Banking in Vietnam - a guide for Expats
One of life’s great adventures
A unique culture, friendly people, amazing food, and a rapidly developing economy. Living and working in Vietnam is one of life’s great adventures, packed full of opportunities, but certainly not without challenges. ANZ is here to help you to make the most of the opportunities, and overcome some of the challenges.
ANZ is Australia’s and New Zealand’s leading bank in Asia with representation across the region. We were one of the very first foreign banks to establish a presence in Vietnam when we opened a branch in Hanoi in February 1993, and followed this with the opening of a second Vietnamese branch in Ho Chi Minh City in 1996. In 2005 ANZ also opened a Representative Office in Can Tho.
The banking environment in Vietnam
The Vietnamese Dong and convertibility:
The currency of Vietnam is the Vietnamese Dong (VND, or simply Dong). Essentially Vietnam is still a cash economy, although as the economy develops, and financial sophistication increases, this is rapidly changing.
The Vietnam Dong (simply Dong or VND) is not a freely convertible currency, which means it cannot be used or exchanged outside Vietnam. As an individual, if you are paid or are in receipt of Dong, you can convert to a foreign currency and/or remit your foreign currency out of Vietnam without restriction if you are sending it to your own accounts overseas. If you wish to send your money to a third party, supporting documentation and a statement of the purpose of the payment will need to be provided to your bank.
Carrying cash in to, or out of Vietnam
USD7,000 or the equivalent amount in other currencies can be carried into or out of Vietnam. Anything in excess of this amount needs to be declared.
Making payments
Making payments for everyday expenses like utilities or rent is not too difficult in Vietnam. Most bills are paid via bank transfer, standing order (periodical payments) or cash. In many cases, your employer would arrange payment of major bills such as telephone, rent, electricity, etc. Cheques are not often used in Vietnam.
Debit and Credit Cards
Both debit and credit cards are available in Vietnam, although their acceptance is still somewhat limited, apart from using them at ATMs, hotels, or at international retail outlets.
ATMs
ATM networks have grown substantially in Vietnam in recent years. Most major banks have ATMs around the country. ATMs only dispense Dong although they accept most international cards via PLUS, CIRRUS and MAESTRO for example.
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