Step-by-Step Expat Banking in Vietnam: Accounts, Transfers, Currency (2025)

Managing money as an expat in Vietnam is easier than ever in 2025, thanks to modern banks, a wave of user-friendly digital services, and a few secret weapons for international transfers. Here’s how to open a bank account, transfer money, manage daily finances, and smooth out your rental experience.

1. Opening a Bank Account in Vietnam

Who can open an account?
Foreigners with a valid visa or residence card can nearly always open a bank account at most Vietnamese banks. Usually, your visa must have several months’ validity left, and you’ll need to show some proof of your local residence.

Popular banks and why expats choose them:
Vietcombank, Techcombank, BIDV, TPBank, and HSBC (noted for strong English service and expat-friendly branches) are the top picks. They offer modern banking apps (often in English), robust security, easy account setup, and reliable support—especially at branches in expat neighborhoods. Picking a major bank means fast rent payments, easier landlord approval, and fewer surprises.

Required documents:

• Passport (with at least 6 months’ validity)
• Visa or residence card
• Proof of local address (rental contract or bill)
• Application form (provided at the bank)
• Small deposit (often 1–3 million VND)

How to do it:

• Pick a bank that fits your needs (fees, mobile app, English support).
• Go to a major branch (expat areas are best).
• Complete the paperwork, show your documents, hand over your deposit.
• Receive your debit card—often instantly or within one week.

Tip:
Some banks now allow you to start the application online, but you’ll still visit a branch to verify your ID.

2. Why Having a Vietnamese Bank Account Matters for Rentals

For expats, having a local bank account makes renting a home easier and safer:

• Most landlords prefer rent and deposits paid by local bank transfer (never by cash to a stranger).
• Bank transfers create a clear digital record—with receipts for proof.
• Local payment means no costly international transfer fees.
• Many landlords and agents see a Vietnamese bank account as proof you’re serious and trustworthy, making them more likely to approve your rental.
• Having an account also ensures you’ll get your deposit refunded quickly and easily at move-out.

3. Transferring Money In & Out of Vietnam

International transfers:

• Bank transfers to/from your home country are possible, but fees are high and rates less favorable.
• Services like Wise, Western Union, and PayPal offer fast, transparent, and often cheaper alternatives for international payments. Wise is especially popular for expats and digital nomads because you get real exchange rates, can set up transfers before arrival, and avoid hefty bank charges. Use Wise to send rental deposits directly to a Vietnamese landlord, pay bills from abroad, or receive freelance income from overseas. This is a game-changer if you’re getting paid remotely or planning your move into Vietnam!

Tips for best rates and lowest fees:

• Compare rates and fees between providers before sending big sums—Wise often comes out ahead for transfers to or from Vietnam.
• Avoid unknown agents or “side street” solutions.

4. Daily Finances: Cash, E-Wallets, and VietQR

While your bank account handles rent and large transfers, daily life in Vietnam relies heavily on digital solutions.

A. The E-Wallet Dominance

Apps like MoMo and ZaloPay are essential. They function as digital wallets that link directly to your Vietnamese bank account, allowing you to pay for:

• Utility bills (electricity, water, internet)
• Food delivery (Grab, ShopeeFood)
• Taxis, cinema tickets, and groceries

B. The Simplicity of VietQR

VietQR is the national QR code payment system. It is a unified standard accepted by **all** major Vietnamese banks and is the most common way to pay digitally outside of major shopping malls.

• How it works: When you buy coffee, groceries, or street food, the vendor displays a QR code. You simply open your Vietnamese bank’s mobile app, choose the VietQR/QR Pay function, scan the code, enter the amount, and confirm.
• The benefit: This instant bank-to-bank transfer is **free** and avoids the hassle of physical cash or slower credit card terminals. Expats use it daily for small and medium transactions directly from their primary bank account.

C. Cash Still Matters

Always carry some **Vietnamese Dong (VND)**. Many very small vendors, market stalls, and some traditional services still operate exclusively in cash.

5. Currency Management & Rental Payments

• VND vs. USD for Rent: Although apartment prices are often advertised in US Dollars (USD), all rent payments in Vietnam must legally be conducted in **Vietnamese Dong (VND)**. Your landlord or agent will use the current exchange rate on the payment date to calculate the VND amount you must transfer.
• ATM Use and Fees: For cash withdrawals, look for local banks like **TPBank** or **Vietcombank**, as they often charge lower fees (or none at all) for international cards compared to the major global banks.