ATMs With High Limits or Money Transfer Into Vietnam?

Budman1 wrote:

danrodri wrote:

Budman1 wrote:

I didn't think that the VN banking rules allowed a direct transfer of funds to an account if it's in the name of the person who's also sending the money. You can do it in other places but I don't think so to VN.

In fact, that is always a tricky thing to do. If possible, always transfer to your own account name. Btw. Transferwise works wonders.
If you wanna try it out, use this link, so we help each other out https://transferwise.com/invite/u/danielb3530

Huh????

Rick

Transferwise gives referral bonuses.

Transferring to my wife works for now, it looks like I can save about 6% as compared to using my US bank card at ATMs.  Eventually I'd like to figure out how to send money to myself.

Budman1 wrote:

I didn't think that the VN banking rules allowed a direct transfer of funds to an account if it's in the name of the person who's also sending the money. You can do it in other places but I don't think so to VN.

It does, I sent myself money to my VN account from my US account several times.

SteinNebraska wrote:

Budman1 wrote:

I didn't think that the VN banking rules allowed a direct transfer of funds to an account if it's in the name of the person who's also sending the money. You can do it in other places but I don't think so to VN.

It does, I sent myself money to my VN account from my US account several times.

I've done it about a dozen times.

If you want to send money out you  have to send it back to the account it was originally sent from. If you change banks in your home country, you're stuffed.

Yes transfer out seems to be the big problem. Any suggestions for how to do that. Example if I sell my house here how can I get out say $100K?

colinoscapee wrote:

SteinNebraska wrote:

Budman1 wrote:

I didn't think that the VN banking rules allowed a direct transfer of funds to an account if it's in the name of the person who's also sending the money. You can do it in other places but I don't think so to VN.

It does, I sent myself money to my VN account from my US account several times.

I've done it about a dozen times.

If you want to send money out you  have to send it back to the account it was originally sent from. If you change banks in your home country, you're stuffed.

Is there a dollar limit for this situation if the accounts are still the same?

MikeTVN wrote:

Yes transfer out seems to be the big problem. Any suggestions for how to do that. Example if I sell my house here how can I get out say $100K?

If you can show that the money was used to buy the house and have all the correct paperwork, then it can be done. It depends what paperwork you have for the house, most probably in a VN name.

It wont be easy, there are other ways that locals use to send out money.

colinoscapee wrote:

It wont be easy, there are other ways that locals use to send out money.

Through private but reputable companies.  I've never sent out but have received money from the States a few times through them (my 79-year-old brother still thinks it's his job to take care of his younger siblings, even though some of the young'uns are in their late 60s to mid 70s and none of them needs help.)  I also know of Vietnamese who have been sending money that way for years to purchase properties in the States.

Ciambella wrote:

colinoscapee wrote:

It wont be easy, there are other ways that locals use to send out money.

Through private but reputable companies.  I've never sent out but have received money from the States a few times through them (my 79-year-old brother still thinks it's his job to take care of his younger siblings, even though some of the young'uns are in their late 60s to mid 70s and none of them needs help.)  I also know of Vietnamese who have been sending money that way for years to purchase properties in the States.

Can you give me any specifics when you say private but reputable companies? Thanks.

MikeTVN wrote:

Ciambella wrote:

colinoscapee wrote:

It wont be easy, there are other ways that locals use to send out money.

Through private but reputable companies.  I've never sent out but have received money from the States a few times through them (my 79-year-old brother still thinks it's his job to take care of his younger siblings, even though some of the young'uns are in their late 60s to mid 70s and none of them needs help.)  I also know of Vietnamese who have been sending money that way for years to purchase properties in the States.

Can you give me any specifics when you say private but reputable companies? Thanks.

You may want to PM her, I doubt she will want to disclose that on here.

colinoscapee wrote:

MikeTVN wrote:

Yes transfer out seems to be the big problem. Any suggestions for how to do that. Example if I sell my house here how can I get out say $100K?

If you can show that the money was used to buy the house and have all the correct paperwork, then it can be done. It depends what paperwork you have for the house, most probably in a VN name.

It wont be easy, there are other ways that locals use to send out money.

The money went via bank to bank transfer from my US account to my fiancee's VN account and then was used by her upon receipt within a few days to pay for the house and yes in her name. I would hope this paper trail is adequate for the prescribed suggested procedure. Are there any professionals like accountants or such to assist in this? Also to assist in laying out a more proper way in the future to bring in more money since I am moving the VN shortly. So I can do it the proper or certain manor on the way so that should this time come we do want to go to the US and then the money exit will go smoothly?

MikeTVN wrote:

colinoscapee wrote:

MikeTVN wrote:

Yes transfer out seems to be the big problem. Any suggestions for how to do that. Example if I sell my house here how can I get out say $100K?

If you can show that the money was used to buy the house and have all the correct paperwork, then it can be done. It depends what paperwork you have for the house, most probably in a VN name.

It wont be easy, there are other ways that locals use to send out money.

The money went via bank to bank transfer from my US account to my fiancee's VN account and then was used by her upon receipt within a few days to pay for the house and yes in her name. I would hope this paper trail is adequate for the prescribed suggested procedure. Are there any professionals like accountants or such to assist in this? Also to assist in laying out a more proper way in the future to bring in more money since I am moving the VN shortly. So I can do it the proper or certain manor on the way so that should this time come we do want to go to the US and then the money exit will go smoothly?

Before you go paying for anything, go to your bank with the paperwork. The bank accountant will tell you if its possible.

I just noticed you just said you aren't in VN. You will have to wait till you get back.

You say you want to take money out, but then say you want to send more money into VN in the future....why, you already have money here.

MikeTVN wrote:

Can you give me any specifics when you say private but reputable companies? Thanks.

Your fiancée is Vietnamese, I'm sure she knows about that method or if she doesn't, she can find out easily.

colinoscapee wrote:

MikeTVN wrote:

colinoscapee wrote:

If you can show that the money was used to buy the house and have all the correct paperwork, then it can be done. It depends what paperwork you have for the house, most probably in a VN name.

It wont be easy, there are other ways that locals use to send out money.

The money went via bank to bank transfer from my US account to my fiancee's VN account and then was used by her upon receipt within a few days to pay for the house and yes in her name. I would hope this paper trail is adequate for the prescribed suggested procedure. Are there any professionals like accountants or such to assist in this? Also to assist in laying out a more proper way in the future to bring in more money since I am moving the VN shortly. So I can do it the proper or certain manor on the way so that should this time come we do want to go to the US and then the money exit will go smoothly?

Before you go paying for anything, go to your bank with the paperwork. The bank accountant will tell you if its possible.

Thing is as many of us know who have lived here for a good few years..............as far as anything goes in Vietnam including banking, what's true & law today is not always what's true & law tomorrow.

MikeTVN wrote:

Ciambella wrote:

colinoscapee wrote:

It wont be easy, there are other ways that locals use to send out money.

Through private but reputable companies.  I've never sent out but have received money from the States a few times through them (my 79-year-old brother still thinks it's his job to take care of his younger siblings, even though some of the young'uns are in their late 60s to mid 70s and none of them needs help.)  I also know of Vietnamese who have been sending money that way for years to purchase properties in the States.

Can you give me any specifics when you say private but reputable companies? Thanks.

As an aside, I've been waiting for you to mention specific names of the banks with which you are dealing, here and in the states...

Ciambella wrote:

MikeTVN wrote:

Can you give me any specifics when you say private but reputable companies? Thanks.

Your fiancée is Vietnamese, I'm sure she knows about that method or if she doesn't, she can find out easily.

She doesn't know how to do it and we've been trying to get an answer for this before I bring in more money.

OceanBeach92107 wrote:

MikeTVN wrote:

Ciambella wrote:

Through private but reputable companies.  I've never sent out but have received money from the States a few times through them (my 79-year-old brother still thinks it's his job to take care of his younger siblings, even though some of the young'uns are in their late 60s to mid 70s and none of them needs help.)  I also know of Vietnamese who have been sending money that way for years to purchase properties in the States.

Can you give me any specifics when you say private but reputable companies? Thanks.

As an aside, I've been waiting for you to mention specific names of the banks with which you are dealing, here and in the states...

Bank in the US is Bank of America (sent from ) and the bank in Vietnam is AgriBank (receiver).

colinoscapee wrote:

I just noticed you just said you aren't in VN. You will have to wait till you get back.

You say you want to take money out, but then say you want to send more money into VN in the future....why, you already have money here.

Yes we have a house there now. I want to bring in all my assets but you never know what the future brings and options are always a good thing. I hesitate to bring it all in not knowing if the day may come we want to move to the states. At this point I feel like it's a one way street coming in and I fear I may not have the option to leave.

goodolboy wrote:

colinoscapee wrote:

MikeTVN wrote:

The money went via bank to bank transfer from my US account to my fiancee's VN account and then was used by her upon receipt within a few days to pay for the house and yes in her name. I would hope this paper trail is adequate for the prescribed suggested procedure. Are there any professionals like accountants or such to assist in this? Also to assist in laying out a more proper way in the future to bring in more money since I am moving the VN shortly. So I can do it the proper or certain manor on the way so that should this time come we do want to go to the US and then the money exit will go smoothly?

Before you go paying for anything, go to your bank with the paperwork. The bank accountant will tell you if its possible.

Thing is as many of us know who have lived here for a good few years..............as far as anything goes in Vietnam including banking, what's true & law today is not always what's true & law tomorrow.

Perhaps that's the most accurate answer, I am coming to find out. I'm looking for the security of knowing I can bring in all my assets and benefit from high CD rates, own a home, etc and should a time come we want to move elsewhere then no problem, you cant do it. But I'm starting to see that I should maintain my fear because that will never be the case and act accordingly.

Sorry Buman1 for hijacking your post. 

MikeTVN wrote:

I'm looking for the security of knowing I can bring in all my assets and benefit from high CD rates, own a home, etc and should a time come we want to move elsewhere then no problem, you cant do it.

Owning a home may afford a better chance at capital appreciation in VN than in the US but use a sharp pencil when looking at CD rates.  Exchange rates appear steady on a short term basis but small changes in rates of change can add up and eat away at any interest rate advantage.  A high dividend stock ETF that throws off 2-4% a year in the US may deliver a true higher rate of return than 6% CD's in Vietnam.  Rates may be around 23K now but what if you want to convert back in a few years and it is 26K.

THIGV wrote:

MikeTVN wrote:

I'm looking for the security of knowing I can bring in all my assets and benefit from high CD rates, own a home, etc and should a time come we want to move elsewhere then no problem, you cant do it.

Owning a home may afford a better chance at capital appreciation in VN than in the US but use a sharp pencil when looking at CD rates.  Exchange rates appear steady on a short term basis but small changes in rates of change can add up and eat away at any interest rate advantage.  A high dividend stock ETF that throws off 2-4% a year in the US may deliver a true higher rate of return than 6% CD's in Vietnam.  Rates may be around 23K now but what if you want to convert back in a few years and it is 26K.

Or the rate can always go in the other direction, boosting profit.

Over the past year the VNĐ has beaten the USD:

I would never bring most or all of my assets here.  First thing for Mike to understand is that the quivalent to the FDIC which insures bank deposits in the US to $250,000 here in VN insures to the equivalent of $12,000 here.

Second, inflation will likely consume the bulk of the CD rate that you are going to generate.

Third is the difficulty to get the money back out at a later date.  It can be done.  Legally it is difficult and all documentation must be clean with paper trail from the money entering to the time it leaves and any income must have proper paperwork showing that taxes have been paid.  Illegally it can be done but may cost you 3-5% to get the money to the US.

MikeTVN wrote:

goodolboy wrote:

colinoscapee wrote:

Before you go paying for anything, go to your bank with the paperwork. The bank accountant will tell you if its possible.

Thing is as many of us know who have lived here for a good few years..............as far as anything goes in Vietnam including banking, what's true & law today is not always what's true & law tomorrow.

Perhaps that's the most accurate answer, I am coming to find out. I'm looking for the security of knowing I can bring in all my assets and benefit from high CD rates, own a home, etc and should a time come we want to move elsewhere then no problem, you cant do it. But I'm starting to see that I should maintain my fear because that will never be the case and act accordingly.

Mate, take some time out to think over what your are doing & planning to do & DONT EVEN THINK ABOUT MOVING EVERYTHING YOU GOT INTO VIETNAM. Just to many variables to take into account to put all your eggs in this basket.
You dont even know when you can come here, it could be many months before you can even set foot here. When you do get here is the time to test the water & see what your future will be, not the other side of the world depending on your Vietnamese GF or people on a forum like this.
My advice for what its worth from a wylie old fox who has done the rounds here............stop sending any money over here until you are here in person to see where its going, if you like living here & with the changes in visa rules etc is it going to be possible for you to even stay here long term  apart from getting married that is.

OceanBeach92107 wrote:

Over the past year the VNĐ has beaten the USD:

Do you think that could have something to do with the fact that Vietnam has handled COVID-19 admirably while the US has been a total failure?  I think the $ has slipped against most everything.
In the last year the Dong has slipped substantially against the Euro.

BTW You get a lot different picture if you hit the 5yr or the Max buttons.  If you had your money in Vietnam from 2008 to 2011 you lost 30% in dollars.  It has been a lot more stable since then.

colinoscapee wrote:

It wont be easy, there are other ways that locals use to send out money.

Anecdotally, I know several Viet Kieu who have brought substantial six figure sums out of Vietnam, usually the proceeds of sale of homes.  The first thing they will do is enlist as many trusted friends as they can to carry $5000 each with them.  Second, they might leave some behind with relatives and take it out on the next trip,  The third method is the so called "gold shop" method.  The shops are simply agents.  The agents on the other end, in Honolulu at least, tends to be travel agents.  These money transfer companies are likely moving substantially more from US to VN than the other way so I expect it is easy for them to deliver large dollar amounts of cash in the US.  The downside is they charge 2-3% going US>VN.  Going the other way may be a little less but I don't know for sure.  The plus side for many of these people it is all unrecorded cash.   They also likely break it up into chunks small enough to evade international personal information reporting requirements. I believe we learned on this forum that Vietnam has no capital gains taxes but remember that the US makes its citizens pay on all income worldwide.  I would be very surprised it these Viet Kieu are paying on their capital gains when they file their US taxes.  One of my wife's coworkers sold a home and land in HCMC and had enough to buy the same outright in Hawaii, one of the highest priced markets in the US.  She maybe had zero or close to zero basis in the land in Vietnam if she obtained it between 1975 and 1986.

THIGV wrote:

MikeTVN wrote:

I'm looking for the security of knowing I can bring in all my assets and benefit from high CD rates, own a home, etc and should a time come we want to move elsewhere then no problem, you cant do it.

Owning a home may afford a better chance at capital appreciation in VN than in the US but use a sharp pencil when looking at CD rates.  Exchange rates appear steady on a short term basis but small changes in rates of change can add up and eat away at any interest rate advantage.  A high dividend stock ETF that throws off 2-4% a year in the US may deliver a true higher rate of return than 6% CD's in Vietnam.  Rates may be around 23K now but what if you want to convert back in a few years and it is 26K.

Thanks everyone (THIGV, goodolboy, SteinNebraska, OceanBeach92107) for this invaluable information. I've been searching for these answers for about 6 months now and was unable to find what you have unveiled here. I am so grateful for your experience and advice. It will cause me to make major changes in my plans and save countless pain for me. I wish had come here before I bought the house but at least I know now.

THIGV wrote:

colinoscapee wrote:

It wont be easy, there are other ways that locals use to send out money.

Anecdotally, I know several Viet Kieu who have brought substantial six figure sums out of Vietnam, usually the proceeds of sale of homes.  The first thing they will do is enlist as many trusted friends as they can to carry $5000 each with them.  Second, they might leave some behind with relatives and take it out on the next trip,  The third method is the so called "gold shop" method.  The shops are simply agents.  The agents on the other end, in Honolulu at least, tends to be travel agents.  These money transfer companies are likely moving substantially more from US to VN than the other way so I expect it is easy for them to deliver large dollar amounts of cash in the US.  The downside is they charge 2-3% going US>VN.  Going the other way may be a little less but I don't know for sure.  The plus side for many of these people it is all unrecorded cash.   They also likely break it up into chunks small enough to evade international personal information reporting requirements. I believe we learned on this forum that Vietnam has no capital gains taxes but remember that the US makes its citizens pay on all income worldwide.  I would be very surprised it these Viet Kieu are paying on their capital gains when they file their US taxes.  One of my wife's coworkers sold a home and land in HCMC and had enough to buy the same outright in Hawaii, one of the highest priced markets in the US.  She maybe had zero or close to zero basis in the land in Vietnam if she obtained it between 1975 and 1986.

It's obviously the easiest and the smartest and the best way to go EXCEPT for the fact that it's technically money-laundering and that it's technically illegal in Vietnam and in the United States.

Technicalities...

OceanBeach92107 wrote:

It's obviously the easiest and the smartest and the best way to go EXCEPT for the fact that it's technically money-laundering and that it's technically illegal in Vietnam and in the United States.

Technicalities...

Agreed absolutely.  Another one of the ironies of life in Vietnam.

OceanBeach92107 wrote:

THIGV wrote:

colinoscapee wrote:

It wont be easy, there are other ways that locals use to send out money.

Anecdotally, I know several Viet Kieu who have brought substantial six figure sums out of Vietnam, usually the proceeds of sale of homes.  The first thing they will do is enlist as many trusted friends as they can to carry $5000 each with them.  Second, they might leave some behind with relatives and take it out on the next trip,  The third method is the so called "gold shop" method.  The shops are simply agents.  The agents on the other end, in Honolulu at least, tends to be travel agents.  These money transfer companies are likely moving substantially more from US to VN than the other way so I expect it is easy for them to deliver large dollar amounts of cash in the US.  The downside is they charge 2-3% going US>VN.  Going the other way may be a little less but I don't know for sure.  The plus side for many of these people it is all unrecorded cash.   They also likely break it up into chunks small enough to evade international personal information reporting requirements. I believe we learned on this forum that Vietnam has no capital gains taxes but remember that the US makes its citizens pay on all income worldwide.  I would be very surprised it these Viet Kieu are paying on their capital gains when they file their US taxes.  One of my wife's coworkers sold a home and land in HCMC and had enough to buy the same outright in Hawaii, one of the highest priced markets in the US.  She maybe had zero or close to zero basis in the land in Vietnam if she obtained it between 1975 and 1986.

It's obviously the easiest and the smartest and the best way to go EXCEPT for the fact that it's technically money-laundering and that it's technically illegal in Vietnam and in the United States.

Technicalities...

True, but since when has that stopped Vietnamese.

An interesting article (my translation) to read if only for the numbers.  The last paragraph was what I talked about in a previous post.  Almost everyone in Phú Nhuận knows about the very popular café vendor in one of the hẻm there who bought 4 large homes in the States in cash, one for each of her children.  Whether she transferred money via private way, that I'm not 100% certain.

"Transfer money from VN can be done in two ways: to fulfill personal needs (tuitions, medical treatment, allowances, settlements, etc.) or to invest abroad. 

The Saigon Economic Times in 2017 cited preliminary statistics from banks showing that the amount of money transferred abroad by Vietnamese for tuition and living expenses is about $1 billion each year. The amount spent abroad for medical treatment is $2 - 3 billions each year.

The Times also quoted a bank's general manager as saying that the settlement and gift amount sent to the US was not less than a few billion USD / year. And those are the legal transactions.

If the transfer is for personal purposes such as studying abroad, treating illnesses, or sponsoring relatives, etc., the sender needs to prove the purpose and the transfer limit is relatively low (specified in Article 7 of Decree 70/2014 / ND-CP).  In the absence of invoices, the limit will not exceed $25,000 / person / year.

To transfer large amounts for investment, investors have to go through a very strict process of examination, inspection and review by many government agencies.  After the investment is approved, the money transfer abroad must also be guided and managed by the State Bank.

In spite of the difficulty, Vietnamese investors transferred tens of billions of dollars in the form of foreign investment.  The latest data from the Foreign Investment Department of Ministry of Planning and Investment shows that in the first quarter of 2019 alone, an increase of $120M were sent abroad in addition to the existing capital.

As of early 2017, Vietnam has 1188 investment projects in 70 countries and territories with a total registered capital of nearly $21.4 billions.

Many Vietnamese also pour money abroad to buy real estate. The American National Association of Real Estate Professionals announced that from April 2016 to March 2017 alone, Vietnamese spent more than $3 billions to buy houses in the US."

-- From Zing News

Citibank ATM limit is 6mn VND now at 60k ATM fee (1%).
I prefer Transferwise to send money to my VN bank account or my wife's account.
From my VN bank account on the bank‘s ATM I can withdraw 10mn VND at once, 3 times a day max.

THIGV wrote:

colinoscapee wrote:

It wont be easy, there are other ways that locals use to send out money.

Anecdotally, I know several Viet Kieu who have brought substantial six figure sums out of Vietnam, usually the proceeds of sale of homes.  The first thing they will do is enlist as many trusted friends as they can to carry $5000 each with them.  Second, they might leave some behind with relatives and take it out on the next trip,  The third method is the so called "gold shop" method.  The shops are simply agents.  The agents on the other end, in Honolulu at least, tends to be travel agents.  These money transfer companies are likely moving substantially more from US to VN than the other way so I expect it is easy for them to deliver large dollar amounts of cash in the US.  The downside is they charge 2-3% going US>VN.  Going the other way may be a little less but I don't know for sure.  The plus side for many of these people it is all unrecorded cash.   They also likely break it up into chunks small enough to evade international personal information reporting requirements. I believe we learned on this forum that Vietnam has no capital gains taxes but remember that the US makes its citizens pay on all income worldwide.  I would be very surprised it these Viet Kieu are paying on their capital gains when they file their US taxes.  One of my wife's coworkers sold a home and land in HCMC and had enough to buy the same outright in Hawaii, one of the highest priced markets in the US.  She maybe had zero or close to zero basis in the land in Vietnam if she obtained it between 1975 and 1986.

Very good to know thanks.

Ciambella wrote:

An interesting article (my translation) to read if only for the numbers.  The last paragraph was what I talked about in a previous post.  Almost everyone in Phú Nhuận knows about the very popular café vendor in one of the hẻm there who bought 4 large homes in the States in cash, one for each of her children.  Whether she transferred money via private way, that I'm not 100% certain.

"Transfer money from VN can be done in two ways: to fulfill personal needs (tuitions, medical treatment, allowances, settlements, etc.) or to invest abroad. 

The Saigon Economic Times in 2017 cited preliminary statistics from banks showing that the amount of money transferred abroad by Vietnamese for tuition and living expenses is about $1 billion each year. The amount spent abroad for medical treatment is $2 - 3 billions each year.

The Times also quoted a bank's general manager as saying that the settlement and gift amount sent to the US was not less than a few billion USD / year. And those are the legal transactions.

If the transfer is for personal purposes such as studying abroad, treating illnesses, or sponsoring relatives, etc., the sender needs to prove the purpose and the transfer limit is relatively low (specified in Article 7 of Decree 70/2014 / ND-CP).  In the absence of invoices, the limit will not exceed $25,000 / person / year.

To transfer large amounts for investment, investors have to go through a very strict process of examination, inspection and review by many government agencies.  After the investment is approved, the money transfer abroad must also be guided and managed by the State Bank.

In spite of the difficulty, Vietnamese investors transferred tens of billions of dollars in the form of foreign investment.  The latest data from the Foreign Investment Department of Ministry of Planning and Investment shows that in the first quarter of 2019 alone, an increase of $120M were sent abroad in addition to the existing capital.

As of early 2017, Vietnam has 1188 investment projects in 70 countries and territories with a total registered capital of nearly $21.4 billions.

Many Vietnamese also pour money abroad to buy real estate. The American National Association of Real Estate Professionals announced that from April 2016 to March 2017 alone, Vietnamese spent more than $3 billions to buy houses in the US."

-- From Zing News

Great to know it can be done legally. It doesn't sound so defined as to how, rules can change and perhaps I would need some sort of legal assistance or lawyer to do so?

MikeTVN wrote:

...perhaps I would need some sort of legal assistance or lawyer to do so?

Who needs a lawyer when you've got the forum?

goodolboy wrote:

colinoscapee wrote:

MikeTVN wrote:

The money went via bank to bank transfer from my US account to my fiancee's VN account and then was used by her upon receipt within a few days to pay for the house and yes in her name. I would hope this paper trail is adequate for the prescribed suggested procedure. Are there any professionals like accountants or such to assist in this? Also to assist in laying out a more proper way in the future to bring in more money since I am moving the VN shortly. So I can do it the proper or certain manor on the way so that should this time come we do want to go to the US and then the money exit will go smoothly?

Before you go paying for anything, go to your bank with the paperwork. The bank accountant will tell you if its possible.

Thing is as many of us know who have lived here for a good few years..............as far as anything goes in Vietnam including banking, what's true & law today is not always what's true & law tomorrow.

While on the topic of money transfer ..... if one earns a salary of $ 10,000 / month (fully supported by employer's work permit & pay slip), pay the required income tax of assume $ 3,000 / month (fully supported by tax deducted at source documents), spend $ 2,000 / month for living expenses and out of the remaining $ 5,000 would like to send $ 3,000 on a monthly basis to dependents residing in home country, would that be an onerous task ? Further, are there any documents to be maintained as proof for the $ 2,000 spent ?

andidips wrote:

While on the topic of money transfer ..... if one earns a salary of $ 10,000 / month (fully supported by employer's work permit & pay slip), pay the required income tax of assume $ 3,000 / month (fully supported by tax deducted at source documents), spend $ 2,000 / month for living expenses and out of the remaining $ 5,000 would like to send $ 3,000 on a monthly basis to dependents residing in home country, would that be an onerous task ? Further, are there any documents to be maintained as proof for the $ 2,000 spent ?

You will be able to do it because you have the paper trail.  You have it deposited in your account by your employer with proper paperwork and tax withholding.  I don't know the exact details because I haven't done it myself but your bank should be able to help you set it up.

andidips wrote:

goodolboy wrote:

colinoscapee wrote:

Before you go paying for anything, go to your bank with the paperwork. The bank accountant will tell you if its possible.

Thing is as many of us know who have lived here for a good few years..............as far as anything goes in Vietnam including banking, what's true & law today is not always what's true & law tomorrow.

While on the topic of money transfer ..... if one earns a salary of $ 10,000 / month (fully supported by employer's work permit & pay slip), pay the required income tax of assume $ 3,000 / month (fully supported by tax deducted at source documents), spend $ 2,000 / month for living expenses and out of the remaining $ 5,000 would like to send $ 3,000 on a monthly basis to dependents residing in home country, would that be an onerous task ? Further, are there any documents to be maintained as proof for the $ 2,000 spent ?

Just one question..........are you working in Vietnam but paid in USD or is this a hypothetical question?

My opinion.................go to the office of an international bank get an account set up, talk to the international banking manager & from my experience they will do it.