Is It Allowed to Open a Bank Account Online?
Section 5, Article 1 of Circular 16/2020/TT-NHNN (amending Article 14 of Circular 23/2014/TT-NHNN) provides as follows:
When there is a need to open a payment account, the customer shall prepare a set of documents as stipulated in Article 12 of this Circular and submit directly or send via postal service or electronic means to the bank or foreign bank branch where the payment account is requested to be opened.
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Section 6 of this Article regulates the procedure for opening a payment account for individuals using electronic means as follows:
- Banks and foreign bank branches that open payment accounts by electronic means must develop, issue, and publicly announce procedures and processes for opening payment accounts by electronic means in accordance with this Article, the law on the prevention and combat of money laundering, the law on electronic transactions, and related legal regulations on ensuring the safety and confidentiality of customer information and the safe operation of banks and foreign bank branches, including at least the following steps:
a) Collect information on the application for opening a payment account as stipulated in Clauses 1, 4, and 5 of Article 12, Clause 1 of Article 13 of this Circular;
b) Conduct checks, verifications, and customer identification information matching;
c) Warn customers about actions that are not allowed during the opening and use of payment accounts by electronic means;
d) Provide the customer with the content agreement for opening and using a payment account as stipulated in Clause 1, Article 13a of this Circular and conclude the agreement for opening and using the payment account with the customer;
d) Notify the customer of the account number, payment account name, transaction limits through the payment account, and the start date of the payment account operation.
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Thus, according to the current regulations, you can completely open an online bank account. Please contact the bank you intend to open the account with for further specific support.
Sincerely!
