Choosing the best banks for expats in Vietnam can be overwhelming without knowing which ones are suitable for your needs.
In this article, we have rounded up the best banks that most expats in the country use. If you’re about to travel to Vietnam as an expert worker or will be flying to once the pandemic is over, then this article would be useful for you!
VietcomBank
To top the list is the most famous bank in Vietnam – Vietcombank. Although there are a number of reliable banks in the country, VietcomBank emerges strong amongst its competitors.
Expats looking to stay in the country for months, work as a volunteer or permanently land on a job, are recommended to open a bank account with a local Vietnamese bank.
Moreover, this will allow you to avoid having to exchange currencies. Also, funding your Vietnamese bank account from an international transfer from overseas is much more cost-effective than having to withdraw from an ATMs using a foreign bank card – imagine all the excessive fees and conversions..
However, you should know that there is a new generation of Fintech online banks that remain the recommended alternative for tourists and short term expats going to Vietnam.
Bank for Investment and Development of Vietnam (BIDV)
A bank based in Hanoi, the Bank for Investment and Development of Vietnam (BIDV) was established in 1999.
The bank expanded overseas and with 191 local branches, a branch in Myanmar, and 815 transaction offices, and employs around 25,000 staff.
Its success has garnered the trust of both locals and expats as one of the best banks for expats in Vietnam.
Saigon Commercial Bank (SCB)
Based in Ho Chi Minh City, the Saigon Commercial Bank provides personal and corporate banking services in the country.
It was established in 2012 and participates in major financial activities such as mobilizing deposits from individuals and corporations, providing loans and payment accounts, international payments, and trading foreign currency and gold.
Military Bank
Established in 1994, another Hanoi-based bank offers personal and corporate banking services. The Military Bank serves both organizations and individuals in Vietnam.
With around 10,600 employees, the bank operates a network of 91 branches, 176 transaction offices, and a representative office.
