I've seen a lot of posts by people trying to get money out of Vietnam, I've got a few questions for those of you that have transferred money in.
I posted yesterday about buying some land, this is related to that but it's about the banking side. I don't have much experience with banking in general, so whatever I know is from research and asking questions so far.
I opened up a USD account with a Vietnamese bank. They told me I can transfer money into it from international accounts, and back to international accounts from this account. I can walk into the bank and take money out of it after 30 days without a fee. I checked the transfer rates in and out, they look pretty fair. The limitation is, once I take the money out, I can't put it back in, even if I'm standing right there at the counter with the money and I change my mind. I can't make any deposits into it from cash in hand or from within the country. I think it's just for legit employers that may have license to deposit into for USD salary or for me to deposit into and out of from international accounts.
I planned to use this account to transfer money in for a land purchase. I would be transferring in between 50-100k depending on what I decide to buy, but probably not all at once, and only withdrawing what I need for the purchase. I explained this to the person I opened my account with and she said it's fine for this, but I can't transfer the money to any Vietnamese person's bank account, I actually have to come in and take out the money myself. I elected not to get an ATM card because the withdrawals would be large.
Does this sound about right, or should I be doing this differently? Are there any Vietnamese reporting forms or taxes involved with transferring money into my bank here from accounts abroad. As a US citizen, on the US side of things, I think I have to file a form with the IRS for the year for having a foreign account with more than 10k, and forms for any transfers over 10k, but I don't know about the Vietnamese government/banking side.
Thanks in advance.