Sending money temporarily to Vietnam from US, it needs to go back.

SteinNebraska wrote:

Please help because I want to be sure I do this the right way so I don't get more of my US money trapped here.

I need to send some money from the US to VN temporarily to buy two parcels of land.  I have money in my company account here but I can't get it out quickly enough, nor can I get all of it right now.  So I want to lend myself some money to cover a couple of months and then send it back to the states when I can free up some local money.

The only thing that I think that I understand was that I needed a clear paper trail of sending money from my bank account in the US directly to my own bank account here.  Would the Transferwise receipt from my named US account to my named VN account cover this?

Next, does it have to arrive in USD or is VND OK?  I normally use Transferwise and it arrives in VND. 

To send it out, does it need to go in USD or the currency it came in?  What mechanism to send it out?  I haven't heard that Transferwise can go from VN to US.  Or can my VN bank change it to USD and wire it directly to me?

Best to talk to the bank manager where you bank. Having a paper trail is correct.

What you are doing is very risky! If I were you, I wouldn't do it.

(Sorta off-topic I apologize, but I find buying land now and transferring USD into VND (now) very risky too. The economic landscape is about to change drastically this year, I would advise caution.)

Mike Wagner wrote:

(Sorta off-topic I apologize, but I find buying land now and transferring USD into VND (now) very risky too. The economic landscape is about to change drastically this year, I would advise caution.)

I can appreciate the concern.  It's very favorably priced.  One parcel is 26,000 meters right on the lake 1 km from where my in laws live.  This will be my vacation getaway.  It's a cashew and black pepper farm right now.  The other is 10,000 meters already in rubber trees that have been tapped for a few years already so there is known income.  It's immediately adjacent to the first parcel.  My brother in law and sister in law own the other land adjacent to these two along the lake so having these two additional parcels gives us the entire point of land on this section of the lake.  No unrelated neighbors.  It's a safe investment but moreover it's land that I'm putting my wife's youngest brother in charge of to farm and he can take the income.  He has stayed home to take care of the parents' farm and help them as they are older.  He can't leave to work so this lets him do both take care of them and get an income.  The rubber alone should give him 150,000,000 a year.

colinoscapee wrote:

Best to talk to the bank manager where you bank. Having a paper trail is correct.

This is probably best.  I bank with Ocean Bank.  They do almost exclusively commercial banking but because of having the business account there they also do my personal account.  They are used to money coming into and out of the country.  The director of the five HCMC branches is my partner's sister in law.  She will be able to get me to the people in charge to do it right.

SteinNebraska wrote:

Mike Wagner wrote:

(Sorta off-topic I apologize, but I find buying land now and transferring USD into VND (now) very risky too. The economic landscape is about to change drastically this year, I would advise caution.)

I can appreciate the concern.  It's very favorably priced.  One parcel is 26,000 meters right on the lake 1 km from where my in laws live.  This will be my vacation getaway.  It's a cashew and black pepper farm right now.  The other is 10,000 meters already in rubber trees that have been tapped for a few years already so there is known income.  It's immediately adjacent to the first parcel.  My brother in law and sister in law own the other land adjacent to these two along the lake so having these two additional parcels gives us the entire point of land on this section of the lake.  No unrelated neighbors.  It's a safe investment but moreover it's land that I'm putting my wife's youngest brother in charge of to farm and he can take the income.  He has stayed home to take care of the parents' farm and help them as they are older.  He can't leave to work so this lets him do both take care of them and get an income.  The rubber alone should give him 150,000,000 a year.