The Reality of Money in Vietnam
Vietnam is still a heavily cash-based society, but it’s changing fast. In Saigon, you can pay for most things digitally — but “most things” doesn’t include your landlord, the street food vendor downstairs, or the motorbike mechanic around the corner. You’ll need both: a working digital payment setup and a stash of Vietnamese dong in your wallet.
The Vietnamese dong (VND) is the only legal tender. You’ll get used to dealing in millions quickly — a coffee is 35,000–55,000 VND, lunch is 50,000–100,000 VND, and your rent will be somewhere between 8,000,000–25,000,000 VND per month depending on the neighborhood and apartment type.
Getting a Vietnamese Bank Account
This is the first financial task most expats tackle after finding an apartment, and it’s become significantly easier in recent years.
Which Banks Expats Actually Use
The banks most commonly used by foreigners in Vietnam are Techcombank, VPBank, MB Bank, and Vietcombank. Each has slightly different requirements, but the general process is similar.
Techcombank is the most expat-friendly. Their app is available in English, the account opening process is relatively smooth, and they have a good network of ATMs. VPBank is another solid option with a modern app. MB Bank has been gaining popularity for its easy online account opening. Vietcombank is the largest state-owned bank — reliable but with a clunkier experience.
What You Need to Open an Account
Requirements vary slightly by bank and branch, but you’ll generally need your passport with a valid visa, a Vietnamese phone number with an active SIM card, and sometimes proof of address (a rental contract or a letter from your landlord). Some banks also ask for a TRC or work permit, but many will open a basic account with just a passport and visa.
Walk into a branch — don’t try to do this entirely online for your first account. Bring your passport, your phone, and your rental contract if you have one. The process takes 30 minutes to an hour. You’ll walk out with a debit card and access to their banking app.
What Your Account Can Do
A Vietnamese bank account lets you receive domestic transfers (useful for freelance work paid by Vietnamese clients), pay bills through the banking app, link to e-wallets like MoMo and ZaloPay, and receive your salary if you’re employed locally. It does not easily let you send large amounts of money internationally — that requires a different process.
Moving Money In and Out of Vietnam
This is where things get complicated. Vietnam has strict capital controls, meaning getting money into the country is easy but getting it out is heavily regulated.
Getting Money Into Vietnam
Wise (formerly TransferWise) is the most popular option among expats. You send money from your home bank account, and it arrives in your Vietnamese bank account within 1–2 business days at a much better exchange rate than traditional bank transfers. Remitly and OFX are alternatives that some expats use.
You can also withdraw cash from international ATMs using your home country debit card. Most ATMs dispense up to 3,000,000–5,000,000 VND per transaction. Fees vary — check with your home bank. Techcombank and VPBank ATMs tend to have the highest withdrawal limits.
Getting Money Out of Vietnam
This is the hard part. Vietnamese banking regulations restrict international transfers for foreigners without a work permit. If you have a work permit and can prove the money is salary income, your employer can help you transfer money out through the proper channels. Without a work permit, your options are limited to carrying cash (up to $5,000 USD equivalent without declaration) or using informal channels that exist in a legal gray area.
If you’re planning to earn and save money in Vietnam, understand this limitation before you start. Many expats keep the bulk of their savings in their home country bank account and only transfer what they need to Vietnam month by month.
Digital Payments — The Apps You Need
Vietnam’s digital payment ecosystem is surprisingly advanced. Once you’re set up, you’ll rarely need to visit a bank branch again.
MoMo
MoMo is Vietnam’s most popular e-wallet. Think of it as the Vietnamese equivalent of Venmo or PayPal, but more widely accepted. You can pay at most convenience stores, restaurants, cafes, and even some street vendors with MoMo. You can also pay utility bills, buy phone credit, book movie tickets, and split bills with friends. Link it to your Vietnamese bank account for easy top-ups.
ZaloPay
ZaloPay is integrated with Zalo — Vietnam’s dominant messaging app (think WhatsApp but Vietnamese). It works similarly to MoMo for payments and is especially useful because you’ll already be using Zalo to communicate with your landlord, local friends, and service providers. Many smaller businesses prefer ZaloPay over MoMo.
Banking Apps
Most Vietnamese banking apps now support QR code payments. You can scan a merchant’s QR code directly from your Techcombank or VPBank app without needing a separate e-wallet. This is becoming the most common payment method in modern cafes and restaurants.
Grab
Grab is Southeast Asia’s ride-hailing app, but in Vietnam it’s also a food delivery service, a package courier, and a payment platform. Link your Vietnamese bank account or card to Grab for cashless rides and food deliveries. You’ll use this app multiple times a day.
Getting a SIM Card
You need a Vietnamese phone number for almost everything — banking, e-wallets, Zalo, Grab, delivery apps, and communicating with landlords. Get a SIM card on day one.
Where to Get One
The three major carriers are Viettel (best coverage nationwide), Mobifone, and Vinaphone. You can buy a SIM card at the airport, at any carrier’s retail store, or at most convenience stores. Bring your passport — registration is required by law.
Plans and Costs
Data is incredibly cheap. A monthly plan with 3–5GB of daily high-speed data costs around 77,000–150,000 VND per month ($3–6 USD). Yes, that’s per month. Most expats choose a Viettel or Mobifone plan with generous data since WiFi can be unreliable in some apartments. You can top up and manage your plan through the carrier’s app or at any convenience store.
eSIM Option
If your phone supports eSIM, you can set up a Vietnamese number without a physical SIM card. Viettel and some third-party providers offer eSIM options. This is convenient if you want to keep your home country SIM active in the other slot for receiving verification codes from your bank back home.
Essential Apps to Download
Before or immediately after arriving, install these on your phone: Grab for transport and food delivery, Zalo for messaging (everyone uses it), MoMo for payments, your Vietnamese bank’s app once you open an account, Google Maps (works well in Saigon, better than Apple Maps for local businesses), ShopeeFood or BAEMIN for food delivery variety, and Shopee for online shopping (Vietnam’s biggest e-commerce platform).
How Locals Actually Pay Bills
Rent is almost always paid in cash or by bank transfer directly to your landlord’s account. Electricity and water bills arrive monthly — your landlord or building management collects them, or you pay through your banking app using the bill payment feature. Internet bills can be set up for auto-pay through your bank. Phone bills are prepaid — top up through the carrier app or MoMo.
Pro tip: take a photo of every receipt and payment confirmation. Vietnamese landlords sometimes have creative memory when it comes to what you’ve already paid. A screenshot of your bank transfer is your best protection.
Cash Tips
Always carry some cash — at least 500,000–1,000,000 VND. Street food, local markets, motorbike taxis (xe ôm), and smaller shops are still cash-only. ATMs are everywhere, but they occasionally run out of cash on weekends or holidays.
The largest bill is 500,000 VND (about $20 USD). Many small vendors can’t break a 500k note, so try to keep smaller denominations on hand. When you withdraw from an ATM, it usually gives you 500k notes — break them at a convenience store or supermarket.
Don’t bother exchanging money at the airport beyond what you need for a taxi. The rates are terrible. Use an ATM or transfer money via Wise once you’re settled.