Banking and payments in Vietnam

If you are planning to live, work, or stay long-term in Vietnam, understanding the local banking system and payment methods will make your daily life much easier.

While short-term visitors mainly rely on cash and international cards (see our guide on Vietnamese currency and payments before you arrive), long-term residents usually open a local bank account and use digital payment services.

This guide covers everything you need to know about managing your finances in Vietnam.

1. Opening a Bank Account in Vietnam

Opening a bank account in Vietnam is relatively straightforward, especially if you have a valid visa or residence card.

Common requirements for foreigners:

• Passport (valid)
• Valid visa or Temporary Residence Card (TRC)
• Local address in Vietnam
• Vietnamese phone number

Some banks may request:

• Work permit or employment contract
• Initial deposit (usually small)

Popular banks among foreigners:

• Vietcombank
• Techcombank
• BIDV
• ACB
• HSBC Vietnam (international option)

Processing time is typically the same day or within a few working days.

2. Daily Payment Methods

Vietnam has quickly adopted digital payments, especially in major cities.

Cash

Cash is still widely used, particularly for:

• Small restaurants
• Street food
• Traditional markets
• Small local shops

You should always carry some cash for daily convenience.

Bank Transfers

Bank transfers are extremely common in Vietnam. Many services — including rent payments — are paid via direct bank transfer.

Transfers between Vietnamese banks are fast and usually inexpensive.

QR Payments & E-Wallets

Vietnam is rapidly moving toward cashless payments.

Popular platforms include:

• MoMo
• ZaloPay
• VNPay
• ShopeePay

You can use QR codes to pay at:

• Supermarkets
• Coffee shops
• Convenience stores
• Ride-hailing services
• Online shopping platforms

Most of these apps require a Vietnamese bank account.

3. Salary & Rent Payments

If you work in Vietnam, your salary is typically paid via:

• Local bank transfer (most common)
• International transfer (less common)

Rent payments are usually made via:

• Bank transfer
• Cash (still common with private landlords)

Always clarify payment method with your landlord in advance.

4. International Transfers

Sending money abroad from Vietnam is possible but regulated.

Common options:

• Bank international transfer (SWIFT)
• International banks like HSBC
• Specialized remittance services

Required documents may include:

• Passport
• Proof of income
• Tax documents (depending on amount)

Fees and processing times vary depending on the bank.

5. ATMs & Cards

ATMs are widely available across Vietnam.

Withdrawal fees:

• Local bank cards: low or free (depending on bank)
• International cards: typically 2–4% fee

Visa and Mastercard are widely accepted in:

• Hotels
• Restaurants
• Shopping malls
• Larger supermarkets

However, smaller businesses may only accept cash or QR payment.

6. Banking Security & Practical Tips

• Enable SMS banking alerts.
• Use mobile banking apps for convenience.
• Avoid carrying large amounts of cash.
• Keep your passport and bank information secure.
• Always double-check transfer details before sending money.

Vietnam’s banking system is modernizing quickly, especially in large cities like Ho Chi Minh City and Hanoi.

7. Before You Arrive in Vietnam

If you are not yet in Vietnam and want to prepare financially, read our guide on:

Vietnamese currency and payments before you arrive

That article explains:

• The Vietnamese Dong
• Common Vietnamese banknotes
• Cash vs. card payments
• ATMs & withdrawing money
• ATM withdrawals
• Mobile payments & e-wallets
• Exchange rates & quick conversion
• Cash usage for tourists

Final Thoughts

Vietnam offers a flexible financial environment. While cash remains common, digital payments and banking services are expanding rapidly.

For short stays, you can rely on cash and international cards.
For long-term living, opening a local bank account will make everyday transactions significantly easier.

Understanding how banking works in Vietnam will help you settle in smoothly and manage your finances with confidence.