The requirements on opening
a foreigner's bank account is set out by the bank and each bank has its' own
requirement and limitation (stricter and less strict depending on each
bank). The banks in Vietnam generally require for a Work Permit or
Residence Card in respect to the foreigner's bank account. The Citibank
requires with a Work Permit or Residence Card without any exemption.
While in ANZ, the citizen of England, Austrialia, New Zealand will
be required only for passport. Standards Chartered will base
on the term of foreigner's residence in Vietnam at the time of opening
bank account (whether the foreigner has been in Vietnam for more than or less
than 06 weeks) to ask for the certificate of residence registration issued by
the local police authority of Vietnam. HSBC requires the US citizen for filling
the form W9 and providing with a copy of car license or ID card with the
purpose of proving the residence address
Depending on the type of
bank account, the bank will have further requirements: In case of opening
a credit card, the banks will generally ask for the labor contract or
certification from the employer while Standards Chartered requires
for a deposit of VND 60,000,000 (About USD2,900) . The debit card is less
required for those documents.
The banks also have some
limitations on the citizenship. For example, the US Citizen is not allowed to
open bank in ANZ while Standards Chartered requires the US citizen living
in another country provide with the residence certificate issued by the state
authority of that country.
In case the
foreigners are not currently living in Vietnam, their application for bank
account will be reviewed and decided on the case by case basis. Even the type
of bank account is only a checking and saving one, the bank will have to check
carefully for the purpose of compliance regulations and avoidance of money
laundry.
Together with the reason for avoidance of money
laundry, the bank prioritize the foreigners who enter into Vietnam for the
purpose of employment and living in Vietnam for a long term. That is why the
foreigners with a work permit or residence card will mostly be accepted to open
a new bank account.