money · 7 min read
Banking & ATMs
Where to withdraw, which banks to use, how to avoid fees
Recorded update: 2026-02-09. Requirements and prices may have changed.
ATM Quick Reference
Not all ATMs are equal in Vietnam. The difference between the best and worst can cost you thousands of dong per withdrawal. Here is a comparison of the major banks:
| Bank | Fee | Limit Per Withdrawal | Notes |
|---|---|---|---|
| VPBank | FREE | 10M VND (~$400) | Best option -- no fee, high limit, no daily cap |
| ACB | FREE | 3M VND (~$120) | Free but low limit -- need multiple withdrawals for larger amounts |
| TPBank | ~3.3% fee (since Jun 2025) | 5-13M VND | Was previously free -- now the most expensive option -- AVOID |
| Techcombank | 50K VND (~$2) | 5M VND | Reasonable fee with decent limit |
| Vietcombank | 30-55K VND | 3M VND | Widespread but low limits |
| Agribank | 22-33K VND | 3M VND | Most ATMs in rural areas but low limit |
| BIDV | 33-55K VND | 3M VND | Common but fees add up |
The clear winner is VPBank -- free withdrawals with a 10M VND limit means fewer transactions and no fees. Locate VPBank ATMs on Google Maps before you need them.
Important note about TPBank: TPBank used to be the top recommendation in every expat guide. As of June 2025, they introduced a roughly 3.3% fee on international card withdrawals. This makes them the most expensive option by far. If you see old guides recommending TPBank, that information is outdated.
Essential Tips
These tips will save you real money over the course of your stay:
- Always choose VND when the ATM asks which currency to use. If it offers to convert to your home currency, decline. This is called Dynamic Currency Conversion (DCC) and it adds a 3-5% markup that goes straight to the ATM operator. It is essentially a legal scam. The screen may say something like "guaranteed rate" or "home currency for your convenience" -- always refuse and take VND.
- Use branch-attached ATMs whenever possible. Standalone ATMs on street corners are more likely to have skimming devices, run out of cash, or eat your card. ATMs inside or directly outside a bank branch are regularly maintained and monitored.
- Lock your card when not withdrawing. Most banking apps (Wise, Revolut, traditional banks) let you temporarily freeze your card. Keep it frozen and only unlock when you are physically standing at the ATM. This prevents unauthorized charges if your card details are compromised.
- Carry a maximum of 1-2M VND in cash on you at any time. That is roughly $40-80 USD. Vietnam is increasingly card-friendly, especially in Da Nang, so you do not need large amounts of cash. If your wallet is lost or stolen, you minimize the damage.
- Avoid airport ATMs. The ATMs at Da Nang International Airport charge higher fees and often have worse exchange rates. Withdraw only what you need for a Grab ride (about 100K VND) and find a VPBank ATM in the city.
Best Cards for Travelers
The card you use matters just as much as the ATM you choose. Here are the best options:
Wise (formerly TransferWise) -- Most Popular Among Expats
- Free ATM withdrawals up to approximately $400 USD per month (then a small fee applies)
- Uses the mid-market exchange rate with no hidden markup
- Instant notifications for every transaction
- Supports multiple currency balances
- Available as physical or virtual card
- The single most recommended card in every Da Nang expat group
Revolut
- Similar to Wise with free withdrawals up to a monthly limit
- Good exchange rates on weekdays (weekend markup applies)
- Metal plan increases free withdrawal limits
- Good app with spending analytics
Charles Schwab Investor Checking (US residents)
- Refunds all ATM fees worldwide -- no limits, no caps
- No foreign transaction fees
- Linked to a Schwab brokerage account (no minimums)
- The best option if you are a US citizen or resident
General recommendation:
- Bring at least 2 different cards from different providers as backup
- If one card gets blocked, frozen, or eaten by an ATM, you need a fallback
- Keep one card in your accommodation safe and carry one with you
Opening a Vietnamese Bank Account
Opening a local bank account can be useful for receiving transfers, paying local bills, and getting better rates on domestic transactions.
Requirements:
- Valid passport
- Rental contract or proof of address in Vietnam
- Some banks require a work permit (but not all)
- Minimum deposit varies by bank (usually 50-500K VND)
Why it is useful:
- Receive money via Wise or Payoneer transfers at better rates than ATM withdrawals
- Pay for local services, utilities, and subscriptions
- Some landlords prefer bank transfers for rent
- Domestic transfers between Vietnamese banks are instant and free
Recommended banks for foreigners:
- TPBank -- despite the ATM fee issue, they have the best English-language mobile app and the smoothest account opening process for foreigners
- VPBank -- good app, helpful staff, free international ATM withdrawals with their own card
- Techcombank -- solid English support, widely accepted
Process:
- Visit a branch in person (bring passport and rental contract)
- Fill out the application forms (staff will help)
- Takes about 30-60 minutes
- You usually receive a debit card on the spot or within a few days
- Download the mobile banking app before leaving the branch
Sending Money
Whether you are receiving payment for remote work or sending money to your Vietnamese bank account, here is how to move money efficiently:
Wise (best for most people):
- Best exchange rates, typically only a ~1.5% total fee
- Send from your home bank to your Wise account, then to a Vietnamese bank account or withdraw from ATM
- Transfers usually arrive within 1-2 business days
- The gold standard for international money transfer among expats
Payoneer:
- Better for large amounts and business payments
- Popular with freelancers on platforms like Upwork and Fiverr
- Can withdraw to a Vietnamese bank account
- Fees vary but competitive for larger transfers
What to avoid:
- Western Union -- significantly more expensive than Wise, poor exchange rates, only useful if you have no other option
- Traditional bank wires -- fees of $25-40 USD per transfer on top of poor exchange rates, plus the receiving Vietnamese bank may charge an additional fee
- PayPal -- high fees for currency conversion (3-4%) and not widely accepted for withdrawals in Vietnam