How to Open a Global Collection Account in Vietnam With eKYC
Opening a global collection account in Vietnam is the first step toward getting paid by overseas clients through an account in your own name. The process itself is not complicated, but most applications that drag on do so because of incomplete paperwork rather than strict rules. A blurry document photo, a name spelled slightly differently, or missing beneficial owner details is enough to send the file back to the start. This article walks through each step, lists exactly what individuals and companies need to prepare, and names the errors that cause rejections.
What a global collection account does
A global collection account lets individuals and businesses in Vietnam receive payments from overseas clients without opening a bank account in each country.
You are issued one or more multi-currency international account numbers in your own name. Your clients abroad transfer into those accounts the way they would send money domestically. When you want the funds in Vietnam, you create a withdrawal instruction and the money moves to your Vietnamese bank account, converted into VND.
Who should open one
The need becomes real when money from abroad arrives regularly:
- Freelancers and creators paid by multiple clients across several countries
- Outsourcing firms and digital service exporters with corporate clients overseas
- Cross-border e-commerce sellers whose revenue arrives in cycles
- Import and export businesses that need tight documentation per transaction
If you receive only one or two foreign currency payments a year, an ordinary foreign currency account at a bank is enough.
How this differs from a bank foreign currency account
These two differ in legal nature. A foreign currency account at a bank is a bank account under Vietnamese law, and the bank holds the money.
A global collection platform is a technology layer that helps you receive, track, and direct funds. The money itself is held by a licensed financial partner, and the step that brings it into Vietnam runs through a partner bank. In practice, many people use both, and the two complement each other.
What to prepare before you start
Getting this right from the beginning shortens approval time considerably. Fifteen minutes here saves days later.
Documents for an individual account
Documents for a company account
Ultimate beneficial owner information is mandatory under anti-money-laundering standards. Omitting an owner, or submitting details that do not match the enterprise registration certificate, will extend the review period.
Your receiving bank account details
You need a bank account in Vietnam to receive funds when you withdraw. Have the account holder name, account number, bank name, and BIC/SWIFT code ready.
The bank account holder name must match the name on your application exactly. This is the single most common point of failure.
How to open a global collection account step by step
The process has four stages. The description below follows the FinFan Merchant portal.
Step 1: Register and confirm your email
Open the portal and select Register. Enter your email and a password. If you have a referral code, enter it in the field provided.
You will need to tick three consents: the Terms and Conditions of Use, the Personal Data Protection Policy, and consent to share personal data with the partner bank. Agreeing to receive marketing information is optional.
The system sends a six-digit verification code to your email. The code is valid for one minute, so open your inbox before you request it.
A security note: never share this code with anyone, including someone claiming to be a FinFan employee. Service providers never ask for verification codes by message or phone call.
Step 2: Enter your details and upload documents
Here you choose whether the account is for an individual or a company.
For an individual account, complete the basic information form, then move to the business information section covering your sector, country, registered address and operating address.
For a company account, upload the enterprise registration certificate. The system extracts the details automatically, but you must review the extracted information before continuing. Document reading software can misread abbreviations and special characters.
Next, enter ownership details: the legal representative and each ultimate beneficial owner with their ownership percentage. Finally, complete the business information section and add any supporting files.
Finally, complete the business information section and add any supporting files.
Step 3: Complete eKYC on the mobile app
After submitting the web form, you must finish identity verification through eKYC on the FinFan Merchant app, available on Google Play and the App Store.
This is the step most applicants skip, assuming the web form was enough. An application without completed eKYC will not be approved.
Before you open the app:
- Have your original identity document ready, not a photocopy or a screenshot
- Find a well-lit spot, avoiding backlight and shadows across the document
- Wipe the camera lens
- Remove glasses, face masks, and hats for the face capture
In the app, photograph the front and back of the document, keeping all four corners inside the frame with the text clearly legible. Then complete the face verification as prompted on screen.
Step 4: Wait for approval and receive your account numbers
The system reviews your documents and eKYC result. Two outcomes are possible.
Complete and clear application: you receive an email confirming your documents are verified, your account is approved, and you can begin using the service immediately.
Application needing additions: you receive an email specifying what is missing. To respond, log into the portal, select your avatar in the top right, go to Update KYC documents, upload exactly what was requested, and resubmit. If it still falls short, the system responds again, and you repeat the step.
Once approved, open the Account Numbers menu to retrieve your account details by currency and share them with clients.
The screens you will use after approval
Knowing the interface in advance helps you operate smoothly from your first transaction.
Dashboard
Shows balances by currency, total amounts, and transaction fees, plus a notification each time funds arrive.
Account numbers management
This is where you collect the account details to send to clients. Accounts are separated by currency, for example USD, EUR, and GBP. That separation prevents confusion between money flows and helps clients transfer into the account matching the currency they hold.
Funding sources
Tracks incoming amounts from clients and partners, with the payment method, sender, payment reference, and processing status.
Beneficiary management
Your list of receiving accounts, used when creating a withdrawal. You can add, edit or remove entries.
Withdrawal instructions
Where you request a transfer to your bank account. You can follow each request through its status: Pending approval, Processing, Completed or Failed.
A practical tip: you can combine several funding sources into a single withdrawal instruction to optimise cost. Rather than withdrawing small amounts one by one, group them.
Transaction and fee reports
Consolidates revenue, costs, and fees per transaction, broken down by currency. This is the screen you will use when reconciling with your accountant.
Preparing documentation for withdrawals
This section determines whether your money arrives quickly or slowly, and it rarely appears in standard how-to guides.
Why documentation is required
Banks in Vietnam are responsible for setting out, checking, and retaining documents and records consistent with the actual transaction so that foreign exchange services are supplied for the correct purpose and in line with the law. This requirement was clarified in Circular No. 39/2026/TT-NHNN, effective from 19 September 2026.
In other words, documentation is not administrative overhead. It is the condition for your funds to be processed properly.
What to declare when creating a withdrawal
When creating an instruction, you select the funding source, choose a beneficiary, and state the reason or purpose of the transfer. Options include salary, invoice payment, refund, purchase, registration fee, tax payment, and other purposes.
Beyond the basics, each funding source may require:
- Sender details: country and bank
- Invoice details: reference number and related information
- Order details: the list of orders
- Product details: product name, price and quantity
A habit worth building early
Save contracts, invoices, and order confirmations as soon as they are issued, naming each file by transaction reference. When you need to declare, it takes minutes rather than an archaeology session through old emails.
Four mistakes that get applications sent back
Identity details that do not match
The name on your identity document, your tax code and the beneficiary account holder name must match exactly. Small differences such as missing diacritics, abbreviations, or a different order of given and family names are enough to return the file.
Document images below standard
Blurred photos, missing corners, pictures taken of a screen, or unclear photocopies are the most common reason verification has to be repeated. Photograph the original directly, with all four corners visible, in adequate light.
Lack of ultimate beneficial owner information
For company applications, this is mandatory. Leaving out an owner, or submitting ownership percentages that do not add up sensibly, will put the file on hold.
Skip the eKYC step on the application
Completing the web form but never opening the app for eKYC happens often. The application simply waits until you do it.
Your control over your data
Few people read this section, but it is worth knowing because it concerns your rights directly.
Under Data access management in the portal, you can withdraw consent to the Terms of Use and Personal Data Protection Policy, or restrict two categories of access.
Identity and operational data covers your name, legal documents, identification images and essential contact details needed to identify the account holder. Switching this off terminates the agreement and deactivates your account.
Transaction and security data covers payment history, system logs, IP address and device information, used to process transactions, prevent fraud and reconcile with the bank. Switching this off stops the payment service.
When you delete your account, some transaction data and eKYC records remain stored securely to meet legal obligations. After the mandatory retention period, all your data is permanently erased.
Conclusion
Opening a global collection account is a clear four-stage process: register, submit your details, complete eKYC, wait for approval. The slowest part sits with your preparation, not with the system.
Three things determine most of your speed: every name across your documents must match exactly, document photos must be taken from originals in good light, and company applications need complete ultimate beneficial owner details.
Once your account is live, build the habit of saving documentation for each incoming payment from day one. Documentation requirements are tightening under the new regulations, and the person who prepares in advance is always the one who withdraws fastest.
Ready to start receiving payments from international clients through an account in your own name? Explore FinFan's IRID platform, or contact our support team for guidance on preparing the right documents for your situation.
- Website: https://finfan.io
- Email: support.iban@finfan.vn
- Phone: +84 2866.853.317
Disclaimer
IRID is a technology platform developed by FinFan (Nhat Phuong Joint Stock Company — Best Way Corporation) that enables individuals and businesses in Vietnam to receive and manage international funds. IRID operates on the infrastructure of international financial partners. Multi-currency virtual accounts are issued in the customer's name. Collection and foreign currency conversion services are provided by partner banks in Vietnam. FinFan is not a bank and does not provide deposit services. This article is provided for general information only and does not constitute legal, tax or investment advice. Interfaces, processes, fees and processing times may change; please refer to the current guide and fee schedule. Regulations may change; please refer to the current legal texts or consult a qualified adviser regarding your specific situation.
References
Dr. Tuyen Nguyen
Money Beyond Borders
