June 04, 2020 05:32

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Regulations on sending money overseas

10:57 | 07/04/2017

VCN - The Customsnews received a question from a reader on sending AUD 100.000 from his/her parents to him/her to buy a house in Australia; to receive the money, whether he/she must return to Vietnam to take the money or his/her parents can register the money transfer service at a bank to send that money to Australia?

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Relating to the question from a reader, through talking with authorized units, the Legal Consultancy Team of the Customs news consulted as below:

According to Article 2 of Circular No. 15/2011/TT-NHNN dated August 02, 2011, Individuals when entering into and exiting from the country with passport through international border gates of Vietnam carrying foreign currency or Vietnamese dong in cash in excess of the following amount shall be required to declare to the border Customs:

a. USD 5,000 (Five thousand United States dollars) or other foreign currencies of the same value;

b. VND 15,000,000 (Fifteen million Vietnamese Dong).

In the case where an individual entering into Vietnam carries foreign currency in cash in an amount or USD 5.000 or lower or other foreign currencies of the same value and have demand for depositing the amount to their foreign currency payment account opened at a credit institution or a foreign bank’s branch authorized to engage in foreign exchange, he shall be required to declare to the border Customs.

Entry-exit declarations with confirmation of the border Customs about the carried amount of foreign currency in cash is a basis for the authorized credit institution to accept the deposit in foreign currency in cash deposited to the payment account.

The amount of foreign currency and Vietnamese dong in cash required to be declared at the border gate Customs is not applied for individuals who carry means of payment, valuable papers in foreign currency or in Vietnamese dong such as traveler’s cheques, bank card, savings book, securities and other valuable papers.

Pursuant to the Clause 1, Article 1 of the Circular governing the scope and subjects of application: “This Circular provides for the carrying of foreign currency or Vietnamese dong in cash (including paper money, coin) of individuals upon entry, exit through international border gates of Vietnam with passport or other documents of the same value as passport that are issued by a competent agency of Vietnam or foreign country (hereinafter collectively referred to as passport). Therefore, individuals on exit carry foreign currency in the amount mentioned above (this amount specified for each passport/ a person and not discriminated by age) is not required to declare on the entry declarations when carrying out the entry procedures. Only declaring to the Customs agencies if carrying an amount of foreign currency in excess of described amount on the entry-exit declarations when implementing the exit procedures.

If the reader directly flies to Vietnam to take the money, he/she must strictly follow the above regulations on carrying foreign currency in cash.

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If the reader wants to register the money transfer service to Australia via banks, he/she should instruct his/her parents to directly contact with a bank with Western Union service for detailed guidance.

By The Legal Consultancy Team of Customsnews/ HuyenTrang