Foreign Currency Savings: Interest Rates and Requirements 2026

Foreign currency savings deposit is a legal form of depositing foreign currency at a bank licensed to conduct foreign exchange operations, aimed at preserving assets and earning interest if the product offers interest. In Vietnam, the maximum interest rate for USD deposits from organizations and individuals is currently 0%/year according to Circular 46/2024/TT-NHNN and Decision 2410/QĐ-NHNN. For other foreign currencies, interest rates depend on each bank’s interest rate schedule and vary by period. The converted value in VND may increase or decrease according to the exchange rate and the buy-sell foreign currency spread.

Foreign currency savings deposits help customers safely preserve their foreign currency; interest rates, terms and conditions depend on each currency type and each product

1. What is a foreign currency savings deposit?

A foreign currency savings deposit is a form of individual deposit made in foreign currency (not VND) at a bank licensed to conduct foreign exchange operations, for the purpose of safe storage and earning interest (if any). In essence, this is a deposit similar to VND savings deposits but the currency unit is foreign currency.

The depositor is fully repaid the principal and interest as agreed with the bank. For USD deposits, the maximum interest rate is currently 0%/year, so the main goal is often to preserve foreign currency and serve future USD usage needs. When converted to VND, the actual result also depends on exchange rate fluctuations and the spread between the bank’s buy and sell exchange rates.

2. Types of foreign currencies permitted for savings deposits in Vietnam

Commercial banks licensed to conduct foreign exchange operations in Vietnam accept savings deposits in various foreign currencies. The most popular:

(*) The list of foreign currencies accepted for deposit depends on each bank and its policies during each period. USD is the most popular foreign currency.

Note: not every bank accepts savings deposits in all types of foreign currencies. The bank must be licensed by the SBV to conduct foreign exchange operations. Before depositing, you should contact the bank to confirm which foreign currency is accepted.

3. Current interest rates on foreign currency savings deposits

Interest rates on foreign currency deposits in Vietnam are strictly regulated by the State Bank of Vietnam, especially for USD.

3.1. USD deposit interest rates

According to Circular 46/2024/TT-NHNN, credit institutions apply interest rates on USD deposits not exceeding the maximum level decided by the SBV Governor in each period. Decision 2410/QĐ-NHNN sets the current maximum interest rate at 0%/year for USD deposits from organizations and individuals at credit institutions. The regulation took effect on November 20, 2024.

This means USD deposits do not generate profit from interest at present. When converted to VND, depositors may profit or lose due to exchange rate fluctuations; they also need to account for the buy-sell exchange rate spread and the opportunity cost compared to other money-holding channels.

3.2. EUR, GBP and other foreign currency deposit interest rates

Circular 46/2024/TT-NHNN and Decision 2410/QĐ-NHNN only regulate USD deposits and cannot be used to determine the interest rates for EUR, GBP, JPY, AUD and other foreign currencies. Interest rates for each non-USD foreign currency depend on the interest rate schedule, product type and policies of each bank during each period. Customers should check directly with the bank before depositing.

3.3. Comparison of foreign currency and VND interest rates

(*) VND interest rates depend on each bank’s interest rate schedule and vary by period. The maximum interest rate for USD deposits is currently 0%/year. The VND 350 million deposit insurance limit applies from July 13, 2026.

USD deposits currently have a maximum interest rate of 0%/year, while the effectiveness of holding them also depends on exchange rates, buy-sell spread, and opportunity cost

Important note

A 0%/year interest rate on USD deposits does not mean holding USD at the bank has no value. If the USD/VND exchange rate increases, the value converted to VND may increase; conversely, the converted value may decrease when the exchange rate falls. The actual result is also affected by the buy-sell exchange rate spread, so exchange rate fluctuations should not be viewed as guaranteed profit.

4. Conditions for foreign currency savings deposits

To open an appropriate foreign currency deposit, customers need to consider the eligible depositor scope, identification documents and minimum deposit amount of each product together.

4.1. Eligible parties for foreign currency savings deposits

For savings deposits, Circular 48/2018/TT-NHNN stipulates that Vietnamese citizens who are residents are permitted to make savings deposits in foreign currency. It should be distinguished from term deposits under Circular 49/2018/TT-NHNN: eligible parties may include resident organizations, individuals, and certain non-residents, including foreign individuals permitted to reside in Vietnam for 6 months or more. Specific conditions also depend on the product and the customer identification procedures of each bank.

4.2. Required documents and procedures

Documents usually include a valid citizen ID card or passport and a registration form as prescribed by the bank. For foreign individuals or cases falling under term deposits, the bank may require documents proving residence duration and other related materials. Whether foreign currency is deposited in cash or via bank transfer depends on the product conditions and legal source of funds.

Customers need to prepare valid identification documents and follow procedures according to the conditions of each foreign currency product

4.3. Minimum deposit amount

The minimum deposit amount depends on each bank and each product. According to MSB’s foreign currency savings product page, the current minimum is 5,000 units for USD, EUR, AUD, CAD, SGD and GBP; JPY specifically is 500,000 JPY. Customers should recheck at the time of transaction as product conditions may change.

5. Legal regulations on foreign currency savings deposits

Regulations on interest rate caps, payment currency and withdrawal methods are important foundations customers need to understand before transacting.

5.1. USD deposit interest rate cap under SBV

According to Circular 46/2024/TT-NHNN, credit institutions apply USD deposit interest rates not exceeding the maximum level decided by the SBV Governor. Decision 2410/QĐ-NHNN sets the current maximum at 0%/year for USD deposits from organizations and individuals, effective from November 20, 2024. Credit institutions must publicly post interest rates and are not allowed to conduct promotions contrary to legal regulations.

5.2. Regulations on foreign currency cash withdrawals

The currency for principal and interest payment is, in principle, the currency the customer deposited according to the regulations applicable to savings deposits or term deposits. The method of receiving cash, transferring to a foreign currency account, or converting to VND depends on the product type, agreement with the customer, initial deposit method and bank regulations. Customers should confirm with the bank in advance if they wish to receive foreign currency in cash.

6. Advantages and risks of foreign currency savings deposits

In addition to the benefits of safely preserving foreign currency, this form still has risks related to exchange rates, interest rates and opportunity costs that need to be considered.

6.1. Benefits of hedging against exchange rate fluctuations

Keeping foreign currency at a bank helps reduce the risk of theft, counterfeit money, or damage compared to keeping it at home. If there is a need to use the specific foreign currency in the future such as for studying abroad, tourism or legal international payment, depositors can proactively secure the source of funds and limit having to buy foreign currency again when needed. When converting to VND, the value received still depends on the exchange rate and the buy-sell spread.

6.2. Risks of low interest rates and exchange rate fluctuations

USD deposits currently do not generate profit from interest as the maximum rate is 0%/year. Compared to VND deposits, USD holders may incur opportunity costs if VND interest rates are higher and the exchange rate does not rise enough to offset the missed interest. The converted value may also decrease when USD depreciates, and is affected by the buy-sell exchange rate spread. In addition, foreign currency deposits are not covered by deposit insurance in Vietnam.

The value of foreign currency when converted to VND may increase or decrease; depositors need to also account for the buy-sell spread and the potentially missed VND interest

Financial tip

If there is no need to use foreign currency, customers should compare the total benefits between continuing to hold foreign currency and converting to VND, including interest rates, terms, buy-sell exchange rate spread, expected exchange rate fluctuations and liquidity needs. If foreign currency is needed for a specific purpose in the future, depositing at a bank is usually safer and more convenient than keeping cash at home.

7. Frequently asked questions about foreign currency savings deposits

Below are answers to frequently asked questions about eligible depositors, interest rates, transaction channels, withdrawals and deposit insurance.

7.1. Who is permitted to make savings deposits in foreign currency?

For savings deposits in foreign currency, the depositor must be a Vietnamese citizen and a resident as prescribed. For term deposits in foreign currency, the scope of eligible parties may be broader, including certain foreign individuals permitted to reside in Vietnam for 6 months or more. Customers need to meet product conditions and provide identification and residence documents as required by the bank.

7.2. What is the current USD savings interest rate?

0%/year is the current maximum interest rate for USD deposits from organizations and individuals at credit institutions according to Decision 2410/QĐ-NHNN, effective from November 20, 2024. This rate is applied based on the management mechanism under Circular 46/2024/TT-NHNN.

7.3. Can foreign currency savings deposits be made online?

It depends on the bank and product. Some banks may support foreign currency deposit transactions on digital channels when customers meet related conditions. Specifically, MSB’s current foreign currency savings product page instructs customers to register at branches or transaction offices; customers should recheck the transaction channel at the time of deposit.

7.4. When withdrawing foreign currency savings, can I receive foreign currency in cash?

Yes, depending on the product type and transaction method. In principle, the payment currency for principal and interest is the currency the customer deposited. Receiving foreign currency in cash, transferring to a foreign currency account, or converting to VND depends on the product agreement and bank regulations. It is best to confirm with the bank in advance if you need to receive cash.

7.5. Are foreign currency savings deposits covered by deposit insurance?

No. According to the 2025 Deposit Insurance Law, insurance coverage applies to VND deposits of individuals meeting statutory conditions; foreign currency deposits are not covered by insurance. From July 13, 2026, the payment limit for all insured deposits of one person at one deposit insurance participating organization is a maximum of VND 350 million, including both principal and interest.

Deposit insurance applies to eligible VND deposits; foreign currency deposits are not covered by deposit insurance in Vietnam

8. Foreign currency savings at MSB – diverse currencies, flexible terms

Vietnam Maritime Commercial Joint Stock Bank (MSB) provides foreign currency savings products with the following current published information:

Foreign currency savings services at MSB:

• Foreign currencies: USD, EUR, AUD, CAD, SGD, GBP and JPY.
• Terms: 1, 2, 3, 6, 9 and 12 months.
• Interest rate and interest payment method: according to MSB’s interest rate schedule for each period, with interest paid at maturity.
• Minimum deposit amount: 5,000 units for USD, EUR, AUD, CAD, SGD, GBP and 500,000 JPY.
• Registration channel: at MSB branches or transaction offices; customers deposit money and receive savings books or confirmation according to MSB procedures.

MSB’s foreign currency savings products currently offer multiple currencies, terms from 1 to 12 months, and registration at transaction points

Refer to the detailed interest rate schedule, conditions and MSB foreign currency savings service at msb.com.vn or call the hotline 1900 6083.

Learn more

Contact the nearest MSB branch or call the hotline 1900 6083 for detailed advice on foreign currency savings, conversion exchange rates and suitable foreign currency management solutions.

The information in this article is for reference purposes and is compiled from SBV regulations and bank policies at the time of writing. Interest rates, exchange rates, conditions and foreign exchange management policies may change. Please check at msb.com.vn or contact the MSB hotline 1900 6083 for the most accurate updated information.

References

1. State Bank of Vietnam – Circular No. 46/2024/TT-NHNN on the application of interest rates for deposits in US dollars of organizations and individuals at credit institutions and foreign bank branches.
2. State Bank of Vietnam – Decision No. 2410/QĐ-NHNN on the maximum interest rate for US dollar deposits.
3. State Bank of Vietnam – Circular No. 48/2018/TT-NHNN on savings deposits.
4. State Bank of Vietnam – Circular No. 49/2018/TT-NHNN on term deposits.
5. National Assembly – Law No. 111/2025/QH15: Deposit Insurance Law.
6. Deposit Insurance of Vietnam – Regulations on the deposit insurance payment limit of Deposit Insurance of Vietnam.
7. MSB – Foreign currency savings, accessed on August 26, 2026.

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