Vietnam , too severe policy for foreigners over bank account

Vietnam has too severe policy for foreigners to open account in bank in Vietnam,foreigners can only hold cash in hand,not allowed to make deposits in bank account.This policy will frighten foreigners to remit money from abroad to Vietnam, which is very imporper for acountry in urgent need of foreign currencies.

I've been here for two and a half years and never had a problem. Ipened an account with a valid visa and have made deposits with a valid work permit and authorized pay slip.  I've been very pleased with the service at BIDV

If I come to VN on a visitor visa without employment or a working visa will I be permitted to open up a local bank account?

It's not as difficult as people claim it to be.  Sure, it may take a while to set up in person.  But, if you have the appropriate paperwork, it's a breeze.

I have never had a problem with opening an account. Putting money into an account once it's opened is a bit more difficult due to the governments fear of money laundering.

Personally, I think payments for less than $ 1,000 should be exempt from over the top red tape. I had credit card bills to pay overseas. And now, friends who owe me claim they cannot send me money.

You should check your friends story, I receive money from PayPal all the time. It's not money coming from outside of VN that's the problem,it's money being placed into your account from inside VN.

Your can open an VND/USD HSBC bank account within 3-4 days complete with internet banking secure device. Excellent personal service, at least at its main office branch.

I opened an account without any problem, and they gave me an ATM card. Curiously, if you want a debit or credit card, you have to open a second account. To my knowledge, visitors cannot open one.

Not sure of the difficulties you've had but I had no trouble at all. I started with VIB 4 years ago. Now using Techcombank.  Though you need to put your money into Dong you at least get a reasonable interest - 6.5 currently at Techcom... even better with some banks..
You could always use in International bank like HSBC.(which I also use).

New topic

Questions and answers about the banking system

Ask your question
South African Rand exchange
By Dylmcn
Sid Atkinson
Continued stay in Vietnam,
By Sid Atkinson
VND to RMB in Saigon
By poncho87
Juz moved in to Saigon
By joe1980
bank account with debit card and paypal
By vnescape
..mmm.. money issues..
By yyk

Expatriate health insurance in Saigon

Free advice and quotation service to choose an expat health insurance in Saigon

Moving to Saigon

Find tips from professionals about moving to Saigon

Travel insurance in Saigon

Enjoy a stress-free travel across Saigon

Flights to Saigon

Find the best prices for your flight tickets to Saigon