Wednesday, July 6, 2011

How to Open a Bank Account in Vietnam

We have recently opened a personal bank account at an international bank in Saigon. I was pretty skeptical regarding how smooth the whole process was going to be, but it proved to be pretty easy. What you need:

1. passport;

2. labor contract (that goes only for those who want a salary account; but any tourist can open an account associated to a ATM debit card - not need for labor contract);

3. proof of residential address in your home country - as we left our IDs at home, we used our police records translated into Vietnamese. But you can use you ID or driver's license as well.

If you want to transfer funds to another account in your home country, you have to make proof of their origin. Basically, you can transfer only your salary to an international account. Should the amount deposited in your account every month be higher than the amount specified in the labor contract, then you have to show the bank a proof of their origin, such as a pay slip.

In case your money comes from other sources, you won't be able to transfer it, but you can withdraw it from any ATM or spend it via a debit card. Opening an account is free. Debit cards are issued on the spot.

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