Leaving Vietnam with more than $50k, sent originally by ET online

Hello everyone,
I have read whatother people have said in the topic "Leaving with more than $50,000.
Unfortunately for me, I sent the money electronically from my Australian bank to mypartners bank in Hanoi (BIDV).
Now, when I need to get the funds back to Australia, I find out that the banks here won't transfer large sums, well so I have been told. My partner has  bank accounts in VietCom Bank, BIDV, and SCD (I think that is the banks' name), and she has been told "NO WAY".
If I declare the funds on the way out, How do I show, the funds coming 'IN', because they have been sent electronically. Because the funds weren't earned in Vietnam, and I didn't show any documentation on the way in, can I still take the funds on the way out, even if I declare them.
Any advice, would be greatly appreciated.

You should consult with an expert in corporate services that can provide guidance. Based on my understanding, funds can be remitted abroad freely where they were transferred directly into a Vietnamese bank account from an individuals personal account held abroad.

Or maybe your partner is telling you "no" as a way to keep the funds in Vietnam.

If the funds were sent into Vietnam electronically there has to be concrete evidence of the transfer.  Find it and you should be able to use it to justify getting the money back out.  For example I use TransferWise and there is a Transfer # right on the receipt that can be tracked back to the transfer itself.

That's fine if you are using Travel Wise from outside Vietnam, but I'm trying to send MY own money back to Australia and the banks here don't allow any transfers over $5000 USD +4% Interest per transaction, and you have to prove by invoice where the money came from. My Electronic Transfer documentation, from Australia, doesn't count as proof of ownership for Vietnamese Banks.

Well, then you are going to have an issue if they won't count that as proof.  I don't know why they wouldn't.  Direct transfer from your account to your business partner's account?  Sounds pretty clear cut "paper trail" to me.  You might not be able to transfer it back out but might be able to take it in cash and exchange it to AU$ when you get home.  It's not that you CAN'T take more than $5,000, $10,000 or whatever your country limits it to, that is just the amount you can take without declaring.  I just don't know what they will say about your proof if you did declare it.

The problem lies in that he sent the money to his gf's account. If he had a VN account in his name its a different story.

Ah, I took "partner" as business partner.   Carry on.

You can go the VN route and send it back via a third party at about1-2 percent charge.

Unfortunately here it's very restrictive. You can send it ok, but can't take it back out again.

Just curious , but why would you deposit such a large amount into a foreign bank in the first place?
I have travelled both in and out of Asian countries with more than the allotted sum, I put it in my bag, and away I go, never had a problem.
We have a saying in Canada, shoot , shovel, and shut up.

colinoscapee :

The problem lies in that he sent the money to his gf's account. If he had a VN account in his name its a different story.

Agreed. If he had opened a VN account in his name and wired the funds in there first prior to sending it to his partner's account, he would have no issues now.

CoderX10 :
colinoscapee :

The problem lies in that he sent the money to his gf's account. If he had a VN account in his name its a different story.

Agreed. If he had opened a VN account in his name and wired the funds in there first prior to sending it to his partner's account, he would have no issues now.

I did read somewhere that the money brought in has to be sent out via the same bank. I wonder how that works now with the ANZ shutting down retail banking.

I had sent the money to my 'then 'partner to pay 50% of an apartment, in Hanoi. Now my circumstances have changed.

PeteLie :

I had sent the money to my 'then 'partner to pay 50% of an apartment, in Hanoi. Now my circumstances have changed.

Your former partner has the money in her account.

Yes, but she is also trying to find ways to send it back to Australia for me.

PeteLie :

Yes, but she is also trying to find ways to send it back to Australia for me.

Damn! You struck gold there.

I have a feeling your only option is to go through a 3rd party or fly in on a holiday with a friend and take 14k aud back with you.

Wow, some people love living dangerously. Struck gold indeed in this case, *if* he manages to eventually get it out.

Yes, I'm planning a couple of quick trips home and back in September to get the money out.

PeteLie :

Yes, I'm planning a couple of quick trips home and back in September to get the money out.

Is it an option to fly to Thailand and send it out via WU and do that a few times then carry the rest home. I presume you will need to show documents as to where you got the money. The limit is 50k baht.

Hi Colin,
The price of tickets to Bangers is similar to the price back to Perth, so I'll be doing the Perth trip instead. I already looked at that as an option, but Youhave to have someone to collect the funds at the WU other end, as they won't deposit it into my Aussie bank Account andtoo much red tape.

PeteLie :

Hi Colin,
The price of tickets to Bangers is similar to the price back to Perth, so I'll be doing the Perth trip instead. I already looked at that as an option, but Youhave to have someone to collect the funds at the WU other end, as they won't deposit it into my Aussie bank Account andtoo much red tape.

SGN to BKK, 100 usd return, surely you cant get a flight to Perth for 100 usd.

Something to look at, thanks.

except I'm not living in Singapore, I'm living in Vietnam, the same place as the money.

PeteLie :

except I'm not living in Singapore, I'm living in Vietnam, the same place as the money.

SGN is the code for Saigon, not Singapore.

Thanks for enlightening me. :)

Thanks for enlightening me. :)

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These GS, are they allowed to give you foreign currency in exchange for VND though? If OP withdraws cash from the bank, it will be VND.

WillyBaldy :

These GS, are they allowed to give you foreign currency in exchange for VND though? If OP withdraws cash from the bank, it will be VND.

Well they all do it. It was in the news a few years ago about stopping it, but that seems to have settled down.

WillyBaldy :

These GS, are they allowed to give you foreign currency in exchange for VND though? If OP withdraws cash from the bank, it will be VND.

No.

I mean, Yes.

Well, Maybe.

Notice the reference to "delivery" in this story about the 'illegal' gold shop currency exchanges:

https://e.vnexpress.net/news/business/e … 29615.html

They do it, but penalties for going out with more than allowed by govt are steep now. The banks also gets you to sign a document which they hand over to Govt, which says that Vn or Expats have withdrawn your $5000 limit per person. I'm going to test that in a few days when I fly out for 3 weeks.

PeteLie :

They do it, but penalties for going out with more than allowed by govt are steep now. The banks also gets you to sign a document which they hand over to Govt, which says that Vn or Expats have withdrawn your $5000 limit per person. I'm going to test that in a few days when I fly out for 3 weeks.

That must be a new rule, I have taken out more than that and never signed a declaration. Do you have a link to that ruling.

No, but I signed the document last night, when my 'partner' brought home the $10K USD to take out with us next week. Max $5K USD Each.

PeteLie :

No, but I signed the document last night, when my 'partner' brought home the $10K USD to take out with us next week. Max $5K USD Each.

You mean a document to take the money out of the country, not out of the bank, which is what I thought you were referring to. Good luck.

It's a letter from the bank, maybe they are both the same. I don't know because it was written in Vietnamese.

I did indeed change my remaining Viet Dong to USD dollars at a gold shop in Saigon on my last trip on my way out.

HI PeteLie

as touriest can bring in limited amount  5K declaring at customs the purposes. same or less amount can be taken back declaring when carry back.  in your case you have to give reason to your bank before transfering the funds to vietnam.  with that proof and giving proper reason to the local bank returning the funds back to your account. if no proof of incoming funds than the money considered as laundring when you want to send back to your country. moreover funds cam in not to your account so legaly the funds belong to your partner now.

only way you can carry back  less 3 to 4K on your every visit to vietnam,  above 5K cannot carry back customs will question why you did not declar when came in vietnam.

Simple advise please check before you do such error. Internet/google  will help more than any other source.

good luck
Khan

but the issue is, how much did you take back out with you?

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