Fees and Charges for Foreign Workers at Foreign Banks in Vietnam

At Jobinvietnam.net, we understand the importance of understanding banking fees and charges, especially for foreign workers in Vietnam. We’re here to break down the costs associated with maintaining an account at foreign banks, so you can make informed decisions about your finances.

Foreign banks in Vietnam may have various fees associated with their services for expats.

Account Maintenance Fees

Most foreign banks in Vietnam charge a monthly account maintenance fee. These fees can range from 50,000 VND to 200,000 VND, depending on the bank and the type of account you hold. Some banks may waive this fee if you maintain a minimum balance or have a certain amount of money deposited into your account each month.

ATM Fees

Foreign worker withdrawing cash from an ATM in Vietnam: Highlighting ATM fees for expats in Vietnam.

When using an ATM, you may be charged a fee by both your bank and the ATM operator. Foreign banks typically charge between 10,000 VND and 50,000 VND per transaction for using an ATM outside of their network. Additionally, the ATM operator may charge a fee of 20,000 VND to 50,000 VND per transaction.

International Transfer Fees

If you need to send money abroad, you’ll likely face international transfer fees. These fees can vary widely depending on the bank and the destination country. On average, expect to pay between 500,000 VND and 2,000,000 VND per transfer. Some banks may also charge a percentage of the transfer amount, usually around 0.1% to 0.5%.

BankInternational Transfer Fee
HSBC500,000 VND + 0.1%
Citibank1,000,000 VND + 0.2%
Standard Chartered800,000 VND + 0.15%

Foreign Currency Exchange Fees

Foreign worker exchanging money at a currency exchange booth: Highlighting currency exchange fees in Vietnam.

When exchanging foreign currency, banks typically charge a spread, which is the difference between the buy and sell rates. This spread can range from 0.5% to 2%, depending on the currency and the bank. Some banks may also charge a flat fee for currency exchanges, usually around 100,000 VND to 200,000 VND per transaction.

Overdraft Fees

If you overdraw your account, you’ll be charged an overdraft fee. These fees can be substantial, often around 100,000 VND to 300,000 VND per occurrence. Some banks may also charge interest on the overdrawn amount until it’s paid back.

Minimizing Fees

To minimize fees, consider the following:

Foreign worker using an ATM with their bank’s logo: Highlighting using ATMs within your bank’s network.
  1. Choose a bank with lower fees and charges
  2. Maintain the minimum balance required to waive account maintenance fees
  3. Use ATMs within your bank’s network
  4. Plan ahead for international transfers and currency exchanges
  5. Set up overdraft protection or maintain a sufficient balance to avoid overdraft fees

At Jobinvietnam.net, we’re committed to helping foreign workers navigate the complexities of banking in Vietnam. If you have any questions or need further assistance, don’t hesitate to reach out to us via phone, Zalo, or WhatsApp. Our knowledgeable team is here to provide you with the clearest and most detailed advice tailored to your specific needs.

Security Measures for Foreign Worker Accounts at Foreign Banks in Vietnam

Foreign banks in Vietnam employ various security measures to protect their customers’ accounts, particularly those of foreign workers. These measures include two-factor authentication, which requires users to provide an additional form of identification beyond a password, such as a fingerprint or a code sent to their mobile device. Banks also utilize advanced encryption techniques to secure online transactions and prevent unauthorized access to sensitive information. Additionally, many foreign banks offer 24/7 customer support to assist customers in case of any suspicious activity or security breaches. By staying vigilant and taking advantage of these security measures, foreign workers can ensure the safety of their hard-earned money. To learn more about the specific security measures offered by foreign banks in Vietnam, click here to read more about: Security Measures for Foreign Worker Accounts at Foreign Banks in Vietnam

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