personal income tax filings, employment contracts and many banking steps, including opening a Vietnamese bank account. Foreigners receive a separate 10-digit tax code.
If you work for a Vietnamese company, your HR department will typically register it for you. Freelancers and people with non-employment income can register directly at the local tax office where they live or where their income is generated. SIM cards and everyday purchases use your passport, not your tax code.
Opening an account yourself
You need to be in Vietnam, as accounts are opened at the bank. The process typically works like this:
- Choose a bank with branches near where you live and staff used to foreign customers.
- Prepare your documents from the list above.
- Visit a branch with the originals. Language support is not guaranteed at every branch.
- Set up the bank's mobile app with your Vietnamese phone number, and collect or activate your debit card.
A note for US citizens
US expats must report foreign bank accounts (FBAR) if their combined balance exceeds USD 10,000 at any point in the year, and may need to file FATCA Form 8938. Penalties for missing these can be significant. Our taxes guide covers this and other home-country obligations.
How XploreVietnam can help
If you'd rather not work it out alone, our bank account service takes care of the groundwork. You upload your documents for review, we confirm the exact requirements with the bank, prepare your documents and book your appointment with a bank that works well with foreigners, so your account is opened in one visit. Your files are encrypted in transit and at rest, and only accessed by the XploreVietnam team handling your application. We can also handle your tax code registration with the tax office, start to finish. Both services are available in Navigator, our free planning portal, alongside visa checklists, a cost of living calculator and a pre-arrival checklist. For help finding a home and getting your temporary residence registered, see our real estate guide.