Opening a bank account in Vietnam

[jphasia]

I am currently on waiting list to move from Thailand to Vietnam.

I have been hired by a company here in Bangkok who want me to relocate in Vietnam. I am on a process to get my visa and all necessary documentations (Covid period...) to move to Vietnam which is scheduled so far for the end of this month.

Once in Vietnam (HCMC), I will be working for their Vietnam entity with a local contract, get paid locally in USD. I will get a work permit and long term visa (whatever does it mean, they are taking care of the immigration, visa, work permit process). 

This is a big multinational, with plenty of expats, so I am sure they will support me to open a bank account there.

However, I would be happy to hear from resident there if there are things to know, recommendations regarding this subject. I will be looking to get an account with payments facilities (Credit/Debit cards), online banking, and a possibility to transfer money to Thailand where I am resident.

Which bank would you recommend. Are there any difficulties. Again, my status there will be local employment contract with work permit.

I have been working in Vietnam in the past, but that was about 15 years ago and I was paid directly in Thailand that time.

[Gordon]

You can easily open a bank account us dollar account with Vietcom bank. I opened a US dollar account and they give you a visa debit card that doubles as atm card similar to what thai banks give you. It is possible to set up the dollar account so you can make local internet banking transfers in local currency. You can also send funds abroad without any restrictions. As you will have work permit I dont know how that work with depositing your salary. I dont have wp and can only deposit with cash if i brought it in from abroad and got a receipt from vn customs or by sending foreign currency by TT. You can withdraw local currency in vn dong and the exchange rate is good. 

[jphasia]

1 hour ago, Gordon said:

You can easily open a bank account us dollar account with Vietcom bank. I opened a US dollar account and they give you a visa debit card that doubles as atm card similar to what thai banks give you. It is possible to set up the dollar account so you can make local internet banking transfers in local currency. You can also send funds abroad without any restrictions. As you will have work permit I dont know how that work with depositing your salary. I dont have wp and can only deposit with cash if i brought it in from abroad and got a receipt from vn customs or by sending foreign currency by TT. You can withdraw local currency in vn dong and the exchange rate is good. 

Thanks for the feedback. I know that my company is using several banks including Vietcom Bank. So it should be easy then.

[terryw]

Do not use a Vietnamese bank if you are planning to send money out of the country. Many have restrictions on how much you can send. 

 

It is better to open an account with 

HSBC or ANZ. You will need to show them your employment contract.

 

 

[MrMilk]

Not too relevant, but I pass it on anyways.

 

Spent a couple of months in Ho Chi Minh during winter this year, and at one point I needed to send money to a friend abroad.

It was completely impossible to do.

I visited like 10 Western Union branches and the same amount of banks, and they all refused to get it done for me. Was told it was impossible and some even claimed it was illegal to transfer money out of Vietnam that way (??!)

 

The amount I tried to send was around $700 (I offered to pay cash in both USD and DONG). 

[Mansell]

My understanding there is a Bangkok Bank branch in Vietnam....check for yourself.

[jphasia]

1 hour ago, Mansell said:

My understanding there is a Bangkok Bank branch in Vietnam....check for yourself.

Yes there is but it's a commercial branch. They are dealing with personal accounts.

Thanks anyway

[Gustomucho]

I would go with HSBC which have a big Asian / NA presence.

[jphasia]

2 hours ago, Gustomucho said:

I would go with HSBC which have a big Asian / NA presence.

Thanks. So based on the feedback, transferring money from Vietnam to Thailand seems possible. And having local working contract and proper work permit should be easier.

I will check with local bank such as mentionned Vietcom Bank and international banks (HSBC, ANZ...) but I believe it is more difficult to open an account with these banks if you are not already an existing customer in other country. I recall having trying to open a bank account in HSBC in Thailand long time ago and it was very complicate compare to local banks.

Thanks for your feedback all

[KhunHeineken]

Vietcombank is the most popular bank in Vietnam.   Nothing wrong with that, but should you ever need to go inside the branch, there are always queues.  Good thing is, they have an ATM on every second corner.  

[PatOngo]

I had an ANZ account in Vietnam, needed a work contract and proof of address. No problem.

[Kaoboi Bebobp]

I have an account with ACB (Asia Commercial Bank), which tends to be recommended by expats and has a lot of foreign customers. Also, it's a private bank, not owned/partially owned by the State as many big banks are. 

 

I've done online transactions to other banks' customers and can withdraw from any other bank (at a very high price). Small point: This may be true of other banks, but I could withdraw up to 10 million VND from my ACB account in one transaction.   

Edited September 25, 2020 by Kaoboi Bebobp

[jphasia]

10 hours ago, Kaoboi Bebobp said:

I have an account with ACB (Asia Commercial Bank), which tends to be recommended by expats and has a lot of foreign customers. Also, it's a private bank, not owned/partially owned by the State as many big banks are. 

 

I've done online transactions to other banks' customers and can withdraw from any other bank (at a very high price). Small point: This may be true of other banks, but I could withdraw up to 10 million VND from my ACB account in one transaction.   

Thanks for this. I will check with this bank. My main concern is not getting cash in Vietnam as I will be paid there but to transfer money to Thailand where I live and my family is.

Thanks

[jphasia]

I am coming back to this topic.

I am now in Vietnam, 10 days now after the quarantine.

I already open a bank account in Vietcombank. It was easy, I actually openned 1 account in VND and 1 account in USD. It took me less than half hour. I was assisted by the admin from my office.

Now the next step is to find the way to transfer money from Vietnam to Thailand.

I will try from the bank directly (either from the counter or through the mobile app) but not really that it is possible. I might try also a way through Transferwise or Paypal. I have a Paypal account (from Thailand) but never tried Transferwise.

Also, I am wondering if you can transfer abroad VND or USD only?