Can 15-year-olds open a bank account in Vietnam? What is the application for current account opening?
Can 15-year-olds open a bank account in Vietnam?
Pursuant to Article 11 of Circular 23/2014/TT-NHNN (amended by Clause 6, Article 1 of Circular 02/2019/TT-NHNN) as follows:
Entities eligible to open current accounts in Vietnam
1. The following individuals are eligible to open current accounts at banks or branches of foreign banks:
a) A person who is aged exactly 18 years or older and has full capacity for civil acts as regulated by the Law of Vietnam;
b) A person who is aged between exactly 15 and nearly 18 years and does not have his/her incapacity or restricted capacity for civil acts;
c) A person who is under the age of 15, has restricted capacity for civil acts or is incapable of civil acts as defined by the Law of Vietnam is entitled to open a current account via his/her legal representative;
d) A person who has limited cognition and behavioral control as defined by the Law of Vietnam may open a current account via his/her guardian.
2. The organizations that are duly established and operate under the Law of Vietnam, including: legal entities, private enterprises, household businesses and other organizations, are allowed to open current accounts at banks or branches of foreign banks in accordance with laws.
Thus, a person who is aged exactly 18 years or older and has full capacity for civil acts are eligible to open a current account.
A person who is under the age of 15 is entitled to open a current account via his/her legal representative.
Can 15-year-olds open a bank account in Vietnam? What is the application for current account opening?
What is the application for current account opening?
Pursuant to Article 12 of Circular 23/2014/TT-NHNN (amended by Clause 2, Article 1 of Circular 16/2020/TT-NHNN) as follows:
Application for current account opening
1. With regard to a personal current account, the bank or foreign bank branch is allowed to stipulate and instruct the client to prepare an application for current account opening which must, inter alia, include the following documents:
a) The application form for current account opening which is made using the form provided by the bank or foreign bank branch where the current account is opened and complies with Clause 1 Article 13 of this Circular;
b) The applicant’s identity papers, including the citizen identity card or ID card or unexpired passport or birth certificate (if the applicant is a Vietnamese citizen aged under 14 years), or unexpired entry visa or certificate of visa exemption (if the applicant is a foreigner), except a current account opened by a foreigner as prescribed in Clause 4 Article 14 of this Circular;
c) If a current account is opened by a person’s guardian or legal representative (hereinafter referred to as the “applicant’s legal representative”), in addition to the documents specified in Point a, b Clause 1 of this Article, the application for current account opening must also include the following documents:
- If the applicant’s legal representative is an individual: his/her identity papers and documents proving his/her capacity as a legal representative of the applicant for the current account;
- If the applicant’s legal representative is a juridical person: its establishment decision, operation license, enterprise registration certificate or other documents as prescribed by law; documents proving its capacity as a legal representative of the applicant for the current account; identity papers and documents proving the representative capacity of its legal representative.
Thus, to open a bank account, 15-year-olds need to prepare a valid citizen ID or passport and an application form for current account opening which is made using the form provided by the bank.
What can bank accounts be used for?
Pursuant to Clause 1, Article 15 of Circular 23/2014/TT-NHNN stipulating as follows:
Use of current accounts in Vietnam
1. The holder may use his current account for deposit, withdrawal of cash and request the payment service supplier to supply payment services via account, such as supply of means of payment, rendering of cheque payment service, payment order, authorized payment order, collection, authorized collection, bank card, letter of credit, remittance, and other value added services in conformity with applicable laws and regulations.
The banks, foreign bank branches shall instruct their customers on the principles and conditions for using current account for the case of transaction under the traditional mode or electronic mode in accordance with applicable laws and regulations, making sure that necessary information is fully obtained for the purpose of checking, collating and identifying customers during the use of current accounts.
Thus, the holder may use his current account for deposit, withdrawal of cash and request the payment service supplier to supply payment services via account.
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