How to Open a Bank Account in Vietnam. Many expatriates in Vietnam face some issues related to their daily financial transactions. Therefore, some of the always required information related to how to open a bank account in Vietnam.
It is not a difficult thing to perform, as long as you have a good overview of the required documentation and steps. Therefore, for anyone who plans to open a bank account in the country, it is suggested to read the following information.
Benefits of Opening a Bank Account in Vietnam
Of course, opening a bank account in the local bank can bring many benefits as expected. You can withdraw money in a teller machine that is usually provided all over the country.
Whether in the mall, public area, apartment, and many more. You will find many teller machines that work to serve you 24 hours a day. Therefore, you can perform money transfers and withdrawals anytime you need to.
A local bank account also eases you in terms of the currency rate. Some of the expatriates mention that they are always dealing with fluctuating currency rates.
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Not to mention that most banks apply a high currency rate in each transaction. When you have a money transaction through your bank account from your origin country, you will get a high currency rate for each transaction. It means you are always requested to pay more every time you perform a transaction. Whether making a payment or getting paid, both are costly.
Not to mention that the charge fee is also applied whenever you need to withdraw money. This is one of the main reasons why many expatriates decide to open a bank account in Vietnam. Since the withdrawal fee is always high, they need to make a withdrawal every week to pay their daily bills. With a local bank, you will only charge a monthly fee that is still reasonable and makes sense.
Selection of Local Banks in Vietnam
There are several local banks in Vietnam that can give you a lot of financial services as required. Each bank offers various advantages to consider so that you can get suitable services as you want. Some of the trusted local banks are Vietcom Bank, Vietin Bank, and Agribank.
They offer many services starting from offline banking, online banking up to mobile banking. They also charge less fee every month and give 24 hours’ services through their teller machine, which is located all across the country.
Those banks also offer several types of accounts for foreigners. Usually, they will provide the following account services:
• A transaction account is the most common type of account selected by the foreigner. It helps them to support daily transactions, such as a daily bill or making a payment. With the account, the foreigner can get a bank book and an ATM card. So that they can easily manage their savings and withdraw money as needed.
• The investment capital account is more for sending investment into the country. Therefore, it is normally selected by a businessman who plans to invest in Vietnam. With this account, the owner can receive and send investments to various companies in Vietnam with less charge. So that it will be more economical and easier to perform.
How to Open a Bank Account in Vietnam
Once you decide on a suitable bank for your account, the next thing to do is to start opening a bank account in one of those banks. Whenever you are ready for this, the following things are supposed to be performed.
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• To deal with this matter, you need to prepare suitable documentation to support the process. You will have asked to show your valid passport, valid VISA, working permit, and temporary resident card. Make sure you get the original document when present at the bank, and don’t forget to make a copy to pass to the bank officer.
• After you prepare all the related documentation, you can start to open the bank account by present in the bank first. You need to ask the officer and liaise with them for the necessary administration forms.
• Then, after that, you will receive a form that needs to be filled in and signed. Make sure you fill the form according to your valid documentation so that the bank can easily input the data and make verification too.
• Don’t forget to put a wet sign in the form accordingly. This is to notify you that you agree with all of the terms and conditions from the bank office.
• Once you finish the above activities, the bank officer will validate your documents and start to process your new bank account. Later on, you will get your bank book and ATM card.
• You might need to put some deposits according to the requested value from the bank. Once you finish the deposit, your account will be activated and ready to use.
By reading the above information, it is now clear why you have to get a bank account with a local bank in Vietnam. Furthermore, you will also understand how to open a bank account in Vietnam in a simple way.
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So that you don’t need to experience unpleasant things whenever performing any financial transaction in the country. With this local account, your daily transactions will be easy and smooth.
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