how to open a bank account in vietnam as a foreigner

bank account, the bank will have further requirements: In case of opening The requirements on opening a foreigner's bank account is set out by the bank and each bank has its' own requirement and limitation (stricter and less strict depending on each bank). All banks in Vietnam offer a range of banking packages, so it is worth researching which packages best suit an individual’s needs. Creating a bank account while living in Vietnam is a relatively simple process, compared to other countries that require a ton of red tape, waiting and legal action. Can a foreigner open a bank account in Vietnam? Sign an engagement with a professional service agency located in Vietnam, and pay the service fee; Provide an English name for your new company: the agency will translate the name into Vietnamese and check if the company is available; Provide your passport copy, an official copy of your residential address, copy of the certificate of business registration (only if the shareholders are companies) and filled up a questionnaire form with standard questions such as your address, passport number, and name of directors and shareholders (if you plan to open the company alone, you can be the sole director and shareholder); Provide any relevant business supporting documents such as financial statements of two last years (only if the shareholders are companies), or the bank statements; Provide a copy of the “Lease Agreement” for the company office. A minimum amount of deposit (may vary from one bank to another) A foreigner on a work visa may be required to provide a copy of their work contract; An application form from the bank; Types of bank accounts available in Vietnam. As a non-resident in Vietnam, a foreigner is welcome and has the freedom to open a bank account in the country. The banks also have some Vietnam’s population has increased to about 97 million in 2018 (from about 60 million in 1986) and is expected to increase to 120 million by 2050. There is no money transfer in Vietnam apart from Western Union, with them, they will still ask for your work permit to prove that you work here. However, normally foreigners still visit Vietnam before setting up the company to choose the place of office or factory. Your bank card will work just like any other ATM card when outside of Vietnam. Your email address will not be published. I think Timo can you help on this one. RELATED POST: What is the cost of living in Vietnam. Vietnam is witnessing rapid changes in population and social structure. "@context": "https://schema.org/", open bank in ANZ while Standards Chartered requires the US citizen living Most banks in Vietnam have at least one English-speaking service representative. When booking a tour and paying for your room, these major currencies can be used without any problem. Do I need my own car in Vietnam? for a deposit of VND 60,000,000 (About USD2,900) . The rules have changed and have become a lot harder, if you are seeing yourself staying here for at least six months with a job, you may want to consider opening a bank account to avoid all the ATM fees. "sku": "3083", I get the message on the screen that states I have reached my daily limits. The debit card is less Note that you will have 90 days of time to fully inject the charter capital into the capital bank account, the date of ERC issuance. In rural areas and smaller towns, ATMs are more difficult to find, so expats are advised to carry enough cash with them when travelling to locations that are off the beaten track. Get in touch with us should you require further information on opening a bank account in Vietnam by filling in the form below. Opening a bank account of the foreigners in Vietnam, F&B investors enter Vietnamese market via side door. However, you might have to go to Vietnam to open the bank account – this depends on the bank you choose. The required list of documents are as follows: 1/ Valid Passport as per law, in an acceptable condition that is clearly readable and identifiable (picture and text) for verification; AND. Cekindo Business InternationalShark building - 3rd & 8th Floor29 Nguyen Van Mai StreetWard 8, District 3Ho Chi Minh City 72408, Vietnam +84 28 3535 0019 vietnam@cekindo.com. This site uses Akismet to reduce spam. However, these companies hire staffs who speak well English, meaning you will have an easier time talking with their employees. Let us know in the comment section below if anything is unclear or if you have some information that we should add. And now if i only have tourist Visa which bank i can open in Vietnam? Opening a Bank Account with a Tourist Visa. It’s best to have a domestic bank account than spend money using your overseas bank cards and get charged fees. Opening a bank account was easy, the government didn’t care a lot and banks don’t have a lot of rules to follow. After the business registration is completed, you will be issued the Investment Registration Certificate (IRC), the Enterprise Registration Certificate (ERC), and the relevant sub-license (if any). requirement and limitation (stricter and less strict depending on each Either way, one of the first few things you should set up apart from your place of residence, is a bank account. How long does it usually take? Check your inbox or spam folder to confirm your subscription. I want to open a new limited company in Hong KongI already have a company in Hong Kong but I need a new agencyI want to open a bank account in Hong KongI want to apply for a prepaid card in Hong KongOther (Virtual office, Accounting, etc), What services are you interested in? If you have any friends that are Foreign nationals, considering opening a Bank account with Timo or any other bank, spread the word. We also use third-party cookies that help us analyze and understand how you use this website. Many thanks to Cekindo and all the team members. Most definitely. All in all, the bank you choose should reflect the services you need the most, how easy it is to sign up and what fees you will be charged. Required fields are marked *. Foreigner to open a bank account in Vietnam if they are permitted to stay in VN and can provide the required documents to open bank account in VietNam ►Read Cost of Living in Vietnam for an overview of expat expenses. Cekindo has assisted our company with company registration and nominee director services. However, you might have to go to Vietnam to open the bank account – this depends on the bank you choose. A passport; Stamped visa that's good for three to six months A number of international banks have a presence in Vietnamese cities, including HSBC and ANZ. [Photo Credits (Creative Commons CC0): Pixabay.com], Filed Under: Business in Asia, Vietnam Tagged With: Vietnam. Company type Here are the things that you need to know and remember before opening a bank account in Vietnam. You can then use the IRC and ERC to open the bank account in the bank of your choice. carefully for the purpose of compliance regulations and avoidance of money Hi Isabelle, would you still recommend Timo after the new restrictions in October 2019? Establishment of the association of foreign busine... How do Vietnam laws define about force majeur? in another country provide with the residence certificate issued by the state Or you’ve already landed here and are about to embark on your exciting adventure in South East Asia? As long as you have a valid TRC, you can easily open an account and get a MasterCard. Their best features is not only the ease of applying for an account but also how convinient it will be to transfer money from your international account to your VIB account without hassle. Note that we receive hundreds of emails every day and, sometimes, we can’t reply fast. Each ATM charge different fees and you can only withdraw VND and not your home currency or other currencies. Everything has gone smoothly and we wish to have further support in the future. 2/ One of the following valid* documents with at least 12 months validity: *The above documents can have less than 12 months remaining, but must be valid at the time of applying to join Timo. If you think opening a bank account with HSBC, ANZ, or Citibank would be ideal, well, you are wrong. I have successfully received the TRC permit for me and my family, thanks to Cekindo team’s dedication and perseverance. Foreign nationals must have the following documents: Should never have had an account with VP Bank or used FECredit services.

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