Can foreigners save money while living in Vietnam?

by HaTrang

Savings deposit is a form of customer depositing a sum of money in a bank for the purpose of saving for a certain period of time, at the end of which, the depositor will receive a certain interest plus principal. Currently, the number of foreigners residing in Vietnam is quite large. There are many people who have “idle” money, want to save money in banks, but are concerned about complicated conditions and procedures at Vietnamese banks. However, with the opening mode and the development in the banking industry, the conditions and procedures for opening a savings account with foreigners residing in Vietnam are now gradually becoming extremely simple. So can foreigners save money while living in Vietnam? Let’s find out this issue with LSX Law firm in the following article.

Legal grounds

Circular 15/2011/TT-NHNN

What are the conditions for foreigners to open a savings account in Vietnam?

For individual customers; who are Vietnamese citizens full 18 years or older; having full civil act capacity and civil legal capacity. As for foreigners, you need to meet only the following 2 conditions:

  • Foreign individual customers are at least 18 years old, have full civil legal capacity and civil act capacity in accordance with the provisions of Vietnamese law.
  • Have valid ID card or passport, visa or customs declaration.

What are the procedures for opening a savings account for foreigners in Vietnam?

General procedure

  • ID card, Passport, Visa, Customs declaration.
  • Certificate of registration for opening an account at the bank to be opened (VND/USD)
  • Sample signature of account holder

Separate procedure for each subject

Overseas Vietnamese

  • Secondly,certificate of temporary residence with police seal (minimum 3 months)
  • Thirdly, household book/KT3
  • Lastly, bills for electricity, water or landlines, mobile phones, cable TV, internet for the last 3 months…

Foreigner

  • Present a valid passport
  • Complete the procedures according to the instruction form of that bank.

Especially for foreigners in Vietnam as well as Vietnamese living abroad; it is necessary to understand the regulations on the amount of cash; that can be brought on entry; and exit. In Article 2, Circular 15/2011/TT-NHNN stipulates that bringing foreign currency; and VND upon entry; and exit must be declared to customs; not exceeding 5,000 USD or 15 million VND.

When carrying more than this amount, it is necessary to prepare documents in accordance with the requirements of state regulations. When meeting all the requirements the new customer is allowed to tranfer the money out of the country; or into the country.

What is the process to open a savings account for foreigners in Vietnam?

To open a savings account for foreigners in Vietnam, you need to follow the following process:

  • Determine your need for bank savings
  • Choose a bank
  • Choose a savings package and deposit term that suits your needs
  • After choosing the package you want to send, please pay cash to the bank and receive a passbook.

In case you don’t have a savings book online, you will directly monitor the deposit on Mobile Banking or Internet Banking

Finally, hope this article about Can foreigners save money while living in Vietnam is helpful for you, If you have any questions please contact Lawyer X for quick and best legal services: +84846175333 or email: hoangson@lsx.vn.

Related questions

What is foreign exchange?

Foreign exchange is an asset or property right that can be valued; and converted into foreign currency accepted by the international community; as a means of international payment that a country uses in international transactions; including: foreign currency and foreign currency. non-foreign currency international payment methods in forms such as deposits at foreign banks; credit instruments; bills of exchange; money orders; cheques… bonds; securities denominated in foreign currencies …

Is it illegal to buy and sell dollars?

Violations against regulations on foreign exchange activities 2. A fine of between VND 10,000,000 and 20,000,000 shall be imposed for one of the following violations:
Buying and selling foreign currencies between individuals with a value of between US$1,000 and US$10,000 (or other foreign currencies of equivalent value); purchase and sale of foreign currencies between individuals with a value of less than US$1,000 (or other foreign currencies of equivalent value) in case of recidivism or repeated violations.

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