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Notes when foreigners withdraw money in Vietnam

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According to the latest regulations; foreigners in Vietnam are allowed to open accounts at banks; and can withdraw money in Vietnam. However, in practice, banks are often very cautious in this item. Normally, they will require foreigners who have a temporary residence card, work permit or business registration certificate; have a clear residential address in Vietnam; to open a bank account. Let’s take a closer look at the requirements and things to keep in mind when foreigners want to open an account and withdraw money in Vietnam. Let’s follow article Notes when foreigners withdraw money in Vietnam of LSX Lawfirm.

Legal grounds

Circular No. 19/2016/TT-NHNN

Can foreigners withdraw money in Vietnam?

Accordingly Clause 4, Article 16 of Circular No. 19/2016/TT-NHNN regulating banking card operations, foreigners who want to open a credit card must ensure their residence in Vietnam for a period of 12 months or more. above. If you are a foreigner, make sure that the validity of your credit card does not exceed the period you reside in Vietnam.

Thus, non-Vietnamese nationals with a residence period of less than 12 months can not open domestic credit cards; (not authorized cards) at Vietnamese banks.

However, you can completely open a VISA or Mastercard international payment card in your country of residence or in Vietnam.

What are the things to keep in mind when opening a bank card for foreigners in Vietnam?

Accordingly the Circular amending Circular 19/2016/TT-NHNN regulating bank cards, with the main contents as follows:

Firstly, the maximum limit for card withdrawal in a day is 30 million VND for foreign currency withdrawals in foreign countries, maximum 5 million VND for cash withdrawals at card-accepting units.

Secondly, credit card limit: In case of collateral: no more than 80% of the value of the collateral and a maximum of 01 billion Vietnam dong. In case of no collateral: 500 million Vietnam dong.

Thirdly, ards may only be used to pay for goods; and services purchased abroad for purposes permitted by Vietnamese law.

Fourthly, persons aged full 15 years to under 18 years old do not necessarily have to have collateral to use debit, prepaid and credit cards.

Lastly, foreigners using the card can to reside in Vietnam for 12 months or more.

Procedures for making credit cards in Vietnam for foreigners

The procedure for making an international credit card is quite simple, you just need to provide a credit institution or bank with the following documents:

  • Passport The temporary residence visa and work permit are valid for a minimum of 3 months.
  • Labor contract (minimum 1 year). However, for contracts of less than 12 months, credit card issuance will become more difficult, depending on the decision by agreement between the two parties or from the bank.

Hope this article about Notes when foreigners withdraw money in Vietnam is helpful for you!

If you have any questions; please contact Lawyer X for quick and best legal services: +84846175333 or email: [email protected].

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: a) 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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