Vietnam bank charges for transfers from overseas

Scruffydog wrote:

Looking for further advice.

Apologies for not being up to speed  with the Vietnamise banking system but I have a querie.

Is there any limit both min and max to funds that can be transferred from outside of Vietnam to Vietnam ? are there any specific hoops to jump through ?  Is there any internal taxation etc etc

Cheers
Scruffy dog

I have transferred several times 40k CHF (similar to USD) via e-banking to Vietnam.

Everything went smoothly as it did in the West (without any queries).
I don't know about money transfer from USA.

As far as I know, there is no wealth tax here in Vietnam.

Scruffydog wrote:

Looking for further advice.

Apologies for not being up to speed  with the Vietnamise banking system but I have a querie.

Is there any limit both min and max to funds that can be transferred from outside of Vietnam to Vietnam ? are there any specific hoops to jump through ?  Is there any internal taxation etc etc

Cheers
Scruffy dog

I forgot to mention that in some countries there is a reporting obligation for international transfers above a certain amount (e.g. in Germany from 12k €).

n1tw1t wrote:

but there are international reporting requirements for anti-money laundering purposes.  I think you have to make the report on the sending end for anything over $5000 US, same as the carrying limit for travelers.

I regularly transfer far in excess of of 5kusd into Vietnam from Singapore by wire & have never ever been asked to make a report at the sending or receiving end for the transfer

I think it's not USD 5k but USD 10k.

I also think that the bank has to report this to the IRS and not the bank customer.

But I'm not quite sure.

Andy Passenger wrote:

n1tw1t wrote:

but there are international reporting requirements for anti-money laundering purposes.  I think you have to make the report on the sending end for anything over $5000 US, same as the carrying limit for travelers.

I regularly transfer far in excess of of 5kusd into Vietnam from Singapore by wire & have never ever been asked to make a report at the sending or receiving end for the transfer

I think it's not USD 5k but USD 10k.

I also think that the bank has to report this to the IRS and not the bank customer.

But I'm not quite sure.

The legal threshold is $10k. However, on top of that, the U.S. Government has put pressure on banks regarding "suspicious" transfers, which could literally mean anything. However, it's been reported that now banks will report anything over $5k. Some even less than that, but I read somewhere that $5k is the new defacto limit since banks report at that level. I think it's both IRS and US Homeland Security.

bjdeschamp wrote:

I agree getting money out is next to impossible. My brother died in Vung Tau and I have been fighting with Vietcom Bank to get his money from his account transferred to the U.S. Still no luck. Thinking of hiring an attorney to work on my behalf as I am in the US

Do you have any paperwork to show that your brother transferred the money into Viet Nam. The law used to be, what you bring in you can take out. Anything above that is much more difficult.

bjdeschamp wrote:

I agree getting money out is next to impossible. My brother died in Vung Tau and I have been fighting with Vietcom Bank to get his money from his account transferred to the U.S. Still no luck. Thinking of hiring an attorney to work on my behalf as I am in the US

Yes. A good first question is why would you want to transfer any significant amount to a Vietnamese bank because you will have a lot of trouble getting it out again.

If you just want relative small amounts to cover expenses you could do one lump sum, matching the amount you need, but dont use it to hold any large amounts.

You could also look into Monzo or Revolut as you can do transfers without additional fees.

If just want to get a money out of the UK; then you are better off looking at offshore investments which are a lot more tax efficient, secure and can actually grow.

OceanBeach92107 wrote:

Andy Passenger wrote:

n1tw1t wrote:

but there are international reporting requirements for anti-money laundering purposes.  I think you have to make the report on the sending end for anything over $5000 US, same as the carrying limit for travelers.

I regularly transfer far in excess of of 5kusd into Vietnam from Singapore by wire & have never ever been asked to make a report at the sending or receiving end for the transfer

I think it's not USD 5k but USD 10k.

I also think that the bank has to report this to the IRS and not the bank customer.

But I'm not quite sure.

The legal threshold is $10k. However, on top of that, the U.S. Government has put pressure on banks regarding "suspicious" transfers, which could literally mean anything. However, it's been reported that now banks will report anything over $5k. Some even less than that, but I read somewhere that $5k is the new defacto limit since banks report at that level. I think it's both IRS and US Homeland Security.

The VN limit is $5k USD/equiv in OR out of VN.  The US is $10K.  There is NO limit in or out, as long ad declared.