How do foreigners authenticate biometrics for their Vietnamese bank accounts?

Author: MARKETING lúc 27-12-2024
NEWS & CASE STUDIES

According to the new Law, from 1st January 2025, bank account holders in Vietnam must update their biometric information to be used for electronic transactions.

Foreigners in Vietnam face a unique challenge in authenticating biometric bank accounts due to the lack of a Vietnamese citizen identification card (CCCD). Here's a breakdown of how they navigate this situation:

Current Primary Method: In-Person Verification

Visiting Bank Branches: The most common approach for foreigners is to visit a physical branch of their bank. They will need to bring their passport and any other relevant documents that verify their residency status in Vietnam.

Key Points to Note:

Mandatory Biometric Verification: As of July 1, 2024, biometric verification is mandatory for online banking transactions exceeding 10 million VND (approximately $400 USD).
Bank-Specific Procedures: It's advisable for foreigners to contact their specific bank for detailed instructions on their biometric authentication procedures, as there might be slight variations between different banks.

Challenges and Considerations:

Initial Inconvenience: The requirement for in-person verification can be inconvenient for some foreigners, especially those living in remote areas or with busy schedules.
Language Barriers: Language barriers could potentially pose a challenge during the in-person verification process. However, most major banks in Vietnam have staff who can communicate in English.

Overall, while the current system requires foreigners to visit bank branches for biometric authentication, the future integration with electronic identification systems promises a more convenient and efficient process.

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