Foreigners in Vietnam may receive significant amounts of money from different lawful sources, such as proceeds from the sale of property or money inherited from a deceased person. So, how can foreigners transfer money from Vietnam to overseas? Let’s find out together in this article.
1. General provisions on the transfer of house purchase funds by foreigners from foreign banks into Vietnam, and the transfer of funds abroad after the sale of the house
Refer to Official Dispatch No. 6760/NHNN-TD dated 07 September 2015 of the State Bank of Vietnam regarding to the comment on the purchase of houses by foreign organizations and individuals. Accordingly, the transfer of house purchase funds by foreign organizations and individuals from foreign banks into Vietnam, and the transfer of funds abroad after the sale of the house, in cases where foreigners are entitled to own houses in Vietnam through the forms of “purchase, hire-purchase, receipt of gift, or inheritance of commercial housing, including apartment and private houses in housing construction investment projects”, is regulated as follows:
- Pursuant to Clause 2(c) Article 162 of the Housing Law (now Point c, Clause 2, Article 21 of the Housing Law 2023, as amended and supplemented in 2026), foreigners shall make payment for the purchase or hire-purchase of housing through credit institutions or foreign bank branches operating in Vietnam.
- The transfer of house purchase funds from abroad into Vietnam and the transfer of funds abroad after the sale of the house shall be carried out in accordance with the procedures prescribed in Circular No. 16/2014/TT-NHNN dated 01 August 2014 of the State Bank of Vietnam guiding the use of foreign currency accounts and Vietnamese dong accounts of residents and non-residents at authorized banks, and Decree No. 70/2014/NĐ-CP.
2. Procedures to transfer money from foreign countries to Vietnam
Pursuant to Article 6, Article 7 and Article 8 Circular No. 16/2014/TT-NHNN, Foreigners or overseas Vietnameses are permitted to use foreign currency accounts or Vietnamese dong accounts opened at authorized banks to conduct lawful incoming and outgoing payment transactions. In addition, they may transfer foreign currency or Vietnamese dong between accounts held by the same account holder at different authorized banks or within the same banking system of an authorized bank.
Foreigners or overseas Vietnamese intending to transfer money from abroad to Vietnam for investment or real estate purchase should take note of the following:
Pursuant to Article 5 of Decree No. 70/2014/NĐ-CP, residents who have foreign currency sources from overseas income must transfer such funds into a foreign currency account opened at an authorized credit institution in Vietnam, in accordance with the payment term of the contract or Payment vouchers. Except for certain cases where the State Bank of Vietnam considers and permits the retention of part or all of the foreign currency income overseas.
Thus, Vietnamese law permits the receipt of money from abroad provided that the funds have a lawful origin, the purpose of the money transfer is lawful, and the funds must be transferred into a foreign currency account opened at an authorized credit institution in Vietnam.
Accordingly, in this case, the foreigner may transfer foreign currency directly from their foreign currency account to the Vietnameses’s foreign currency account opened at an authorized credit institution in Vietnam, or transfer Vietnamese dong from their Vietnamese dong accounts opened at authorized banks to the bank account of a Vietnamese resident.
3.Procedures to transfer money from Vietnam to foreign countries
Pursuant to Article 6, Article 7 and Article 8 Circular No.16/2014/TT-NHNN, Foreigners or overseas Vietnameses are permitted to use foreign currency accounts or Vietnamese dong accounts opened at authorized banks to conduct lawful incoming and outgoing payment transactions. In addition, they may transfer foreign currency or Vietnamese dong between accounts held by the same account holder at different authorized banks or within the same banking system of an authorized bank.
In the case where Non-residents and residents are foreigners receive an inheritance from Vietnam, or has funds derived from lawful income or from the sale of inherited assets, pursuant to Clause 3, Article 7 of Decree No. 70/2014/NĐ-CP, they are allowed to transfer or carry such funds abroad. Where the income is in Vietnamese dong, they are allowed to purchase foreign currency to remit and carry overseas.
Pursuant to Clause 2, Article 7 of Decree No. 70/2014/NĐ-CP, 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 transfer of inheritance funds to an overseas beneficiary.
Therefore, if foreigners only need to prove that the money transfer transaction originates from a lawful source of income in order to be able to transfer the money abroad.
4. Carrying cash into or out of the territory of Vietnam
Pursuant to Clauses 1 and 2 of Article 2 of Circular No.15/2011/TT-NHNN, which stipulates the limits on foreign currency cash and Vietnamese dong cash when exiting or entering Vietnam, as follows:
Foreigners exiting or entering Vietnam through international border gates with a passport who carry foreign currency cash or Vietnamese dong cash exceeding the following prescribed limits must declare it to the border-gate Customs:
- USD 5,000 (Five thousand United States Dollars) or other foreign currencies of equivalent value;
- VND 15,000,000 (Fifteen million Vietnamese Dong).
Or in cases where a foreigner enters Vietnam carrying foreign currency cash equal to or less than USD 5,000 or other foreign currencies of equivalent value and wishes to deposit such foreign currency cash into an individual’s foreign currency payment account opened at a credit institution or foreign bank branch licensed to conduct foreign exchange activities, they must also declare it to the Customs.
Pursuant to Clause 2 of Article 3 of Circular No.15/2011/TT-NHNN: Foreigners exiting Vietnam who carry foreign currency cash or Vietnamese dong cash exceeding the above limits, but not exceeding the amount previously brought in on the latest entry, must show to Customs the Entry/Exit Declaration form confirmed by the Customs regarding the amount of foreign currency cash or Vietnamese dong cash brought in on the latest entry, and are not required to have a show the Confirmation letter issued by an authorized credit institution.
It should be noted that: The Entry/Exit Declaration form confirmed by the Customs regarding the amount of foreign currency cash or Vietnamese dong cash brought in on the latest entry is only valid for the foreigner to carry foreign currency cash or Vietnamese dong cash out of the country on the next exit within a period of 12 months from the date stated on the Entry/Exit Declaration form.
When exiting and carrying an amount exceeding the above limits, the individual carrying the cash must show the Customs one of the following documents:
- A Confirmation Letter for carrying foreign currency cash or Vietnamese dong cash abroad (hereinafter referred to as the Confirmation Letter) issued by an authorized credit institution in accordance with the law on foreign exchange management; or
- An approval letter for the individual to carry foreign currency cash or Vietnamese dong cash abroad issued by the State Bank of Vietnam.
Pursuant to Article 4 of Circular No.15/2011/TT-NHNN, in cases where a foreigner enters Vietnam carrying foreign currency cash and wishes to deposit such foreign currency into an individual’s foreign currency payment account opened at an authorized credit institution, the following regulations shall apply:
- The individual shall show credit institution the Entry/Exit Declaration form confirmed by the Customs regarding the amount of foreign currency cash brought in. When processing the transaction for the customer, the credit institution shall affix a stamp confirming the amount of foreign currency deposited into the foreign currency payment account on the original Entry/Exit Declaration form, and at the same time retain one photocopy of the Declaration form.
- The Entry/Exit Declaration form confirmed by the Customs is only valid for the individual to deposit the foreign currency cash into a foreign currency payment account within a period of 60 days from the date stated on the Entry/Exit Declaration form.
Thus, if a foreigner wishes to transfer money from abroad to Vietnam to buy or sell real estate in Vietnam, or to transfer inheritance money or lawful income from the purchase and sale of assets from Vietnam abroad, they must comply with the above regulations.
It should be noted that being permitted to transfer money into/out of Vietnam does not mean that foreigners or Vietnamese people residing overseas are permitted to own real estate in Vietnam. If readers are encountering difficulties in the process of transferring money into/out of Vietnam, or issues related to real estate ownership in Vietnam and need more specific advice, please contact us for detailed consultation.
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