One-way overseas payment from Vietnam
I am a Vietnamese citizen. Can I make overseas transfer?
Pursuant to the regulation on foreign exchange control issued by State Bank of Vietnam, resident Vietnamese customers are only allowed to make transfer to overseas in some specific cases, provided that the appropriate documents have been submitted. Some examples include:
- Payment for overseas study, medical treatment expenses of themselves or their relatives’.
- Going abroad for business, travelling and visit.
- Payment of fees and charges to foreign parties overseas.
- Providing subsidies to overseas relatives.
- Remitting bequeathed money to overseas inheritor.
- Going abroad for resettlement.
Principle for fixing amounts of purchase, transfer, and carrying of foreign currencies for the purposes of one-way transfer:
- Based on the reasonable needs of the individual customers and following prevailing local regulations, the Bank has fixed the daily amount of foreign currency to buy, transfer or carry abroad for resident Vietnamese customers.
- With reference to the guidance specified from Circular No. 20/2022/TT-NHNN of State Bank of Vietnam providing guidance for one-way transfers abroad from Vietnam and payment, transfer for other current transactions of resident organizations and individuals, issued by 30th December 2022 and effective as of 15th February 2023, the Bank has built the daily amount of foreign currency to buy, transfer or carry abroad for resident Vietnamese customers in a year not exceeding the per capita income at current prices of the destination country or country where the beneficiary is living.
On annual basis, the Bank shall update data about per capita income according to current prices of countries published most recently on World Bank’s website (https://data.worldbank.org/indicator/NY.GDP.PCAP.CD) as the basis for determining the amount of foreign currency to buy, transfer or carry abroad for resident Vietnamese customers. The latest Bank’s update of data was from the website of the World Bank by 15th February 2023 and is effective within the year since the update date.
Detailed guideline on amount of foreign currency to be bought, transferred or carried abroad:
- Offshore study and medical treatment: The amount of foreign currency to be bought, transferred or carried abroad for the purposes of offshore study and medical treatment is based on the expenses notified by the foreign party in their invoice/ notice.
In the absence of an invoice/ notice of the foreign party on living expenses and other related expenses for offshore study and medical treatment purposes, in addition to tuition fees, hospital fees and other expenses already approved by the foreign party, the Bank has fixed the extra amount of foreign currency to buy, transfer, or carry abroad for the above purposes but the maximum amount will not exceed the Threshold per day in proportion to the days mentioned in VISA for offshore study and medical treatment.
- Business trips, travel, and visits abroad: The total amount of foreign currency to buy, to transfer or carry it abroad per overseas trip for the purposes of business trips, travel, and visits abroad (including transfer payments to invoice/ notice of foreign party and buying cash for carrying abroad) is based on in proportion to the days travel abroad as specified in returned flight ticket (or VISA if only one-way flight ticket is submitted) and not exceed USD5,000 (or other equivalent foreign currency) in cash or via transfer per VISA per customer per overseas trip.
- Paying fees and charges to the foreign party: is based on the fees and charged notified by the foreign party.
- Transferring inheritance money to an overseas heir: The amount of foreign currency to buy or transfer abroad for the purpose of transferring inheritance money to an overseas heir is based on the value of property that the heir is entitled to in accordance with the local regulation on inheritance.
- Providing support to relatives living abroad: The amount of foreign currency to be bought or transferred abroad for the purpose of providing support to relatives living abroad will not exceed the Threshold per year based on resident documents/ VISA of the relatives. The purchase and transfer of foreign currency abroad for the purpose of providing relatives allowance is not applicable to the case where the relatives are studying, receiving medical treatment, working, traveling or visiting abroad.
- Immigration to overseas: The amount of foreign currency to be bought or transferred abroad for the purpose of immigration to overseas is based on based on the value of assets of the emigrant accumulated in Vietnam before naturalization or before being allowed to reside abroad for settlement purposes according to the regulations of the host country. In case of money transfer to pay expenses related to procedures for applying for a settlement abroad (excluding investment value to be allowed to obtain citizenship or to be settled abroad), the amount of foreign currency to buy or transfer abroad is based on the expenses in the notice of the foreign party.
Customers need to contact the Bank staff to be guided on related supporting documents for a specific transaction.
Accounts Frequently Asked Questions
I am a foreigner citizen. Why do I have to open a VND account to obtain a Debit Card?
Pursuant to our current practice, we are able to issue a Visa Debit Card for customers who currently maintain a VND account at our bank only. Therefore, it is required to open a VND account to obtain a Debit Card.
Your VND account will be linked as the primary account and your existing foreign currency account will be the secondary account. Primary account (VND account) is the account from which purchase transactions, cash withdrawal at ATMs, charges and fees related to the Debit Card are debited, while secondary account is only for cash withdrawal at ATMs.
I am a foreigner. Can I transfer between my two foreign currencies linked accounts?
No. Pursuant to Circular 15/2015/TT-NHNN, you could not make the transfer between your two different foreign currency accounts.
I am a non-resident foreigner and having foreign currency payment account with the Bank. Could I transfer from this account to other non-resident foreigner's payment account under different foreign currency at your bank/other bank in Vietnam?
Yes provided that the appropriate documents showing information on the purpose, amount, type of foreign currency, term of payment have been submitted within 5 working days since the day request was made.
I am a foreigner citizen. Can I transfer my funds overseas?
If the fund comes from foreign currency accounts the transaction will be processed without submitting any supporting documents.
If the fund comes from Vietnam Dong accounts you might be required supporting documents to process this transaction.
I am a foreigner working in Vietnam and receiving my salary credited into foreign currency account (i.e. USD) with the Bank. Can I make overseas transfer from this account to other foreign currency account (i.e. EUR) overseas?
Yes and the Bank will make conversion to respective foreign currency to transfer overseas after ensuring legitimate source of fund.
I am a foreigner working in Vietnam and have legal VND income into my VND account opened with the Bank. Can I make transfer from my VND account to other foreign currency account overseas?
Yes and the Bank will make conversion from VND to foreign currency to transfer overseas.
Can I authorize my relatives to close or make transactions from my account?
Yes, please come to our Branches or Transaction Offices to complete the Authorization Form and submit to the Bank, together with supporting documents of the authorized person per bank requirements.
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