The Ministry of Home Affairs reported that by the end of 2024, nearly 162,000 foreign workers were employed nationwide. The number of foreigners coming to Vietnam for work, investment, and settlement is growing rapidly, especially among experts, managers at foreign direct investment (FDI) enterprises, international teachers, and international students. However, procedural and language barriers, coupled with limited access to digital banking services, pose significant challenges for these customers in their daily financial transactions.
David Jonathan, a British lecturer at an international school in Hanoi, stated that during his initial period working in Vietnam, he had to visit the bank multiple times to register for an account and send money to his family.
"At one point, I urgently needed to send money to a family member but couldn't complete the transaction myself; I had to ask a colleague for translation assistance and wait in line at the counter", he shared.
In response to this situation, Military Commercial Joint Stock Bank (MB) has implemented tailored financial solutions specifically for individual foreign customers from various countries, including the United Kingdom, Korea, and China. A bank representative stated that the process is designed to be streamlined while ensuring legal compliance.
 |
The solution package includes many benefits supporting foreigners living in Vietnam. Photo: MB |
The solution package includes many benefits supporting foreigners living in Vietnam. Photo: MB
Accordingly, customers can visit any MB branch to complete identification and open accounts, including both VND and foreign currency accounts. At the transaction counter, tellers assist users with basic financial services such as domestic money transfers, debit and credit card issuance, opening term deposits, foreign currency sales, and outgoing international remittances to send earnings home.
A key feature of the solution is the digital utility package on the MBBank app. After completing in-branch procedures, the app is activated as the primary transaction channel, allowing users to make payments, scan QR codes at numerous accepting points, withdraw cash from ATMs, and monitor and pay credit card balances. This solution is expected to become a "financial assistant" helping foreigners quickly adapt to Vietnam's cashless lifestyle.
"Customer groups such as experts in industrial parks, language lecturers, and the FDI business community have frequent spending needs and demand high convenience. Enabling essential transactions directly on the app saves them significant time compared to previously having to visit a branch", an MB representative shared.
In the future, MB plans to further expand features specifically for foreigners on the MBBank app, including: online foreign currency exchange, online international money transfers, and certain financial investment products. This initiative aims to promote cashless payments and foster equality in financial experiences between domestic customers and the foreign community in Vietnam.
Minh Ngoc
For detailed consultation on account opening documents and service packages, customers can visit the nearest MB branch/transaction office or contact the hotline, available in both Vietnamese and English: 1900 5454 26.
