Currently, foreigners living and working in Vietnam are increasing, so the demand to open bank accounts for foreigners is also increasing rapidly. So if foreigners need to open bank accounts in Vietnam, what documents should be prepared, which banks to open, … Let’s find out with us through this article!
Conditions for opening a bank account
Pursuant to Circular No. 02/2019/TT-NHNN, the person wishing to open a bank account must meet the following conditions:
– Persons aged full 18 years or older who have full civil act capacity in accordance with Vietnamese law
Persons from full 15 years of age to less than 18 years of age who have not lost or restricted their civil act capacity
– Persons under the age of 15, persons limiting their civil act capacity, persons who lose their civil act capacity in accordance with Vietnamese law to open payment accounts through legal representatives
– Persons with difficulties in recognizing and mastering acts in accordance with Vietnamese law to open payment accounts through guardians
In addition, for foreigners, it is necessary to provide additional identification documents, temporary residence cards, work permits or business registration papers, with clear residence addresses in Vietnam…
Foreigners open bank accounts.
It is necessary to meet two factors in terms of age and place of residence.
- Customers over the age of 18 or those who are 15 years of age or older (proof of passport)
- In addition, for foreigners, it is necessary to have a confirmation that they are living legally in Vietnam (valid visa, temporary residence card,…)
Procedures for opening a bank account
Step 1: Prepare the file
Pursuant to Circular No. 02/2019/TT-NHNN, foreigners wishing to open an account need to prepare the following documents:
- Proposal to open a payment account made according to the form of a bank or branch of a foreign bank where the account is opened
- Entry visa or proof of visa exemption from the account holder
- Id card/CCCD/passport with the term of the guardian, legal representative and documents proving the person’s legal representative status to the account holder, in case the individual opens the payment account through the guardian, the legal representative.
Step 2: Apply
Submit your application directly or send a post or email to the bank or branch where the account is offered.
Step 3: Process the application
The bank collates customer information, if there are no errors, it will meet directly with the account opener or legal representative to agree on the opening and use of the account.
Step 4: Get an account
The person who opens the account will be notified by the Bank of the number, name of the payment account, the start date of the payment account.
Some of the banks’ own requirements.
According to the information that we learn, the requirements for foreign customers when opening bank accounts in Vietnam are not the same.
- For Shinhan Bank: Foreigners need to prepare valid passports or valid labor contracts. At the same time, it meets the requirement to have a temporary stay in Vietnam for more than 1 year.
- For Saigon Joint Stock Commercial Bank (SCB): Foreigners need to prepare passports, visas from 12 months, temporary residence cards from 12 to 24 months.
- For Techcombank: Foreigners need to prepare passports, work permits, labor contracts, visas that have not expired.
- For Vietcombank: Foreigners need to prepare passports, visas have not expired.
Some frequently asked questions
- Do foreign customers need to open a VND account when applying for an international payment card?
Up to now, the bank can only issue International Payment Cards to customers who currently maintain VNDi accounts. Therefore, it is necessary to open a VND account to be able to use the International Payment Card.
The VND account will be defaulted to be the main account and the current foreign currency account is the second account. The main account (VND account) is the account that makes purchases of goods, cash withdrawals at ATMs, fees related to the International Payment Card will be deducted. The second account is only used for atm cash withdrawal purposes.
- Can a foreigner transfer between his two foreign currency payment accounts at the Bank?
No, pursuant to Circular No. 15/2015/TT-NHNN. Transfers between two different currencies cannot be made.
- Can a foreign customer who does not reside and has a foreign currency payment account at the Bank be able to transfer from one account to another of another non-resident at another bank/bank in Vietnam?
Provided that valid documents on the purpose of payment, amount, currency, payment term are provided in full within 5 working days from the date of implementation of the request.
- Can foreign customers transfer to their other accounts in another country?
If the money is transferred from a foreign currency account, there is no need to provide proof of the source of the money.
If the money is transferred from the VND account, it may be required to provide the Bank with documents proving the source of the money.
- Can foreigners who are working in Vietnam and receive salaries to foreign currency accounts (e.g. USD) opened at banks can transfer funds from one foreign currency account to another (e.g. EUR) abroad?
Yes and the Bank will make a currency conversion from one foreign currency (e.g. USD) to another (e.g. EUR) for overseas transfers
- Can foreigners who are working in Vietnam and receive legal income in VND into their VND account opened at the Bank can transfer from VND account to foreign currency account abroad?
Yes and the Bank will make currency conversion from VND to foreign currency to transfer funds abroad.
- Authorize others to close the account, or make a trade on your account?
You can go to the Branch or Transaction Office to fill out the Authorization Form, select the authorized transactions and submit to the Bank, along with additional documents related to the authorized person requested by the Bank.
Thanhlap.wacontre.com consulting services
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If you have any questions, please contact hotline (028) 3620-8140 for advice and support quickly. Thanhlap.wacontre.com service is always ready to serve customers in the most enthusiastic and effective way. (For Japanese customers can contact via Hotline: (050) 5534 5505.)
