Vietnam's most widely used e-wallet — MoMo QR codes appear everywhere from chain restaurants and convenience stores to street stalls, alongside transfers, bill payments and top-ups.
!Not a bank. MoMo is a payment intermediary and e-wallet operator licensed by the State Bank of Vietnam. Balances are e-money, not bank deposits, and are not covered by Vietnamese deposit insurance (DIV).
In practice the barrier is high. Registration needs a Vietnamese number and verification usually requires the chip-based Vietnamese national ID (CCCD) or a long-term residence card/visa linked to the government database — a passport with just a tourist visa is often rejected. Some long-term residents (with a TRC) can complete verification. Short-stay visitors should rely on cash, Grab/Shopee with an international card, or a locally issued prepaid card.
No published minimum; without a linked local card a single transaction is usually capped around VND 5,000,000｜Free to open. Cash reloads at Circle K and convenience stores usually carry a small fee; bank transfers depend on the bank; some in-app transfer services charge after a free quota.
Under SBV Circular 40/2024/TT-NHNN (as amended by Circular 41/2025), personal e-wallet transactions at a single provider are generally capped at VND 100 million per month, with a higher cap of up to VND 300 million for listed essential-service categories; accounts without a linked local card have lower per-transaction limits. Balances are e-money and are not deposit-insured.
In practice the barrier is high. Registration needs a Vietnamese number and verification usually requires the chip-based Vietnamese national ID (CCCD) or a long-term residence card/visa linked to the government database — a passport with just a tourist visa is often rejected. Some long-term residents (with a TRC) can complete verification. Short-stay visitors should rely on cash, Grab/Shopee with an international card, or a locally issued prepaid card.
Local bank account: Not required for basic use; a Vietnamese bank card is needed for full functionality. Items typically needed: A Vietnamese mobile number (registered local SIM); Vietnamese CCCD national ID or a long-term residence card/visa; Passport (for registration details); A Vietnamese bank account or debit card (for full functionality); Cash for convenience-store reloads.
Typically: A Vietnamese mobile number (registered local SIM); Vietnamese CCCD national ID or a long-term residence card/visa; Passport (for registration details); A Vietnamese bank account or debit card (for full functionality); Cash for convenience-store reloads.
How to sign up: Fully online (register a Vietnamese number and verify with passport/CCCD) — but difficult for tourists in practice (Registration takes about 10 minutes; verification ranges from instant to several working days, with foreign passports often rejected). Steps: 1) Buy and register a Vietnamese SIM (Vinaphone/Viettel/MobiFone) 2) Download MoMo and switch to the English interface 3) Register with the Vietnamese number and confirm the OTP 4) Submit your ID (CCCD/residence card) and a face scan to verify (passports are often rejected) 5) Reload with cash at a convenience store or by local bank transfer 6) Pay by scanning the VietQR / NAPAS QR code Fees: Free to open. Cash reloads at Circle K and convenience stores usually carry a small fee; bank transfers depend on the bank; some in-app transfer services charge after a free quota.
Under SBV Circular 40/2024/TT-NHNN (as amended by Circular 41/2025), personal e-wallet transactions at a single provider are generally capped at VND 100 million per month, with a higher cap of up to VND 300 million for listed essential-service categories; accounts without a linked local card have lower per-transaction limits. Balances are e-money and are not deposit-insured.
E-wallet rules change often — always follow the latest instructions in the official app.