Tax Issues If Deposit VND Cash Into A VN Citizens Bank Acct?

I want to deposit VND to the account of a Vietnam citizen, but I'm wondering whether a large(-ish) cash amount will result in the account holder being subjected to any sort of tax, and/or scrutiny. Any member with experience in such matters?
I'm not comfortable leaving it in the bedside table.
(left side of the bottom drawer, beneath the passports/paperwork😉) - @Aidan in HCMC

Banks can refuse a third party deposit by a foreigner. It's happened to me before.

Probably the best solution is to give the cash to a different Vietnamese person you trust and let them do a bank transfer...

I want to deposit VND to the account of a Vietnam citizen, but I'm wondering whether a large(-ish) cash amount will result in the account holder being subjected to any sort of tax, and/or scrutiny. Any member with experience in such matters?
I'm not comfortable leaving it in the bedside table.
(left side of the bottom drawer, beneath the passports/paperwork😉) - @Aidan in HCMC

Banks can refuse a third party deposit by a foreigner. It's happened to me before.
Probably the best solution is to give the cash to a different Vietnamese person you trust and let them do a bank transfer... - @OceanBeach92107

Understood, and thanks. I had an issue depositing a measly 3.5 million a couple of years back into the account of a guy in Hanoi. He was selling some motorcycle parts from there, and I was in Saigon. The bank did let me make the deposit, but not before going through two visits and a bit of bother (presenting passport, TRC).

The account I want to put the money in is that of my GF, so easy enough to accompany her to the bank to make the deposit. Any idea whether a deposit would result in any issues for her? I'd prefer not to have the General Department of Taxation (GDT) (akin to the IRS for Americans or Revenue Canada for Canadians) become involved, for obvious reasons.

I want to deposit VND to the account of a Vietnam citizen, but I'm wondering whether a large(-ish) cash amount will result in the account holder being subjected to any sort of tax, and/or scrutiny. Any member with experience in such matters?
I'm not comfortable leaving it in the bedside table.
(left side of the bottom drawer, beneath the passports/paperwork😉) - @Aidan in HCMCBanks can refuse a third party deposit by a foreigner. It's happened to me before.
Probably the best solution is to give the cash to a different Vietnamese person you trust and let them do a bank transfer... - @OceanBeach92107
Understood, and thanks. I had an issue depositing a measly 3.5 million a couple of years back into the account of a guy in Hanoi. He was selling some motorcycle parts from there, and I was in Saigon. The bank did let me make the deposit, but not before going through two visits and a bit of bother (presenting passport, TRC).
The account I want to put the money in is that of my GF, so easy enough to accompany her to the bank to make the deposit. Any idea whether a deposit would result in any issues for her? I'd prefer not to have the General Department of Taxation (GDT) (akin to the IRS for Americans or Revenue Canada for Canadians) become involved, for obvious reasons. - @Aidan in HCMC

I don't think it causes problems yet, although changes anticipated in the banking and taxation system are probably going to change that sometime in the future.

I give my wife a very significant amount of money every month after I withdraw it from an ATM.

She takes it to Agribank and deposits it without any problem, apparently. I have asked her numerous times if that will cause her a tax problem, and she says, "No".

Once I have some of the cash in my own account (she transfers it to me) I sometimes need to transfer some money back to her. Never a problem for either one of us.

Apparently they asked her the first time she brought in a thick envelope full of cash, "Where did you get this money?", and she told them "My husband gave it to me". The way she described that encounter made it sound as if the question was born of curiosity and not any official inquiry.

They've never asked her again and we've been doing it at least monthly for over 3 years now.

Hope that's helpful 🙏

@OceanBeach92107

That's good to know, OB. Thank you.

We'll find out today how the bank reacts.

@Aidan in HCMC

Hi

I put about 50,000,000 into the wife's account each month via Wise from an Aussie.   Never a problem.  Need to put an even larger deposit at some stage so also curious to hear other experiences. 

My wife says the gov not fussy as long as the money is coming into VN.  Going out is a different story.

Made the deposit about an hour ago.

The teller looked a little surprised when presented with the five 100-note stacks of 500,000VND bills, neatly bank-banded. As this was at Vietcombank's large office in Duong Dong, I don't think it was the amount which surprised her. More likely it was the bands around the bills. They looked freshly minted.

As she opened the band on each stack and ran it through the note-counting machine, I saw her glancing at me a couple of times, but no questions asked.

The only thing which was different from other smaller deposits we've made was that the receipt given did not include the accounts current (updated) balance. When GF asked why, she was told that "larger" deposits needed supervisor verification. Not sure what constitutes "larger", as I forgot to have my GF ask.

By the time we got home ~30 minutes later, GF confirmed on her phone that the account had been updated.

Only thing on my mind now is whether the taxman will soon be asking for a cut.

@Aidan in HCMC
Hi

I put about 50,000,000 into the wife's account each month via Wise from an Aussie. Never a problem. Need to put an even larger deposit at some stage so also curious to hear other experiences.

My wife says the gov not fussy as long as the money is coming into VN. Going out is a different story. - @KKK36

Very good to hear no issue with your monthly transfers.

My concern was that the money was already in Vietnam, and thus might attract the interest of VN tax authority. Fingers crossed it doesn't.

I recently transferred from New Zealand NZD275,000 into my wifes Sacombank AUD account and when she told them it was coming from her husband it wasnt a problem but wife told me there was a AUD$130 fee charged for this service.

I will update you all if it attracts attention from the taxation dept.

and how easy is it to send it back to NZ if desired?

Cheers

K

My wife and I have passed back and forth on multiple occasions hundreds of millions of VND due to her account being hacked a few times. Somehow, someone had a fake old ID of hers and was using it to gain access and create other accounts. Hopefully that's fixed now with the digital ID and facial recognition but who knows. One time we did have to sign some papers clarifying where the money came from and what its for. We just told them it originated from our savings in the US from work we did while living in the US. Tax issues tend to come several years after the fact so no telling but we haven't had any issues.

@KKK36

Near impossible. Thats why I only transferred enough to purchase the house we have shared with her late aunt for nearly 10 years.

Yes, a dilemma.

@Aidan in HCMC

I have sent tens of thousands of USD to my Lady here in Vietnam, and there has never been any 'Taxes'  outside the Bank Charges - she always takes it in USD, and converts as needed.    I too cringe when I see how much VND this household keeps on hand, all kids have large piggy banks, and I think they have accumulated 3 or 400 Trieu but because they are under 15 yo, they can't have a bank account ......... I had a bank account for years, but because I don't have a long term Visa now, it recently had to be closed, I got my money + Interest but now no bank account.   I am hoping Immigration authority will re-instate the one year Multiple Visa for US Citizens.  That was a good Visa.

I had to transfer 2B to my wife (VIB), however they only allow me to transfer 100M per day at counter/app. (20 days) VIP suggested us to take out the 2B in cash, and then insert it into my wife account. 

I was done , but of cause you need to be able to trust your wife as no there will be no documentation for the transfer to her.   

Thanks guys. Like others, I've made many transfers from my Canada bank account directly to her VN account, never an issue. What concerned me was our walking in with 250 million cash without any sort of provenance/source.

Well, it's apparently no problem for the bank, as I (rather, she, with I 😀) deposited an additional 175 million (again, cash) this morning. No questions from the teller, and again, the account balance was updated by the time we got home.

We'll soon see whether any flags, tax or otherwise, get hoisted.

...but of cause you need to be able to trust your wife as no there will be no documentation for the transfer to her. - @Frede001

🤣 Immediately sprang to mind.

"Mr. Hadley, do you trust your wife?"

@Aidan in HCMC I have sent tens of thousands of USD to my Lady here in Vietnam, and there has never been any 'Taxes' outside the Bank Charges - she always takes it in USD, and converts as needed.  I too cringe when I see how much VND this household keeps on hand, all kids have large piggy banks, and I think they have accumulated 3 or 400 Trieu but because they are under 15 yo, they can't have a bank account ......... I had a bank account for years, but because I don't have a long term Visa now, it recently had to be closed, I got my money + Interest but now no bank account. I am hoping Immigration authority will re-instate the one year Multiple Visa for US Citizens. That was a good Visa. - @tunnelrat69

Try Timo Bank and Vietcombank.

Recently they have both been recommended multiple times for their ability to open a bank account with only a tourist visa.

It would basically serve as a place for you to receive wire transfers. Also, in general you wouldn't be able to transfer money to anyone, but There could be a workarounds to that if the person has a registered business with a QR code.

I don't know a lot about it but I have heard that the app that goes with Timo Bank allows for QR code purchases, though you don't get an ATM card.

So if you're significant other has a business, then it would be possible to do a transfer, although that would probably be subject to taxation. But if you withdraw the cash, no problem giving it to her for deposit.

I hope that's helpful

@Aidan in HCMC I have sent tens of thousands of USD to my Lady here in Vietnam, and there has never been any 'Taxes' outside the Bank Charges - she always takes it in USD, and converts as needed. I too cringe when I see how much VND this household keeps on hand, all kids have large piggy banks, and I think they have accumulated 3 or 400 Trieu but because they are under 15 yo, they can't have a bank account ......... I had a bank account for years, but because I don't have a long term Visa now, it recently had to be closed, I got my money + Interest but now no bank account. I am hoping Immigration authority will re-instate the one year Multiple Visa for US Citizens. That was a good Visa. - @tunnelrat69
Try Timo Bank and Vietcombank.
Recently they have both been recommended multiple times for their ability to open a bank account with only a tourist visa.

It would basically serve as a place for you to receive wire transfers. Also, in general you wouldn't be able to transfer money to anyone, but There could be a workarounds to that if the person has a registered business with a QR code.

I don't know a lot about it but I have heard that the app that goes with Timo Bank allows for QR code purchases, though you don't get an ATM card.

So if you're significant other has a business, then it would be possible to do a transfer, although that would probably be subject to taxation. But if you withdraw the cash, no problem giving it to her for deposit.

I hope that's helpful - @OceanBeach92107

Additional:

If a person is attempting to live here on 90 day tourist visas and they open one of those above referenced bank accounts, they will be required to go to the bank with their new Visa every 90 days and update their account. Otherwise it will be unceremoniously closed.

@OceanBeach92107  @Aidan    Due to recent change in Vietnamese Banking law, I gave up on opening an account in Vietnam  after my 16 year old account was unceremoniously closed.  (You Tube Ken Duong Attny Duong Global)  He explains the TIMO accounts as well, (basically digital wallets, but a bit dangerous)  I'll continue to use my Charles Schwab Debit card.

@PhuNinhTim

Were you on a tourist visa, VEC or TRC? I am just curious. Did they give you the chance to collect your money or did they just close right away? I heard some stories from others online that said their account was locked but they could collect the cash in person and others say the account was closed and the bank just kept the money. Cannot verify if that's real or not.

@jrharvey   I went to the Bank myself, You have to do it in person,  it has a good amount when I left for work in another country and even after not using the account for 7 years, it accumulated 42 Trieu in interest.  They wanted a new Visa, New USA Income Tax forms filed out, a Letter from the US Embassy, copy of house record, copy of police report showing where I resided, work permit etc etc etc etc.........on and on - after them "reluctantly" reconciling the account - 2 1/2 hours, they showed up with a pile of paperwork.........told me to fill it out, then come back and they will re-open the account.  I looked at the old bat and said "No, close the account today, I will withdraw all money"    If looks could kill.   They went thru closure which took another 1/2 hr, and I walked out with almost 2T in Vietnam dong.   They spent the entire time on a phone line with corporate (I assume) they kept asking for advice.