Opening an Individual Payment Account: Required Documents

According to Clause 2 Article 1 Circular 16/2020/TT-NHNN (Effective from March 5, 2021), the following provisions are stipulated:

For individual payment accounts, banks and foreign bank branches shall stipulate and guide customers on required documents in payment account opening profiles, which must at least include the following documents:

- Application form for opening a payment account, as per the form provided by the bank or foreign bank branch where the account is opened and compliant with the provisions in Clause 1 Article 13 of this Circular;

- Personal identification documents including a citizen identity card or identification card or valid passport or birth certificate (for Vietnamese citizens under 14 years old without a passport); valid entry visa or documents proving visa exemption (for foreign individuals), except for cases where foreign individuals open a payment account as per the provisions in Clause 4 Article 14 of this Circular;

- In cases where individuals open payment accounts through a guardian or legal representative (hereinafter collectively referred to as the legal representative of the individual), in addition to the documents mentioned in points a and b of Clause 1 of this Article, the payment account opening profile must also include:

+ In case the legal representative is an individual: personal identification documents of the legal representative and documents proving their legal representative status for the individual opening the payment account;

+ In case the legal representative is a juridical person: Establishment decision, operating license, enterprise registration certificate, or other documents as per the legal provisions; documents proving the legal representative status of such juridical person for the individual opening the payment account; personal identification documents and documents proving the representative status of the legal representative of that juridical person.

Sincerely!