One-way money transfer from Vietnam to foreign countries

Specifically, according to Decree No. 70/2014/NĐ-CP of Vietnam’s Government, organizations or individuals are residents or non-residents performing their foreign exchange transactions in Vietnam shall transfer money from Vietnam to foreign countries in accordance with the following guidelines:

- Residents as Vietnamese citizens are entitled to purchase, transfer and carry foreign currency overseas according to regulations specified by the State Bank of Vietnam to serve the following purposes:

+ Overseas study and medical healthcare;

+ Overseas business trips, tourism and travels to visit friends or families;

+ Payment of fees and charges abroad;

+ Grants provided for relatives living overseas;

+ Money transfer of an inheritance to heirs living abroad;

+ Money transfer in case of people who settle overseas;

+ One-way money transfer in case of other legal demands. 

- Non-residents and residents are foreigners who keep foreign currency in their accounts or legal receipts remitted or carried overseas; in case they own legal receipts in Vietnamese dong, they are allowed to purchase foreign currency to remit and carry overseas.

- Authorized credit institutions are responsible to examine records and documents submitted by residents and non-residents for the purchase, transfer and confirmation of their personal foreign currency or an amount of foreign currency purchased from authorized credit institutions to carry abroad, depending on actual and proper requirements for each money transfer transaction.

View details at Decree No. 70/2014/NĐ-CP of Vietnam’s Government, effective from September 05, 2014.

Thu Ba

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