To manage and consume your salary smartly, one needs to choose a suitable bank to open an account with in order to receive their monthly salary from their employee. Below are 5 reasons why a Timo account would be an ideal option for you to receive your monthly salary.

Open a Timo account to receive your monthly salary here.

1. Pay monthly bills easily

The beginning of the month is usually when your monthly bills, including: house rent, electricity, water, TV cable, telephone, etc., due. Keeping your salary in a Timo account will help to pay for these bills quickly with just a few simple steps in the Timo app. For each monthly bill that you have to pay, you just have to add and save your service provider information once.

With hope to bring as much convenience as possible to customers, Timo also offers a wide range of the most used service providers in Ho Chi Minh, Ha Noi, Da Nang & Can Tho so every Timo cardholder can easily pay for electricity, water, TV cable, internet and telephone right in the Timo app.

Settling these bills via Timo also helps you to manage your spendings efficiently, as all transactions made through your Spend Account are recorded in the Transaction List in the Timo app.

Open a Timo account to receive your monthly salary here.

2. Free interbank money transfer

The service fee of interbank money transfer in Vietnam is currently charged from 6.600 VND to 11.000 VND (for transactions of less than 10.000.000 VND/transaction). If you have to transfer money regularly, you might have to pay a significant amount of 100.000 VND to 500.000 VND per month for all these money transfer fees. This amount would be even greater if you need to transfer larger amounts of money.

With Timo, you can easily transfer money from your Timo account to more than 40 banks in the NAPAS network without having to worry about any fee. For those who have different bank accounts to cater different needs, receiving your salary through Timo will be significantly beneficial since you can freely distribute your salary to other bank accounts without being charged any fee. With Quick Actions, this can even be done within a minute.

Open a Timo account to receive your monthly salary here.

3. Free cash withdrawals at more than 17,000 ATMs

With Timo, you can freely withdraw money anytime and anywhere without any withdrawal fee. Similarly, depositing cash into CDM machines at Timo Hangout in Ho Chi Minh, Ha Noi, Da Nang & Can Tho and at VPBank’s branches is also free of charge.

There are two ways to find the nearest ATMs nearby. You can either active the Discover feature on Google Maps and enter “ATM” in the search tool, or you can tab on the Timo app and click on the positioning icon the top left corner to see all nearest ATMs and CDM machines in the area around you (no login required).

4. 3-layer security to protect user’s account

Account security on banking mobile applications is always known to be the top concern for people. Understanding the priority of customers when choosing a bank to open an account with, Timo offers 3 layers of security to protect your account, including:

  • First layer: 8-character password is immediately required upon accessing the Timo app or Internet Bank (this step can also be replaced by fingerprint in the Timo app).
  • Second layer: To prevent the app from being fraudly accessed because it was not properly closed, Timo requires users to enter their 4-digit quick code whenever they would like to return to the app from the Home menu. This quick code can also be replaced by fingerprint in the Timo app.
  • Third layer: To ensure safe transactions for customers, Timo chooses to use iOTP instead of the usual OTPs. Both OTPs and iOTPs are required confirmation codes used to verify the transactions made from one’s bank account. However, instead of sending OTPs via phone messages with potential risks of information theft from hackers, Timo uses iOTPs and shows it on the screen for customers to verify their transactions. With iOTPs, you can also safely transfer money even when you are abroad or outside of the coverage area.

When using Timo, you can easily be proactive in setting up tight and strong protection for your bank account. The Timo app also allows you to lock your card right in the app to prevent your money and personal information from being stolen when your card is lost or stolen. We believe that you are more at ease to enjoy life and make plans for the future when you know that your personal finance is well protected.

Open a Timo account to receive your monthly salary here.

5. Smart savings

Timo also dedicates Goal Save for customers to effectively create and manage their saving goals. For each set goal, you can choose to add an automatic contribution every day, week or month. After setting your automatic contribution, money in your Spend Account will be automatically transferred to your Goal Save based on the recurring contribution period that you have set.

On the other hand, if you would like to generate interest from your savings, this is where Term Deposit would come in handy with attractively competitive interest rates. With the amount of money you use to put in your Term Deposit, the Timo app will let you know immediately how much interest you would make from that savings amount. With large amounts of savings, the Timo app would also advise you to divide your savings into different small Term Deposit to minimize losses in cases when you have to withdraw your savings ahead of time.

Open a Timo account to receive your monthly salary here.

  • Important notes:

    From 5th July 2019, foreign nationals are no longer eligible for Goal Save Accounts as stated in Circular no. 48/2018/TT-NHNN. For Term Deposit Accounts, foreigners with a valid document proving residential status in Vietnam with at least 6 months validity will be eligible to open Term Deposit Accounts with a Term NOT greater than the remaining of its validity. Existing Term Deposits opened before 5th July 2019 will be continued until its maturity.

How to change your salary account to your Timo account?

Download the request form here, fill in your Timo account number & your name and submit it to your HR department. It should only take you 2 minutes. You can easily find your account information under “Share my bank details” in the main Menu of Timo app or on

Let the joy of receiving your salary be enhanced by getting your salary with a Timo account to plan and manage your personal finance effectively.

  • Did you know? 

    To help you save time and money so you can live your life instead of spending it at a bank, Timo digitalizes the majority of regular banking transactions so you can bank anywhere and anytime. Here are some of the highlights that you can look forward to: 

    Free ATM withdrawals/money transfer

    Free annual fee for Timo Debit cards 

    Smart online saving tools with competitive interest rates

    Convenient Timo Mastercard with attractive benefits

    Get an overdraft loan within 30 minutes via the Timo app

    Send a payment request, lock/unlock your cards, pay bills right within the app