Bank Account

It may have been discussed but haven't the answers often been contradictory?  Some people report having to go to several banks to open an account.  Perhaps a better question would have been "Which banks will let me open an account?" but as we know even that may vary from branch to branch or city to city.

Furthermore, can i get a VISA account that lets me book flights on-line if i only have a Work Permit and not TRC?

Here are the requirements for opening a Citibank bank account in Vietnam.

Minimum initial deposit of VND 2,000,000, USD 100, or equivalent.
Total Relationship Balance: VND 100,000,000

Documents required for Vietnamese:
- Primary ID: National ID/Citizen ID/Passport.
- Secondary ID: Home Registration Book or Driver's license.

Documents are required for foreigners (resident/non-resident) and must be translated to Vietnamese and notarized:
- Passport
- Valid Visa
- Residence card

I suspect other banks have similar requirements.

It may take a little more than a valid visa.  When I had only a 90 day visa, Citibank refused to allow me to open a joint account with my wife even though we were legally married.  Instead we opened an account in her name only.  This was to facilitate funds transfer from my Citibank US account.  Only after I had a VEC did they allow my name on the account.

Hi Paul,
Thanks very helpful

Cheers Lewis

Thaiger wrote:

Furthermore, can i get a VISA account that lets me book flights on-line if i only have a Work Permit and not TRC?

If you already have an acct, just apply for a VISA Debit Card. I don't think TRC is mandatory for that.
Sacombank VISA Debit Card

Hi, Paul
Thank you for a great information.
Wondering if we are able to open USD account in Vietnam.

I was able to open two accounts, dollars and dong, with no trouble. I was able to provide them with a local address which helped. I had to fill out at least one form relating to the US government money laundering initiative, so I said I would keep the annual amount in both accounts combined to less than $10,000, the reporting threshold.

What bank did you open an account with?

New and improved wrote:

I had to fill out at least one form relating to the US government money laundering initiative, so I said I would keep the annual amount in both accounts combined to less than $10,000, the reporting threshold.

We came close last year but it looks like this year we will have to fill out the form called FBAR (Report of Foreign Bank and Financial Accounts) as the interest payments that my brother-in-law has been depositing for my wife pushed us over the limit.  In actuality every US citizen should be reporting interest earned in foreign banks but we know how that goes.      The FBAR does not incur new taxes but is a reporting only form.  However it's information is transferred to Form 1040, Schedule B, part III.  Of course it would be hard to show deposits over $10,000 and not voluntarily show interest on your income tax filings, even if the VN bank does not give you a Form 1099-INT.

Here HSBC requirement for opening accounts for foreigner

1 Valid Passport with Visa
2 The later from local police to certified the address was currently living.
3 Get Confirm address our own country  Can be Driving license or anything to prove the address.
4 No need any deposit. But you need to maintain 3 million minimum balance.

Can open USD, Euro, VND, GBP.

Paul, I didn't need a residence card to open accounts. My passport sufficed and I hand wrote in the local address. I came back to the branch to pick up my bank card about ten days later. Everything else is online. I would advise opening new accounts with a Vietnamese speaker in tow.

PaulToca wrote:

- Residence card

The Temporary Residence Card (TRC) is the tricky part.
Do you have a job in Vietnam, Shaheen? Then your employer can help you get a Work visa and a TRC, which you can use to get a bank account, so your employer can pay you.

If you don't have a job, do you need a bank account?

THIGV wrote:

New and improved wrote:

I had to fill out at least one form relating to the US government money laundering initiative, so I said I would keep the annual amount in both accounts combined to less than $10,000, the reporting threshold.

We came close last year but it looks like this year we will have to fill out the form called FBAR (Report of Foreign Bank and Financial Accounts) as the interest payments that my brother-in-law has been depositing for my wife pushed us over the limit.  In actuality every US citizen should be reporting interest earned in foreign banks but we know how that goes.      The FBAR does not incur new taxes but is a reporting only form.  However it's information is transferred to Form 1040, Schedule B, part III.  Of course it would be hard to show deposits over $10,000 and not voluntarily show interest on your income tax filings, even if the VN bank does not give you a Form 1099-INT.

Is that Vietnamese bank pay interest for USD?

gobot wrote:

PaulToca wrote:

- Residence card

The Temporary Residence Card (TRC) is the tricky part.
Do you have a job in Vietnam, Shaheen? Then your employer can help you get a Work visa and a TRC, which you can use to get a bank account, so your employer can pay you.

If you don't have a job, do you need a bank account?

I think if have TRC also doesn't make any sense except work permit. One time I brought my TRC with me to go to the bank and the bank officer refused TRC and asked my Passport or Work permit.

SimCityAT wrote:

Not a useful response.

A useful response is:

Try searching the Vietnam forum on the Forum page here.
Search for "banking".

Collwing wrote:

Is that Vietnamese bank pay interest for USD?

Are you asking me if Citibank VN pays interest on USD accounts?  If so the answer is yes, but the amount is infinitesimally small, a lot like the amounts on a savings account in the US would be.

If you are a US citizen you are in theory at least expected to report all worldwide income, both earned and unearned (interest and capital gains)  There are exemptions but you are expected to report.  Interest on either USD or VND accounts.  Both would need to be reported and the VND converted to USD. 

Most of the world's countries do not tax overseas income.  It is pretty much something only Americans need to worry about.  If the amounts are small, I am pretty sure most interest earned goes unreported.

Ah Forgot to tell there is one Bank name is Sea Bank, anyone can open account without any documents, Just need only Passport and Entry Visa to Vietnam, Open account deposit and withdraw money at any time, but this bank has limited TAM machine around Saigon or whole country,

I have both Vietnam Dong (interest bearing) savings account and a US Dollar  account (no interest, just so I can transfer dollars in and out of Vietnam)  I use Saccom Bank.  Little more than a 30 day Visa, and an address in Vietnam.  My wife (Vietnamese) uses VietinBank, they asked me if I wanted an account with them as well, I don;t need it so declined.

Does the phrase "Fly by Night" mean anything to you??  SeABank is one of them  -  I wouldn't put my money in any bank that only has branches in Cambodia and Vietnam.   I'd stick with the mainstream established banks.  I have seen more Banks pop up in Vietnam in the last fifteen years than I can count.  Wonder how many are involved in laundering drug money.

Saigon even has a Bitcoin ATM now thats how fast its growing.

gobot wrote:

SimCityAT wrote:

https://c1.staticflickr.com/1/767/32463 … 9174_z.jpg

Not a useful response.

A useful response is:

Try searching the Vietnam forum on the Forum page here.
Search for "banking".

When the topic has been covered time and time again, its annoying for a topic to be covered yet again, because the member can't be bothered to look.

SimCityAT wrote:

When the topic has been covered time and time again, its annoying for a topic to be covered yet again, because the member can't be bothered to look.

It may be annoying to you but imagine how annoying it is to have to go from bank to bank until you find one that will let you open an account.  The variety of experiences expressed herein is evidence that the issue is far from settled.  I even suspect that some bank's criteria may vary from branch to branch.  Based on the number of responses, it is also evident that this is an issue that interests participants.   If it interests participants, then prima facie it is an appropriate topic.

Go to ACB and ask for a prepaid visa account. Took me 15 minutes. I have mine connected to Paypal and can use it in shops ... electronic only.

If you need USD transfer our etc. This is not the best.

Yes I forgot that bit. Take a local and it all happens easily.

If you are worried about losing all your money with bank closures. Just transfer small amounts at a time.