HSBC, ANZ, and Standard Chartered currently lead international banking for foreign teachers in Vietnam, while Citibank exited consumer banking in March 2023 after selling operations to UOB. Understanding these options alongside Vietnamese domestic banks’ international services helps educators make informed financial decisions for their Vietnam teaching journey.
What International Banking Options Actually Work for Foreign Teachers?
HSBC Vietnam provides comprehensive retail banking with over 150 years of history, offering personal banking, credit cards, savings accounts, and priority banking services specifically designed for expatriates working in Vietnam.
However, many teachers quickly discover that international banks aren’t always the best choice. ANZ Vietnam focuses exclusively on corporate and institutional banking services since 1993, serving multinational corporations rather than individual retail customers—making it unsuitable for teachers. Citibank completed the sale of its Vietnam consumer banking business to United Overseas Bank (UOB) on March 1, 2023, though Citibank continues serving institutional clients.
This means only HSBC and Standard Chartered offer full retail banking services among major international banks, while Vietnamese domestic banks increasingly provide competitive international banking features at lower costs.
The Critical Visa Requirement Every Teacher Must Know
Foreign residents of Vietnam can typically only open local bank accounts if they have a visa or residence permit for 12 months or more. Changes in law and bank policies over recent years have made it significantly harder to access financial services with short-term visas.
Required Documents for Bank Account Opening
To open a bank account in Vietnam, foreign teachers must provide:
- Valid passport (minimum 6 months validity remaining)
- Visa valid for 3-6 months minimum (most banks prefer 12+ months)
- Proof of address in Vietnam (lease agreement or utility bills)
- Work permit or employment contract
- Minimum deposit amount (typically 50,000 VND or higher depending on bank)
Timeline for Work Permit: The work permit application process involves approximately 10-15 days for processing after employer submits required documents to Department of Labor, Invalids and Social Affairs (DoLISA). Employers must apply at least 30 days before the expected employment start date.
Read Another Article: Chase Bank in Vietnam: Services, Loans, and Key Benefits
HSBC Vietnam: The Established International Choice
HSBC became the first foreign bank to incorporate locally in Vietnam on January 1, 2009, operating as HSBC Bank (Vietnam) Ltd, a 100% wholly foreign-owned subsidiary. The bank maintains branches in Ho Chi Minh City, Hanoi, Can Tho, and Da Nang, providing comprehensive banking services including Wealth and Personal Banking, Wholesale Banking, and Global Trade Solutions.
Services Available for Teachers
- Personal Banking Accounts: Current and savings accounts with online banking access
- Debit and Credit Cards: International transaction capability with MasterCard network
- Priority Banking: Enhanced services for customers meeting minimum balance requirements
- Mobile Banking: HSBC Vietnam app enables account management, QR code payments via NAPAS 247, bill payments, and international transfers with biometric verification
- Investment Services: Financial planning and wealth management options
Monthly Costs
Account maintenance typically costs around 50,000 VND per month, with an additional 10,000 VND for internet banking services, though some banks offer fee waivers for the first year.
Why ANZ Vietnam Won’t Work for Individual Teachers
ANZ was among the first foreign banks to open in Vietnam in 1993, receiving a banking license in 2008 to incorporate locally. However, ANZ Vietnam focuses exclusively on corporate and institutional banking, supporting multinational corporations, large local corporates, and financial institutions rather than offering retail banking services for individuals.
Why ANZ Isn’t Suitable for Individual Teachers:
- No personal banking accounts for expatriate individuals
- Services target business entities with significant capital requirements
- Branch locations (Hanoi and Ho Chi Minh City) serve corporate clients only
- Platform features designed for wholesale banking operations
Citibank Exit & UOB Transition: What Happened
Citibank announced in January 2022 the sale of its consumer banking operations across Malaysia, Thailand, Vietnam, and Indonesia to UOB Group for a premium of S$915 million (US$690 million), excluding institutional businesses. The transfer became effective March 1, 2023, with approximately 575 staff transitioning to UOB Vietnam.
Current Status for Former Citibank Customers
Former Citibank customers can continue using existing products and accounts at two main branches:
- UOB Sunwah Branch: Sun Wah Tower, 115 Nguyen Hue Boulevard, District 1, Ho Chi Minh City
- UOB Horison Branch: 40 Cat Linh Street, Dong Da District, Hanoi
Important Note: Citibank continues operating institutional banking services in Vietnam, serving corporate clients, but no longer accepts new retail customer accounts.
Vietnamese Domestic Banks: The Cost-Effective Alternative
Vietnamese domestic banks like Vietcombank, Techcombank, VPBank, and BIDV dominate the market, with Vietcombank reporting 41 trillion VND ($1.64 billion) in pre-tax profit for 2024 and BIDV holding approximately 2.6 thousand trillion Vietnamese dong in total assets as of November 2024.
Vietcombank: Vietnam’s International Banking Leader
Vietcombank originated as a specialized bank for foreign trade and now provides comprehensive financial services in international trade, capital trading, credit, project financing, forex trading, derivatives, card services, and e-banking. With over 600 branches, transaction offices, and representative offices including locations in Hong Kong, Laos, Singapore, and the USA, Vietcombank maintains an extensive network serving over 20,000 employees.
International Service Capabilities:
- Foreign Currency Accounts: USD, EUR account options available
- International Transfers: Vietcombank charges 0.2% on transaction amounts with a minimum fee of USD 5 and maximum of USD 200
- Forex Services: Competitive exchange rates with digital platforms
- Global ATM Network: Over 2,500 ATMs nationwide
- Digital Banking: VCB Digibank, VCB Pay, VCB-iB@nking platforms
Advantages for Foreign Teachers: Vietcombank offers English-speaking staff, expat-friendly services, and widespread ATM availability across Vietnam, though fees may be higher compared to some domestic alternatives.
Techcombank & Other Domestic Options
Techcombank, established in 1993 during Vietnam’s Đổi Mới economic reforms, attracted a 20% stake from HSBC in 2008 (later divested in 2017) and has won awards for ‘Digital Bank of the Year in Vietnam’ and ‘Best Mobile Banking App in Vietnam’ at The Asset Triple A Digital Awards 2025.
Domestic Bank Benefits:
- Lower monthly maintenance fees
- Better savings account interest rates (5-7.5% depending on amount and duration)
- Growing digital payment integration (QR codes, e-wallets)
- Extensive local branch networks
- Increasingly competitive international services
For teachers settling into their new environment, understanding local living costs and neighborhoods becomes equally important. Explore comprehensive guidance on Best Neighborhoods for Foreign Teachers in Vietnam: 2025 City Guide to find areas with convenient banking access and optimal living conditions for your teaching lifestyle.
Standard Chartered Bank: The Middle Ground Option
Standard Chartered has operated in Vietnam for over 120 years since opening its first branch in Saigon in 1904, incorporating locally on August 1, 2009 as Standard Chartered Bank (Vietnam) Limited with four branches (two in Hanoi, two in Ho Chi Minh City).
Standard Chartered was named “Best Foreign Bank Vietnam 2024” for the fourth consecutive year and “Best Digital Bank Vietnam 2024” for the second consecutive year by Global Business Review. The bank employs over 1,400 people in Vietnam, providing banking services for corporates, financial institutions, small and medium enterprises, and individuals.
Priority Banking Services
For priority banking clients, Standard Chartered offers comprehensive wealth management solutions including wealth lending, bancassurance, and foreign exchange, all supported by skilled relationship managers.
Digital Banking Features
- SC Mobile Vietnam app for account management
- Online banking with multilingual support
- International transfer capabilities
- Bill payment and QR code transaction support
Service Quality Note: User reviews of the SC Mobile Vietnam app indicate mixed experiences, with complaints about app glitches, outdated interface, and lack of QR code payment support that has become standard at Vietnamese banks.
The Practical Banking Strategy Most Teachers Use
For comprehensive international banking with established infrastructure: HSBC Vietnam provides the most extensive retail banking services for expatriates with over 150 years of presence, multiple branch locations, and full-featured mobile banking applications.
For cost-effective banking with good international capabilities: Vietcombank and Techcombank offer reliable services at lower costs than international banks, with improving digital platforms and English-language support in major branches.
The Dual-Banking Approach
Many experienced foreign teachers in Vietnam use a dual-banking approach:
- Local Vietnamese Bank (Vietcombank or Techcombank): For daily expenses, receiving VND salary, paying rent and bills, benefiting from lower fees
- Digital Transfer Service (Wise/TransferWise): For international money transfers at competitive rates
- Home Country Account: Maintained for savings, investments, and emergency access
This strategy minimizes ATM withdrawal fees, currency conversion charges, and international transfer costs while maintaining financial flexibility between Vietnam and home countries.
International Money Transfer Options Compared
Traditional bank transfers between Vietnam and home countries can cost up to $50 per transaction with processing times of several days, making them expensive for regular remittances.
Transfer Method Comparison
Traditional Bank Transfers:
- Fees: $25-$50 per transaction
- Processing time: 3-5 business days
- Exchange rate: Bank’s rate with markup
- Best for: Large one-time transfers (property purchases, major investments)
Online Money Transfer Services: Wise (formerly TransferWise) and PayPal offer lower fees and faster processing times with competitive exchange rates, making them popular alternatives for expatriates. Wise charges approximately 1.5% transfer costs with maximum two-day processing for accounts to be credited, offering the cheapest transfer costs and fastest service for expatriates.
Western Union & MoneyGram: These services provide quick transfers but may charge higher fees for larger amounts, making them suitable for urgent small-to-medium transfers rather than regular salary repatriation.
Cryptocurrency Options: While cryptocurrency transfers are emerging as an option for some expatriates, Vietnam’s regulations on digital currencies remain unclear, so caution is advised.
Common Banking Challenges & Solutions
Language Barriers
While most banks in Vietnam have at least one English-speaking service representative and English brochures online, availability varies by branch, with major city branches offering better English support than rural locations.
Language Support Ranking:
- Best: HSBC, Standard Chartered (full English services)
- Good: Vietcombank, Techcombank major branches
- Limited: Smaller domestic banks, rural branches
Fee Structures & Hidden Costs
Banks in Vietnam have fee schedules that differ widely from Western countries, with minimum deposit requirements, fall-below fees for low balances, ATM withdrawal charges, and high fees for international services.
Common Fee Categories:
- Monthly account maintenance: 50,000-100,000 VND
- ATM withdrawals (other banks): 2,000-6,000 VND
- International transfers: 0.2-0.5% of amount
- Currency exchange: Varies by bank and amount
- SMS banking notifications: Usually included
- Internet banking: 10,000 VND/month (some banks)
Short-Term Visa Workarounds
For teachers on shorter contracts or arriving with tourist visas:
- Apply for work permit and longer-term visa before attempting account opening
- Use international digital banking services (Wise, Revolut) opened with home country documents
- Request employer assistance for banking requirements
- Consider temporary solutions through international banks initially
Account Opening Process: Step-by-Step
The basic steps include:
- Research banks and eligibility requirements
- Gather required paperwork and application forms
- Visit the bank branch in person (most banks require in-person visits even with online application options)
- Submit documents and make minimum deposit
- Receive ATM/debit card (typically 7-10 business days)
- Activate online/mobile banking services
Branch Visit Tips: Large branches in cities like Hanoi and Ho Chi Minh City often offer English-speaking services, but appointments may be required in advance. Consider bringing a Vietnamese-speaking colleague if visiting smaller branches.
Managing finances effectively requires understanding multiple aspects of daily life in Vietnam. For comprehensive guidance on other essential living costs and practical matters, visit DAILY LIVING ESSENTIALS for resources covering everything from accommodation to transportation and local services.
Frequently Asked Questions
Can I open a bank account in Vietnam with a tourist visa?
While it was previously possible, changes in law and bank policies over recent years have made it much harder to access financial services with short-term visas, with most banks now requiring long-term visas or residence permits of 12 months or more. For shorter stays, consider digital banking alternatives like Wise or Revolut that can be opened with home country documents.
Which bank is cheapest for foreign teachers in Vietnam?
SHB (Saigon-Hanoi Commercial Joint Stock Bank) is frequently recommended by expat advisors for offering no-fee transfer options between accounts and competitive rates, though service quality may vary by branch. Vietcombank offers wider availability but with higher fees compared to some domestic alternatives.
Do international banks in Vietnam require minimum balances?
Yes. Most banks require minimum deposits typically starting from 50,000 VND, with international banks like HSBC often requiring higher minimum balances for premium services or fee waivers. Priority banking services usually require maintaining balances of several million VND monthly.
Can I receive my teaching salary in USD at Vietnamese banks?
Banks offer foreign currency accounts including USD, but each bank has different policies and fees. Most teaching positions pay salaries in VND, requiring currency conversion if you wish to send money abroad. Maintain both VND and USD accounts if your teaching contract allows USD payment.
How long does international money transfer take from Vietnam?
Traditional bank transfers take 3-5 days, while online services like Wise process transfers in maximum two days. Western Union and MoneyGram offer same-day or next-day service for urgent transfers at higher costs.
What happened to Citibank Vietnam customers after the UOB acquisition?
Former Citibank customers continue accessing products and services at UOB-operated branches, with temporary Citibank branding on products during the transition period, while UOB gradually migrates customers to UOB-branded services. All account terms, balances, and services were transferred intact to UOB Vietnam.
Should foreign teachers use Vietnamese banks or international banks?
This depends on individual circumstances and priorities. International banks like HSBC offer familiarity, English-language support, and established global networks but charge higher fees. Vietnamese domestic banks provide lower costs, extensive local branch networks, and improving digital services but may have limited English support outside major cities. Many teachers successfully use both—a local bank for daily expenses and international services for cross-border transactions.
Effective banking management is essential for foreign teachers in Vietnam, involving careful selection of accounts, understanding international transfer options, and adapting to Vietnam’s predominantly cash-based society while embracing growing digital payment methods.
With Vietnam’s banking sector projected for continued growth, including credit growth expected to reach 16% in 2025 according to the State Bank of Vietnam, the financial infrastructure serving foreign teachers continues improving.
Successful financial management combines:
- Local Vietnamese bank for salary, daily expenses, and bills
- Digital transfer service for international remittances
- Home country account for savings and investments
- Emergency fund accessible in both currencies
Understanding these international banking options—from HSBC’s established presence to Vietnamese banks’ growing capabilities—empowers foreign teachers to make informed decisions supporting both their Vietnam experience and global financial goals.
