Best banks in Vietnam for foreigners – Vietnam is increasingly international integration. Therefore, there are many foreigners coming to Vietnam to travel or work. The issue of whether foreigners can open a credit card in Vietnam is also a matter of attention. Besides, the Top 2 best banks in Vietnam for foreigners are also concerned. Let’s find out some necessary information.
Why should foreigners open a bank account in Vietnam?
Opening a bank account in Vietnam if you live in Vietnam is a necessary thing. Just withdrawing money from an ATM using a foreign credit card, you can quickly withdraw money. However, you must pay a large fee after a withdrawal, the conversion fee (usually between the euro and the Vietnamese Dong). To your overseas bank fee, you will find what you lose with each transaction and it can add up very quickly.
Many shopping sites do not accept foreign credit cards, which makes it difficult for expatriates if they want to book a movie ticket, order a product on the internet, pay their rent and have a record of the transaction to reassure themselves in Vietnam. Vietnam is especially in the E-commerce age, so not paying online makes your life inconvenient.
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Vietcombank, an affordable solution
There are many reliable banks in Vietnam and VietcomBank is one of the best banks in Vietnam for foreigners. For expats who want to settle in Vietnam for several months to travel over a long period of time or do volunteering or even work, it is often recommended to open a bank account with a local Vietnamese bank. You will be able to transfer money from abroad while reducing costs. Below are some advantages of one of the best banks in Vietnam for foreigners.
- Network of transaction points with many ATMs: Vietcombank is on the trend to expand its network, so now Vietcombank has more than 2,407 ATMs and over 43,000 card accepting units nationwide.
- Many users: When you use an account of a bank that many people use, it will bring you a lot of benefits such as fast receiving, sending money, low transaction fees, recognizing the account holder name (reduces the risk of transfer to the wrong account holder). Even many companies pay salaries with Vietcombank cards.
- Reasonable fees: Banks currently charge a variety of fees such as account opening fees, account maintenance, withdrawals, deposits, balance inquiries. Being a big bank, Vietcombank has many incentives but the fees are only average compared to other banks.
- The support for Internet Banking and SMS Banking systems is also very good and easy to use: These services are easy to use, the speed of operation is fast, probably because it is regularly added with updated versions and bug fixes. And especially Vietcombank regularly develops more facilities such as looking up ATM locations, convenience of booking car tickets, train tickets or calculating interest rates, managing investment.
- High limits for withdrawals and transfers: Vietcombank is the bank with the highest withdrawal limit at present.
- Good security and support: Most of the current Vietcombank cards are magnetic cards, this is a form of security of most banks today, so you can be completely assured of security. In addition, Vietcombank has a relatively good customer support system through many channels such as facebook, website or hotline,…
- Shopping preferences for cardholders: Vietcombank often links to many major shopping sites such as Lazada.vn, adayroi.com, tiki.vn, so you will receive extremely attractive discounts.
- Linking with diverse electronic wallets: Currently, e-wallets are used very popularly because they often launch various promotions such as discounts on service payments, gifting phone cards, movie tickets,… However, not all banks are involved in linking with most of these e-wallets. But if you are using Vietcombank then you will not have to worry because it is associated with a lot.
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Timo, convenient digital bank
Timo belong to VP Bank, one of the best banks in Vietnam for foreigners. Optimized for Vietnamese people, but if you are a foreigner living in Vietnam, digital banking also gives you many benefits such as:
- No procedures: Without Vietnamese nationality, the paperwork must take a lot of time for you. Therefore, digital banking is a way for you to eliminate all procedures and can use all services of money transfer, savings deposit, bill payment,… online without going anywhere or filling in any forms.
- High security: Foreigners often like to shop online and online transactions because it is convenient, fast and they do not need to pay the price. Timo Bank is extremely secure for all transactions from small to large and will give you pleasure.
- Payment, withdrawal anytime, anywhere: Timo card can be swiped at POS and free ATM withdrawal at more than 16,000 ATMs nationwide. Wherever you are, traveling far away, just have an ATM to not worry about running out of cash.
- Easy to use: Timo app has parallel Vietnamese/English versions for Vietnamese and foreigners. Each feature of Timo is also very specific and easy for customers who use the least technology to operate properly.
- Flexible, easy to manage: If you are a person who likes to go, like to explore Vietnam, please bring your Timo mobile phone and app with you to manage your property anytime, anywhere. You will travel without worrying about your possessions losing anything.
- Free of all transactions: You will save a small but not small amount of fees such as money transfer fee, cash withdrawal fee, annual fee, … with Timo Debit card.
- Timo finance application is very convenient: Yes, Timo finance application offers a variety of features such as electricity bill payment, online water bill payment, phone bill payment for any subscriber for free, … Financial management at your fingertips!
- Many promotions Debit and Credit: Too great for you to increase your experience in Vietnam, go to luxury restaurants, interesting cafes or travel with 10% – 50% promotion. Timo’s offers are regularly updated and are worth your attention.
Conditions for opening a Timo card for foreigners
These are the most basic conditions that all banks stipulate:
- Ages 18 and over.
- Have a valid Vietnamese Visa.
- Live in cities with Timo Hangout including Ho Chi Minh City, Hanoi, Da Nang and Can Tho or you can arrange to meet a Timo Care specialist at Timo Hangout to receive the card in person.
With many advantages, foreigners should open a bank account right away. To enjoy the trip to Vietnam in an entirely different way, the top 2 best banks in Vietnam for foreigners will help you experience everything like a Vietnamese person.