Vietnam banking: what you need to know right now

Banking in Vietnam has gone digital fast, but cash still rules in many places. If you live here or do business with Vietnamese partners, you need to know how accounts, cards, and mobile payments work — and what trips up foreigners most.

Start with the basics: the currency is the Vietnamese dong (VND). Big banks include Vietcombank, BIDV, VietinBank and tech-forward lenders and joint-stock banks. The State Bank of Vietnam (SBV) sets rules and supervises the system while fintech apps like MoMo, ZaloPay and VNPay handle a huge share of daily payments.

Opening an account: simple checklist

For residents and expats, most banks ask for your passport, a valid visa or temporary residence card, and proof of address. Some banks accept a work permit or a letter from your employer instead of a residence card. Walk into a branch with originals and copies — many banks still prefer in-person verification for foreigners. Minimum deposits are usually small, but requirements vary by bank and account type.

Non-resident accounts are possible but limited. If you need a local account for salary, supplier payments, or local transfers, tell the bank why you need it — the purpose affects what they require.

Everyday banking: cards, ATMs and apps

Debit and ATM cards are widely issued and often carry Visa or Mastercard logos for international use. Expect ATM withdrawal fees for foreign cards and lower withdrawal limits than in some countries. ATMs are common in cities; rural areas may have few machines. Use ATMs at bank branches for added safety.

Mobile banking is huge. Banks offer apps for account checks and transfers, while e-wallets handle QR payments and peer transfers. Many shops, cafes and taxis accept QR codes. For online sellers, local payment gateways like Napas and VNPay are essential to collect payments in VND.

International transfers use SWIFT. Transfers can take 1–5 business days depending on the sending country, correspondent banks and paperwork. Expect intermediate bank fees and possible currency conversion charges; compare fees before sending large amounts.

Safety tips: always notify your bank before long travel, use strong passwords and two-factor authentication for apps, and avoid changing large sums in informal markets. Check exchange rates at banks or authorised bureaux — avoid unofficial money changers.

For businesses: prepare company registration, tax code, board resolution and authorized signatory documents. KYC is strict; banks will ask for invoices, contracts or proof of transactions for larger transfers. If you trade internationally, keep a clear audit trail to speed up transfers and avoid delays from compliance checks.

Want a quick plan? Compare banks, bring the right documents, set up mobile banking, carry some VND, and check transfer fees before you send money. If you need help picking a bank or understanding fees, I can point you to current options and the usual costs to expect.