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Bank of America and CitiBank have offices in Hanoi and HCMC. Both being American banks and having online banking services could make it convenient to transfer U.S. money into Vietnam.
The largest bank in Vietnam is Vietcombank ( http://vietcombank.com.vn/en/ ). There are branches everywhere in Vietnam. Vietcombank is one of the best for foreign trade, foreign investment and forex accounts. Here's an excerpt from their Web site:
"As the oldest commercial bank for external affairs in VietNam, the Bank has always been known as the most prestigious bank in trade finance, international payments, foreign exchange, guarantee and other banking and financial services..."
Vietcombank has online banking, but I'm not sure if I trust it because their Web site is always crashing. I think there is a way to open an account online, but I would call their main office directly instead of trusting a buggy Web site. Contact information is as follows:
Vietcombank Head Office
198 Tran Quang Khai, Hanoi
Telex: 411504/411229 VCB – VT
Tel: 84-4-825 1322 – 824 0976
Fax: 84-4-826 9067
Swift: BFTV VNVX
TGMS: VIETCOMBAN
Someone else mentioned ACB, which is a good bank too.
You should contact your bank concerning details of transacting with Vietcombank or other banks in Vietnam. Some American banks make it pretty easy to transact in Vietnam or other countries. I hate Bank of America, but they are a very good choice for foreign banking. You will find a B of A in just about every country that does business with the U.S..
Addition - As per the requirements, here's information from Vietcombank's Web site:
Personal Accounts:
The opening of foreign currency account is conducted following the State’s current regulations on foreign currency management, such as:
- Decree 63/1998/ND-CP dated August 17, 1998
- The Government’s Decision 173/1998/QD-TTg dated September 12, 1998.
- Circular 08/1998/TT-NHNN7 dated September 30, 1998.
- Circular 01/1998/TT-NHNN7 dated April 16, 1999.
* For Vietnamese individual:
- 3 Applications for Account (provided upon request)
- Identity Card, Military ID, Police ID.
- Minimum balance is required.
* For foreign individual:
- 3 Applications for Account (provided upon request)
- Passport and Vietnamese visa with duration of over 6 months.
- In case you want to use checks, a Letter of Recommendation by the Management Body is required.
- Minimum balance is required.
Business Accounts:
- Every socio-economic organisation may open account(s) at Vietcombank. We offer veriable account types in different currencies and durations.
- Information relating to opening and deposits of accounts at Vietcombank are kept in strict confidential. Deposit insurance is bought by Vietcombank at the deposit insurance company.
- Simple and free-of-charge opening procedures. Account management fee is not charged if the balance in your account is not less than the minimum level. Account statements are provided on daily basic. Monthly account statements are provided upon request.
- Having account at Vietcombank, you can easily use non-cash payment instruments such as checks, payment orders, encashment orders...
- If you want to withdraw money from your fixed deposit account prior to the maturity date, you are still offered an interest which depends on the duration of time the money have been deposited.
- In-house account transfer payment service is proceeded through computer network free-of-charge with fast and highly accurate level.
- Phone payment service is provided when you want to withdraw cash from your VND demand deposit account in condition that the withdrawing amount reaches the level announced by the Bank.
- Special services are provided to longstanding reliable customers, who maintain big balances: Automatic capital management, automatic money transfer, E-Bank....
Introduction
1. Account holder:
a. No limitation for opening and using VND account
b. For opening and using foreign currency account, following conditions are applied:
I. Resident organisation: Account holder must have foreign currency sources from current-account transactions, capital transaction and other foreign currency sources stipulated by Law.
II. Non-resident organisation: Account holder is currently operating in Vietnam or overseas, who has foreign currency transferred into Vietnam via banks or cross-border entrance having certification of border custom, and other legal sources in Vietnam.
2. Account type
a. demand deposit account
b. fixed deposit account
c. cash-cover account
d. specialised account...
Account opening:
- You are provided with charge-free printed forms. You will have your account promply with your own CIF number (customer information file). Having this CIF number you may require Vietcombank to immediately provide necessary information or you can open new account (i.e. specialised account).
Documents required:
- 3 Applications for Account (provided upon request)
- Notarized photocopies of documents proving the legal status:
(1) 01 Decision of Establishment of the enterprise, unit, organisation, association...
In case of Projects: the decision on setting up Project Management Committee must be enclosed)
(2) 01 Business License.
In case of Projects: The Decree signed by the two Governments or the approval of the authorised level are needed.
For non-business organisations: documents describing functions, duties and scope of activities are needed.
(3) 01 Decision of Appointment of Account Holder signed by authorised level.
For public unions such as Ho Chi Minh Communist Youth Union, Women Coalition Association... the decision may be replaced by the proposal of the congress minute of that organisation.
(4) 01 Decision of Appointment of Chief Accountant or Director of Accounting Department or Accountant of the organisation.
For foreign company operating outside Vietnam: If the company’s management is not account holder, apart from (1), (2) and (3), the following documents are needed:
- an authorisation letter for another person to be a holder of the account at Vietcombank. The number of persons authorised to sign in Authorised Signature Application Form must not excess 2 persons.
- A letter requesting a certification of using or not using of the company’s stamp in the documents transacted with banks with 01 or 02 signatures. (documents proving legal status must be translated into Vietnamese and certified by the State Notary Office)
- A letter introducing the transacting staff’s name, passport, ID number.
For more information, please contact:
- Accounting Department – Vietcombank Operations Center
Address: 198 Tran Quang Khai Str., Hoan Kiem Dist., Hanoi.
Tel: (84-4) 824 8281 - 825 0343
More information on this is at: http://vietcombank.com.vn/en/Content/Services/Account/Individual.htm
I'm an American and I already have an account at Vietcombank. However, my situation is a little different. My wife is Vietnamese, and we simply changed her personal account to a joint account much like it would be done in the U.S. Ironically, Vietcombank can handle forex transactions that my U.S. banks can. |
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