What is useful to know about opening accounts and transferring money if you are acquiring Vietnamese real estate?

What is useful to know about opening accounts and transferring money if you are acquiring Vietnamese real estate?


There are several reasons why people desire to purchase real estate in Vietnam:

1. Attractive prices.

The cost of housing in main cities of Vietnam is much lower than in many other popular tourist locations. This attracts numerous buyers from different countries who are looking for inexpensive but high-quality properties.

2. The growing real estate market.

Vietnam is experiencing a significant economic recovery, which is also reflected in the growing demand for real estate. Thanks to overseas investments, industrial development and a steady increase in the number of tourists, the housing market in the country is showing excellent performance.

3. The natural and cultural heritage.

The country is famous for its rich history, culture and beautiful nature. Many buyers are interested in acquiring housing near beaches, mountains or historical sites. The country is an attractive place to relax, move to permanent residence and buy real estate.

4. Investment opportunities.

Many investors are interested in Vietnam as a promising market with high growth potential. The country is actively developing its infrastructure, expanding the tourism industry and attracting foreign capital. This creates a favourable environment for real estate investments.

Important: bank accounts for purchasing Vietnamese properties

If your goal is to purchase apartments in Vietnam, you will need to open a local bank account. Let's have a closer look at the main points related to this procedure.

What is useful to know about opening accounts and transferring money if you are acquiring Vietnamese real estate?

Law and order

Vietnamese law allows foreign citizens to buy real estate in the country, but there are some restrictions. For example, foreigners cannot own agricultural land.

Documents and checks

You will need to provide several documents, including a passport and its notarized copy, a visa and proof of income source. International transfers in Vietnamese banks may be subject to additional checks and restrictions. This is related to capital controls and the enforcement of the country’s financial laws.

Most banks will require a residence permit to open an account. In some cases, financial institutions may request documents confirming registration (an address certificate or utility bills). Sometimes, banks require additional papers, such as a sales contract.

Important: the requirements may vary depending on the bank, so you should turn to the financial institution in advance and clarify all the details.

For example, you must visit the bank in person to open an account, and you need a local SIM card to connect to the Internet banking service.

Overall, Vietnam's banks maintain a loyal attitude towards overseas customers. They allow them to open accounts in several currencies, which is quite convenient if you do not deal with Vietnamese dong.

Bank rates and money transfers

Buying houses in Vietnam is associated with the need to transfer large amounts of money. Therefore, you should familiarize yourself with the fees and transaction limits in Vietnam in advance to avoid unaccounted expenses.

There are various options for transferring money to a bank in Vietnam.

The first one is an international bank transfer.

This is the most common way. You will need to know the recipient’s details, such as the name and address of the bank, account number and SWIFT code. You can also transfer your money from your foreign account to your local one. Please note that opening a bank account will take some time and require additional costs, such as the opening fee and the minimum account balance.

The second one is the use of payment systems.

You can use payment systems such as PayPal or Western Union to transfer money to a bank account in Vietnam. In both cases, you need to pay attention to the fees and restrictions applicable to international transactions. Moreover, you should consider the differences in currency and exchange rate.

The third one is cryptocurrencies.

In some cases, you can pay with cryptocurrency. However, before using this payment method, make sure that the Vietnamese seller is ready for this way of receiving money.

It is good to conduct market research before carrying out any financial transactions. Find out which banks offer account opening and money transfer services, as well as their reputation and reliability. An important factor is whether banks have any foreign branches or not, which will make the service process much easier.

What is useful to know about opening accounts and transferring money if you are acquiring Vietnamese real estate?

Exchange rates

The Vietnamese Dong (VND) is the major currency in the country, and your money will be converted into it. Therefore, do not forget to familiarize yourself with the current exchange rates and choose the most advantageous time for conducting a banking transaction. One of the ways for hedging currency risks is a foreign currency account: you can open a foreign currency account in Vietnam, which will allow you to store your money and not convert it into dong.

Consultations and support

Buying an overseas property is always a complicated process — it requires careful study and planning. You cannot foresee many nuances. Especially if you have no experience of interacting with Vietnamese counterparties, authorities, banks and companies. Therefore, you need to turn to professional brokers and consultants who are familiar with local legislation. Their in-depth knowledge and qualified expertise will help you avoid problems and mistakes in the process of opening an account and transferring money. There are specialized real estate companies in the country that help foreign citizens find and register their properties.

Purchasing apartments in new developments in Vietnam requires a systematic approach to opening accounts and making money transfers. Following the rules and regulations set by Vietnamese banks and the government will allow you to make a transaction safely and efficiently and ensure a comfortable stay in this amazing country.

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