In the Ordinance on Foreign Exchange in 2005, amended and supplemented in 2013 stipulates as follows:
“2. Foreign currency of residents being individuals in Vietnam obtained from one-way money transfers is used for the purpose of storing, carrying, depositing into foreign currency accounts opened at authorized credit institutions or selling foreign currencies for authorized credit institutions; in case of being a Vietnamese citizen, they may deposit their savings in foreign currency at an authorized credit institution.” (Clause 2, Article 8)
According to this provision, the law does not restrict the transfer of foreign currency from abroad into Vietnam for the purpose of storing, carrying, or depositing into a foreign currency account at a credit institution.
The above regulation is also specified in Article 6. One-way money transfer from abroad into Vietnam Decree 70/2014/ND-CP dated July 17, 2014 of the Government promulgating detailed regulations on the implementation of a number of articles of the Ordinance on Foreign Exchange and the Ordinance Amending and Supplementing a Number of Articles of the Ordinance on Foreign Exchange stipulating the transfer of money from abroad into Vietnam as follows:
- Residents being organizations with foreign currency earned from one-way remittances must transfer to a foreign currency account at an authorized credit institution or sell it to an authorized credit institution.
- Residents being individuals have foreign currency earned from one-way money transfers deposited into a foreign currency account or withdraw cash for the purposes specified in Article 13 of this Decree.”
Accordingly, Article 13. Use of cash in foreign currency by individuals Decree 70/2014/ND-CP stipulates:
- Residents and non-residents being individuals with cash in foreign currencies are entitled to store, carry, give, donate, inherit, sell to authorized credit institutions, transfer or bring abroad according to regulations specified in this Decree, making payments to entities permitted to collect foreign currency in cash.
- Residents being Vietnamese citizens may use foreign currency cash to save foreign currency at authorized credit institutions, and may withdraw principal and interest in the deposited currency.”
Thus, the law does not provide for the prohibition of sending foreign currency from abroad to Vietnam. Regarding the amount of money that can be sent back, there is currently no specific regulation on the amount of money that can be sent through a bank account, but each country has its own limit for sending money abroad. The maximum amount that can be transferred depends on the banking regulations and laws of the country, state or territory and on the policies and regulations of each bank or money transfer company itself. And the money transfer procedures are carried out according to the procedures of the bank, the country where the money is transferred to Vietnam.
Above is our consultancy about this issue. If you need more detailed advice and answers as well as how to access this service, please contact directly the Deputy Director of Sales: Lawyer Nhat Nam via hotline: 0912.35.65.75, 0912.35.53.53 or call the free legal consultation hotline 1900.6575 or send a service request via email: lienheluathongbang@gmail.com
Wishing you and your family good health, peace and success!
Best regards!
