Vietnam (VN)
Vietnam is a dynamic, rapidly developing Socialist Republic stretching 1,650km down the eastern coast of the Indochinese Peninsula — a country of extraordinary geographical diversity, from the karst mountains of the north and the Red River Delta, through the stunning coastline of the Central region, to the vast Mekong Delta in the south.
Banking in Vietnam
Recommended banks, payment culture and credit score basics.
Vietnam's banking system has modernised rapidly since 2015. The State Bank of Vietnam (SBV — Ngân Hàng Nhà Nước Việt Nam) regulates all banks. Major state-owned banks: Vietcombank, BIDV, Agribank, Vietinbank. Leading private banks: VPBank, Techcombank, MB Bank, ACB. International banks: HSBC Vietnam, Standard Chartered Vietnam, Shinhan Bank Vietnam, ANZ (now part of Shinhan). For expats, opening a bank account is moderately straightforward but bank-dependent. Foreign individuals can open an account with passport, visa/entry documentation and proof of address (temporary residence registration). VPBank, Techcombank and MB Bank are generally considered most expat-friendly. Digital banking is excellent — most major banks have full-featured English-language apps. QR code payments (VNPay, VietQR) are ubiquitous. ATM withdrawal fees for foreign cards: typically VND 55,000–110,000 per transaction.
Recommended banks
Vietcombank (VCB)
EnglishMonthly fee: VND 8,800–22,000/month depending on account type. Debit card annual fee: VND 66,000–132,000.
Requirements: Passport, valid visa/entry stamp, proof of Vietnamese address (TM30 registration or rental contract). Some branches also accept employment letter. Multiple visits sometimes required.
- + Largest bank network in Vietnam — 1,150+ branches and 2,300+ ATMs
- + Strong international transfer capability (SWIFT)
- + English-language internet banking available
- + Widely accepted as proof-of-funds by immigration offices
- + Foreign currency accounts (USD, EUR) available
- + Digibank app in English
- - Variable branch-level English proficiency
- - Documentation requirements vary between branches
- - Can be bureaucratic for first-time opening
HSBC Vietnam
EnglishMonthly fee: USD 10–25/month equivalent (standard account). Fee waived for balance above USD 5,000.
Requirements: Passport, valid visa, employment letter or TRC, proof of income. Higher documentation standard. Available at selected branches in HCMC and Hanoi.
- + Full English-language service at all branches
- + International banking network — easy transfer to HSBC accounts abroad
- + Premier account for high-net-worth expats (wealth management included)
- + Direct international debit card
- + Credit card available to qualifying expats
- + Familiar brand for internationally mobile professionals
- - Higher minimum balance requirements
- - Fewer branches than local banks
- - Higher monthly fees
VPBank
EnglishMonthly fee: VND 0–55,000/month depending on account tier. Basic account: often free with minimum balance.
Requirements: Passport, visa, Vietnamese address. One branch visit typically sufficient. Known for faster account opening than VCB.
- + Expat-friendly process — often requires fewer visits than VCB
- + VPBank NEO (digital banking app) well-rated
- + QR payment integration (VNPay)
- + Easy online banking setup
- + Competitive FX rates for international transfers
- - Smaller international transfer network than HSBC or Standard Chartered — SWIFT fees VND 300,000–600,000 per outbound wire
- - Customer service English quality varies by branch — head office English better than smaller outlets
- - Credit cards generally not accessible to expats without long residency and documented income
- - Monthly fee may apply if account balance falls below minimum threshold on some account tiers
Techcombank
EnglishMonthly fee: Techcombank Go: VND 0/month (zero-fee banking for qualifying accounts). Standard: VND 0–44,000.
Requirements: Passport, visa, proof of address. Can sometimes open via app for Vietnamese nationals — foreigners typically need branch visit.
- + Zero-fee banking for many account types
- + F@st i-Bank app well-regarded
- + VietQR payment integration
- + Popular with younger professionals and tech community
- + Good Hanoi presence
- - English support variable at branch level — app is good but in-person service quality varies
- - Less international transfer experience than VCB or HSBC — SWIFT fees VND 300,000–700,000 per outbound wire
- - Foreigners cannot open account via app — in-person branch visit required
- - Credit cards and consumer loans generally not accessible to expats without TRC and documented income
Standard Chartered Vietnam
EnglishMonthly fee: USD 15–20/month equivalent. Waived above minimum balance.
Requirements: Passport, visa, employment evidence, income proof. Targets professionals and senior expats.
- + Full English-language service
- + Priority Banking for higher-income expats
- + Strong SWIFT international transfer capability
- + Familiar British brand for UK and Commonwealth expats
- + Wealth management and investment products
- - Very limited branch network (HCMC and Hanoi only)
- - Higher minimum balance requirements
- - Not practical for everyday cash and QR payments
Payment culture
Vietnam is transitioning fast toward cashless payments. QR code payments via VNPay, MoMo, ZaloPay and VietQR are accepted at supermarkets, cafés, restaurants, parking lots, and increasingly at street food stalls in major cities. MoMo (a Vietnamese e-wallet) is the most widely used non-bank payment app with 31+ million users — link it to your bank account for instant QR payments. ZaloPay integrates with the Zalo messaging app (essential). VNPay QR is the interbank standard accepted at most major retailers. Cash (VND) remains essential for: wet markets, street food, transportation (non-Grab), small local shops, rural areas, phở stalls and domestic workers. Credit cards: accepted at hotels, international restaurants, malls and online. Foreign VISA/Mastercard work at most POS terminals but may have 1.5–2.5% foreign transaction fee. Apple Pay and Google Pay: gaining acceptance at newer merchants with contactless terminals. Contactless card payments: available at many modern POS but not universal.
Cash access
ATMs are plentiful in HCMC and Hanoi — on virtually every major street and inside all supermarkets, hotels and shopping malls. Rural areas and smaller towns: fewer ATMs — withdraw before travelling to remote areas. Daily ATM withdrawal limits: VND 5,000,000–20,000,000 per transaction, VND 20,000,000–50,000,000 per day depending on bank. Foreign card fees: VND 55,000–110,000 per withdrawal (Vietcombank: VND 77,000; Agribank: VND 66,000). Using VPBank or HSBC ATMs with their own card avoids withdrawal fees. Tipping, markets and services are still primarily cash — always keep VND 300,000–500,000 in smaller denomination notes available.
National Credit Information Center (CIC)
Check at cicb.vn (National Credit Information Center of Vietnam — Trung tâm Thông tin Tín dụng Quốc gia). Requires VCB, BIDV or Agribank online banking account for digital access.
Free annual check: Free credit check available via CIC portal. Visit any branch of your bank with passport and TRC for a physical credit report.
Expats without a Vietnamese credit history start with no score — credit cards and loans are difficult to obtain. HSBC Vietnam and Standard Chartered offer credit cards to qualifying expats with documented income. Build credit history by: maintaining active bank accounts, using existing cards responsibly, demonstrating stable salary deposits. Vietnam's credit system is less developed than Western countries — most expats operate cash/debit only.
International transfers
Sending money to Vietnam: Wise — fastest and lowest cost for transfers from USD/EUR/GBP to VND. Remitly and WorldRemit also competitive. Western Union and MoneyGram: higher fees, useful for urgent or unbanked recipients. Direct SWIFT transfer: 1–3 business days, fee VND 500,000–1,500,000 depending on bank. SBV regulations: no limit on receiving foreign currency via banking channels. Transfers above USD 10,000: documentation of source of funds required for AML compliance. For large transfers (property purchase, investment): use a licensed forex dealer or major bank to ensure correct coding for Foreign Currency Transfer Certificate (needed for property purchase record). Sending money from Vietnam: transferring significant amounts abroad requires proof of legal income source, tax compliance and work permit evidence.