If you’re asking about mobile banking in Vietnam you might be wondering about account opening options, risks, or which banks even have mobile banking apps.
In this article, we’re going to cover each of these topics while also sharing important considerations before opening accounts here.
We’ll also explore alternatives like opening a personal bank account in Singapore or opening a company bank account in Malaysia, depending on your needs.
Feel free to jump ahead to the areas most relevant to you by using the table of contents below.
Table of Contents
- Mobile Banking in Vietnam 101
- Who Can Unlock Mobile Banking in Vietnam?
- Frequently Asked Questions
- Ready to Explore Your Options?
Mobile Banking in Vietnam 101
Generally speaking, Vietnam is an underbanked country with only 30% of people having a traditional bank account.
If you compare Vietnam (30%) to Singapore (97%), Malaysia (85%), or China (80%), you start to see how few people have traditional accounts in the country.
That said, there’s another very important statistic to consider: Internet access.
73% of Vietnam’s population has access to the internet, that’s even higher than China (70%), and not too far off from Singapore (88.5%) and Malaysia (88%).
But, what does this have to do with banking?
Well, it means that Vietnam is well positioned for a boom in mobile banking apps, new fintech platforms, and alternatives to traditional banks.
In fact, this boom has already started…
Vietnam has more than 10 digital banks fighting for control of the domestic digital banking sector, which has resulted in a wide range of alternative options for both locals and foreigners to consider.
Unfortunately, this rapid growth has also resulted in a rush of malware and attacks on bank customers. As a result, Vietnam has the highest number of malware attacks on mobile devices in all of Southeast Asia – four times higher than the next closest country (Malaysia). Needless to say, this is an important consideration before opening accounts.
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Who Can Unlock Mobile Banking in Vietnam?
Not surprisingly, the mobile banking sector in Vietnam primarily caters to domestic clients. This is similar to mobile and digital banking in other countries, where opening personal digital bank account is often not possible (e.g. the USA).
That said, there are digital non-resident banking options available in Vietnam, but bank selection is critical. And, you will need to carefully navigate the account opening process.
Additionally, given the risks involved it’s important to maintain a high level of alertness when accessing platforms, reviewing notifications, and generally conducting transactions.
Frequently Asked Questions
Below are some of the most common questions that we receive from people looking to open bank accounts in Vietnam. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
What Services Are Offered Through a Vietnam Mobile Banking App?
Mobile banking apps in Vietnam offer standard banking services to both individual and business clients. In general, services range from basic savings and checking accounts, to local transfers, salary management, and even buying foreign currencies. That said, the specific services offered depend on the platform you are considering.
How Much Money Does It Cost for Mobile Banking in Vietnam?
Mobile banking in Vietnam is free to access. However, there are costs associated with using specific services, such as sending transfers or buying foreign currencies. With this in mind, if you are considering a specific mobile banking platform, you should review their fee schedule before applying for an account.
Ready to Explore Your Options?
If you would like assistance navigating your banking options at home or abroad, we can help.
You can access GlobalBanks IQ, our international banking intelligence platform, in just a few clicks. Unlock our bank database, individual bank profiles, account opening strategies and reports, banker scripts, and more.
But, if you want a 100% personalized account opening service that taps into our team’s expertise and provides direct banker introductions, you can get started with GlobalBanks Insider.
Of course, if you have any questions, please contact us directly.