Short answer: Every outward transfer by a foreigner in Vietnam follows one formula: right channel (licensed bank) + right purpose (provable) + right source of funds (documented). This article turns that into a 9-step checklist plus a document matrix by purpose — print it, tick each step, and your money won’t get “stuck” at the bank.
The 9-step checklist
Step 1 — Define the transfer purpose clearly
Write one short sentence: paying off a foreign credit card / supporting parents / moving savings to my own account / paying for an overseas asset… The more specific the purpose, the easier the file — and the faster the bank’s review.
Step 2 — Check your own status
Are you a resident or non-resident of Vietnam? Residency affects tax duties (e.g. PIT on gifts/inheritances is computed differently under Articles 18 vs 26 of Law 109/2025). No need to conclude it yourself — just know your category so you give the bank correct information.
Step 3 — Choose a bank licensed for foreign exchange business
Deal only with banks/institutions licensed by the State Bank of Vietnam for FX business. Strictly avoid: “fast transfer” brokers, money-changing chat groups, crypto platforms.
Step 4 — Prepare PURPOSE documents
Depending on purpose, see the matrix below. The rule: every dong sent must attach to a real, documented obligation or need.
Step 5 — Prepare SOURCE-OF-FUNDS documents
The most failed step. Common sources and matching papers:
– Salary: labor contract + payroll + salary account statements;
– Asset sale: sale/transfer contract + receipt documents + tax filings;
– Inheritance/gift: inheritance/gift instruments + completed procedure papers;
– Compensation: compensation decision + receipt documents.
Step 6 — Translate and consular-legalize (if needed)
Foreign-language papers should be translated; documents issued by foreign authorities for use in Vietnam may need consular legalization. Ask the bank upfront how far they require — don’t discover the gap at the counter.
Step 7 — Visit the bank, complete the transfer order
State the purpose truthfully, matching your file. Cooperate when bank staff ask follow-ups — they are performing their regulatory review duty, not “making things difficult.”
Step 8 — Keep every receipt and document
Transfer receipts, copies of the submitted file, bank confirmations — keep for years. When the tax authority asks about the flow, this is your shield.
Step 9 — Check duties at the receiving end
Money arriving abroad may trigger reporting/foreign-account duties under that country’s law. Don’t treat “money left Vietnam” as the finish line — confirm with a professional there for large sums.
Document matrix by purpose
| Purpose | Purpose documents | Source documents |
|---|---|---|
| Paying off foreign credit card/loan | Card statements, loan contract, bills | Labor contract, payroll, statements |
| Supporting parents abroad | Birth certificate (parent–child tie), parents’ account details | Labor contract, payroll, tax filings |
| Between your own accounts | Confirmation both accounts in your name | Accumulation statements, labor contract |
| Rental income, then remitting | Lease, rent receipts, rental tax filings | (same as purpose file) |
| Insurance/accident compensation | Compensation decision, receipt documents | (same as purpose file) |
| Buying assets abroad | Deposit/purchase contract, seller’s account details | Multi-year labor contracts, old asset-sale papers, tax filings |
| Inheritance/gift in foreign currency | Inheritance/gift instruments, death certificate, kinship proof | (same as purpose file) |
5 mistakes that freeze your money — and how to avoid them
- Undocumented source (cash salary, untracked savings) → Avoid: route salary through a bank account and file taxes properly from today.
- Vague purpose (“transfer to relative”) → Avoid: state specifically with papers proving the obligation.
- Mismatched account holder names (transferring “for” someone else but declaring it yours) → Avoid: separate transactions, one file per person.
- Unlicensed channels (crypto, brokers) → Avoid: use only licensed banks/institutions; crypto is an unlawful payment instrument (Article 8 of Decree 52/2024/ND-CP prohibits its use).
- Splitting transactions to dodge review → Avoid: declare honestly in one go with a complete file.
Fees and timing: ask whom?
This article gives no figures because each bank has its own fee schedule and processing time. Ask your chosen bank directly: transfer fees, intermediary bank fees, applied exchange rate, delivery time (usually within the business day for complete files, but varies by bank and corridor). Compare 2–3 banks before deciding on large sums.
Key legal bases
- Foreign Exchange Ordinance 28/2005/PL-UBTVQH11 (amended 2013; consolidated 07/VBHN-VPQH) — outward foreign currency transfer framework.
- Decree 70/2014/ND-CP — detailing implementation.
- Decree 52/2024/ND-CP, Article 8 — prohibiting issuance, supply and use of unlawful payment instruments.
- PIT Law 109/2025/QH15 (effective 1 July 2026) — Articles 18/26 (inheritance and gift tax); Clause 4 Article 7 (real estate rental tax).
Frequently asked questions
1. I’ve been in Vietnam 3 months — can I send money abroad?
Yes — the law sets no minimum residency period for remitting. The only thing the bank cares about is whether your purpose and source are provable. Newcomers usually struggle with source (no Vietnamese payroll history yet) — prepare source papers from before arrival where possible.
2. Does this checklist apply to overseas Vietnamese sending money in/out?
Partly. Overseas Vietnamese sending money into Vietnam (remittances) are encouraged with simpler procedures. The outward direction follows the same FX framework as this checklist. This article focuses on foreigners living in Vietnam sending money out.
3. Which bank should I open an account with?
No universal answer — compare 2–3 major banks on: full FX business licensing, international transfer fee schedules, exchange rates, English-language support, and experience handling foreigner files. Your salary bank is usually the most convenient starting point.
4. The bank refused my file — can I complain?
Yes. You may require the bank to state the refusal reasons in writing and guide supplementation. If you believe the bank misapplied regulations, you can report to the State Bank of Vietnam. In practice, most refusals come from incomplete files — supplementing as guided usually resolves it.
5. Do online transfers via the bank app need all 9 steps?
Yes — the 9 steps concern file content, not the channel. The app only changes how you submit (upload instead of hard copies); all purpose and source requirements stay the same.
6. Can I hire a lawyer to handle the entire transfer for me?
A lawyer can advise, prepare the file and liaise with the bank under authorization — but you still sign the transfer order and remain responsible for the source of funds. Don’t trust anyone promising “transfer with no papers” — that’s the mark of an unlawful channel.
Note: this article compiles general principles current at the time of writing and does not replace advice for your specific case. Ask your chosen bank directly for fee schedules and processing times.
This article has been quality-reviewed by the FLAW AI Legal Council
