Navigating money and banking in Vietnam

Navigating money and banking in Vietnam

Effective financial management is a key component of a successful study experience abroad. In Vietnam, cash remains the most commonly used payment method, although digital and card-based transactions are increasingly prevalent. This section provides the essential resources and information to help you navigate money & finance independently. 

Bringing your card with you to Vietnam   

Check with your debit/credit card provider if you can use your card in the Vietnam. Otherwise, you'll need to bring enough funds to pay for your initial accommodation instalment, and buy food, and general expenses before your Vietnam bank account is set up. This may take two to three weeks. 

Currency exchange 

  • Foreign currency can be exchanged at:  
  • Banks (passport identification required)  
  • Licensed currency exchange counters in shopping centers or gold/jewelry shops  
  • Airport exchange counters (rates may be less favorable)  

⚠ Avoid unlicensed street exchange services due to the risk of counterfeit currency and unfavorable rates.  

Withdrawing cash from ATMs 

Most ATMs in Vietnam accept Visa, Mastercard, and UnionPay cards. Withdrawal fees and limits vary:  

  • Typical limit: 2–5 million VND per transaction.  
  • Foreign cards often incur a 2–4% fee.  
  • Local accounts usually have higher withdrawal limits and lower fees.  

Open bank account in Vietnam   

International students are eligible to open a local bank account. However, it depends on the validity of the period of your visa or residence permit of:  

  • < 360 days: Debit account & Internet banking only       
  • ≥ 360 days: Debit account & Internet banking, international debit card (ATM domestic, Visa, or Mastercard)  

You can start getting ready to open an account:  

  • researching bank accounts  
  • collecting necessary documents – for example passport, visa & Temporary Residence Card (TRC), Proof of enrollment from your university.  
  • making an appointment at a bank  

Popular banks among students: Vietcombank, Woori Bank, Shinhan Bank  

Bank Name Best for Required Documents How to open your account Services Branches / Contact Point
Vietcombank International students who prioritize a bank with the largest network and broadest e-wallet integration across Vietnam.
  • Valid passport with Entry stamp
  • Valid Visa/Visa Exemption Certificate
  • Vietnam Phone Number
  • Temporary Resident Card (TRC) ≥ 12 months (if opening a debit card)
  • Student Enrollment letter
  • Completed account application form

Step 1: Bring the required documents to a bank branch.

Step 2: Consult with staff to identify the best account options for your needs:

  • Fill out application form
  • Undergo biometric verification
  • Receive User ID and temporary password for online banking
  • Receive bankbook and debit/ATM card (if applicable)

1. Receiving and transferring money: Receive money from family/friends abroad or within Vietnam; Domestic/international transfer for tuition, rent, and living expenses.


2. ATM Withdrawals: Withdraw cash using ATM/Debit card or QR code.


3. Cashless payment & digital convenience:

  • QR code transfers at stores/restaurants• Online purchase (Shopee, Tiki, Lazada, Grab, etc.)
  • Bill payments for utilities/internet
  • Link with e-wallets (MoMo, ShopeePay, Grab, XanhSM, etc.)

 

Vietcombank Hung Vuong branch

Address: 664 Su Van Hanh, Ward 12, District 10, HCMC

Contact: Ms. Nhung Le

Tel: 02838623621
Woori Bank Exchange/Study Abroad students who study in Vietnam short-term (3-4 months).
  • Valid passport with Entry stamp
  • Valid Visa/Visa exemption certificate
  • Vietnam Phone Number
  • Temporary Resident Card (TRC) ≥ 12 months (if opening a debit card)
 (Same process as above) (Same services as above)

 

Woori bank West Sai Gon Branch

Address: Golden Plaza Building, 465 Hong Bang Street, Ward 14, District 5, HCMC

Contact: Ms. Bao Ngoc

Tel: 02873090818
Shinhan Bank Korean Students for extra benefits due to opening a new account.
  • Valid passport with Entry stamp
  • Visa/Visa exemption certificate
  • Vietnam Phone Number
  • Student Confirmation letter
  • Overseas Proof of Address (issued by competent authority)
  • Temporary Resident Card (TRC) ≥ 12 months (if opening a debit card)
 (Same process as above) (Same services as above)

 

Shinhan Bank (Saigon South)

Address: 47 Nguyen Van Linh, Tan Phong Ward, Dist.7, HCMC

Contact: Ms. Thao Pham

Tel: 02873099700

Frequently asked questions

Expand all sections

Many international students choose to open a local bank account to:

  • Access money more easily and securely while in the Vietnam
  • Avoid high fees and poor exchange rates when withdrawing money from their home country
  • set up transferring money for paying rent, phone bill, hand-railing app (Grab, Shoppe,
  • etc.,) 

RMIT Vietnam is impartial and cannot advise students which is the best bank to open an account with, but the following information will help you choose

  • Document Requirements
    • Banks are strict about paperwork. Missing just one required document — such as a Temporary Residence Card (TRC) or proof of enrolment — can result in delays or rejection.
    • Some banks require a visa valid for more than six months to open an account.
  • Inconsistent Policies Between Banks
    • Each bank (and sometimes even individual branches) may interpret regulations differently.
    • One branch may accept a student visa and enrolment letter, while another insists on a TRC

Mobile banking and e-wallets in Vietnam

Digital payment solutions are increasingly popular in Vietnam and provide a convenient alternative to carrying cash.

Commonly used e-wallets include: MoMo, Apple Pay, and Online Banking Transfer (QR payment)

  • Linking an e-wallet to a local bank account enables seamless payments, utility bill settlement, and mobile top-ups
  • Some e-wallets accept foreign bank cards, although full functionality is typically available only with local accounts