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Open a personal USD account
Currently, banks in Vietnam allow transferring and receiving foreign currency from abroad to Vietnam, but customers are not allowed to transfer foreign currency to personal VND accounts. Therefore, to receive USD money, customers are required to have a USD account at a Vietnamese bank. In addition, customers can also transfer money to foreign countries. So what are the conditions and procedures to open a USD account? Let’s find out with Siglaw through the following article.
Condition for opening and using USD account
According to Foreign Exchange Ordinance, there are the following cases where personal USD accounts can be opened (also known as foreign exchange accounts):
- Residents in Vietnam
- Non-residents are allowed to open foreign currency accounts at licensed credit institutions
Documents for registering a personal USD account
| Vietnamese | Foreigners residing in Vietnam | |
| Subjects |
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| List of documents | Personal documents: ID card or valid passport | – Valid passport and visa; temporary residence card; or documents proving visa exemption.
If submitted through a legal representative, it is necessary to supplement: identification documents of the individual’s legal representative and documents proving that person’s legal representative status for the individual opening the payment account |
| – A letter to open an account must be made according to the bank’s form and include the following information: full name, date of birth, nationality, occupation, position, phone number, and valid passport number. , date and place of issue; Entry visa (if foreigner); residence address abroad (if a foreigner); registered place of residence in Vietnam; Select resident or non-resident.
If an individual opens a payment account through a representative, the representative’s information must be filled in on the account opening application form. |
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Procedures for opening a USD account
Step 1: Prepare documents according to regulations
Step 2: Submit directly at the transaction counter of the authorized bank where you want to open an account
Step 3: After receiving all documents, the Bank will review the completeness and validity of the documents
- If the documents are valid, complete, and the declared information is accurate, bank officials will open an account for foreigners.
- If the documents are not valid or complete, the declared information is not accurate, the bank will notify the customer to supplement and complete the documents according to regulations.
- In case the bank refuse to open an account, the reason will be clearly informed
Step 4: Get account information
Customers will be notified of the account number and guided with necessary information during use. The bank will also collect the full digital signature/signature of the account owner or legal representative.
In general, Vietnamese law is quite open to create conditions for individuals to open foreign currency accounts for their own purposes. Above is the information about “CONSULTATION FOR OPENING A PERSONAL USD ACCOUNT”. If you have any questions about the above content, please contact Siglaw law firm for comprehensive free answers and advice. Please contact:
Phone: (+84) 961 366 238
Email:
- vphn@siglaw.com.vn
- vphcm@siglaw.com.vn
Headquarters: No.44/A32-NV13, Gleximco A, Le Trong Tan street, An Khanh, Hoai Duc, Ha Noi, Vietnam.
Southern branch: A9.05 BLOCK A, SkyCenter Building, 5B Pho Quang Street, Ward 2, Tan Binh District, Ho Chi Minh City, Vietnam.
Central branch: 177 Trung Nu Vuong, Hai Chau District, Da Nang City
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