To be eligible for a bank card, foreigners must obtain permission to reside in Vietnam for the minimum period of 12 months

The State Bank of Vietnam has recently issued the Draft Circular amending the Circular No. 19/2016/TT-NHNN that prescribes bank cards, which include the following main issues:

1. The daily maximum limit on withdrawal of foreign currency cash in foreign countries and on cash withdrawal at accredited card accepting entities is VND 30 million and VND 5 million, respectively.

2. Credit limit:

- If the line of credit is backed by collateral, it will not exceed 80% of collateral value and will be restricted to VND 01 billion. 

- If the line of credit is not backed by collateral, it will be VND 500 million at the most.

3. Bank cards will be used to pay for commodities or services purchased abroad for purposes which are provided by Vietnam's legislation in force.

4. Persons aged between 15 and under 18 will not be bound to give collateral to own a debit card, prepaid card or credit card.

Specifically, the Circular 19 prescribes that persons who are aged between 15 and under 18, do not lose or restrict capacity to perform civil acts, possess property to secure their obligations arising during use of bank cards shall be entitled to hold a debit card that has no overdraft facility, or a prepaid card. 

This regulation is left out from this Draft Circular.

5. To qualify for a bank card, a foreigner will be required to apply for permission to reside in Vietnam for the minimum period of 12 months. In this situation, the validity period of a bank card will not be allowed to exceed the remaining period of residence.

For more details, please find attached to read the Draft Circular amending the Circular No. 19/2016/TT-NHNN prescribing bank cards.

Reading inVietnamese: Người nước ngoài muốn dùng thẻ ngân hàng phải cư trú tại Việt Nam từ 12 tháng trở lên