IMPORTANT NOTES ABOUT BANK ACCOUNTS FOR FOREIGNERS IN VIETNAM

When foreign employees are about to resign and leave Vietnam, their bank accounts are one of the most important matters to review and manage properly. Taking the right steps helps avoid losing money or encountering legal issues after departure.

1. Keep yur bank account active to receive Social Insurance (SI) payments

• According to Vietnamese regulations, the one-time Social Insurance payment must be transferred to the foreign employee’s personal bank account opened in Vietnam.
• Therefore, you should not close or cancel your bank account immediately after resigning. Keep it active at least until you receive the full SI payment and any final payments from your employer.
• Carefully check your account details (account holder’s name, account number, branch, bank) to avoid errors during the transfer.

2. Do not use a bank account under someone else’s name

• Some foreigners try to use a friend’s or acquaintance’s account to receive money faster. However, Vietnam Social Security (VSS) will not accept transferring SI payments to an account that does not match the beneficiary’s name.
• If you have already left Vietnam, you may legally authorize another person to submit documents on your behalf, but the payment must still go to your own bank account.

3. Update your personal information with the bank before leaving Vietnam

Before your departure, it is recommended to:

• Update your phone number and ensure your personal information matches your passport exactly.
• Activate internet banking so you can manage your account from overseas.
• Check the validity of your ATM card, account, and OTP (one-time password) services.

4. Check regulations on transferring money overseas

If you plan to transfer your SI payment or salary abroad, make sure to:

• Check the maximum transfer limit allowed.
• Prepare documents proving the legal source of funds (e.g. SI settlement letter, labor contract, tax finalization documents).
• Understand the transfer fees and processing time.
  Some banks may require a declaration or supporting documents to verify the source of the funds, so it is best to prepare these in advance to avoid delays or having your transfer held.

✅ In summary:

Your bank account plays a critical role in receiving your one-time Social Insurance payment and other final settlements when leaving Vietnam. Proper preparation, timely updates, and keeping your account active will help you receive your funds safely, quickly, and without complications after departure.

If you wish to claim your one-time SI payment before leaving Vietnam, please contact TPM’s HR & Payroll Service team for support:

Ms. Đỗ Thị Thu Quỳnh
Head of HR & Payroll Services
📧 quynh.do@tpm.com.vn