Vietnam bank charges for transfers from overseas

Hey,

No need tpo pay bank commission.

Just google XE Money transfer.
I use their services regularly with a decent rate of exchange, no commission.
Quick and professional.
British bank...

Depends, which bank you choose to charge. Or fifty/fifty

Hi Delafon

but if i transfer to the ACB bank i will still get charge 2% how and where do you send the money in VN

I send money from Australia and get charged 5 aud for receiving 5000 aud. My bank is HD Bank.

Just google XE Money transfer....

I transfer CHF to my VND account at Sacombank.  The money is automatically converted from CHF to VND on the way.  At my Swiss bank I pay CHF 24 regardless of the amount of the transfer and Sacombank charges 0.045% which is automatically deducted from the incoming VND amount.  A transfer usually takes 24 hours (weekdays).

Update:
I have just seen that for an USD account the Sacombank fee is 0.05% (min. 2$, max. 200$).
https://www.sacombank.com.vn/en/persona … .06.18.pdf (chapter A, 2.2 and (*) SIDENOTES)).

Hi Delafon

i have , but i will sell get charged by ACB bank as im sending foreign  currency into it , i sent usd to a usd account in VN , unless i can collect by cash via that exchange i will still get charged

Thanks Andy signed up with them best rates

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 don't think there are any taxes on transfers coming into Vietnam 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.

Be aware that once your funds are in Vietnam it is like they are in an iron vise.  It is possible to move money out but it is difficult and everyone has a different idea about how to do it.

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 €).

A good description how wire transfer works:
https://www.quora.com/What-exactly-happ … ace-if-any

Wait until you withdraw physical US/AUD from your VN foreign currency account!  TCB hits me for a fee....and this is after I paid $40 in US, $5 at TCB. 

Play close attention to the currency exchage rate...that's where the bank hides yet another fee.  There is no consumer protection in VN banking.

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

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.

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

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.