If you are a foreigner or expat in Vietnam, sending money overseas is inevitable. If you have a Paypal or Transferwise account, transferring money out of Saigon isn’t going to be a challenge. Having international bank accounts also helps in this area as getting money out of the country can be quite challenging as there are different regulations for locals and expats when it comes to transferring money out of Vietnam.
There are only a few acceptable situations for transferring money abroad – for instance, the paying of tuition for university fees, money to support relatives overseas, business trips and tours or visits to foreign countries.
Expats or foreigners are legally entitled to send any amount of money as long as it is legally earned, plus cash deposits that have been declared at the deposit point. You may be asked for a work contract, pay slips, and/or a passport to show proof of income as your money needs to be verified with either a Customs Declaration Form or Labor contract and etc. Funds must also be transferred in a currency other than Vietnam Đồng. It is recommended that only established, well-regarded banks be used to transfer money.
Money Transferring services like Western Union can also be an option but keep in mind that not all locations offer outbound services. We suggest visiting the branch nearest to your location to confirm.
A good tip would be to open an account on banks that have branches in Vietnam and in your country.
If you plan to carry money physically out of Vietnam, remember there is a US$5000 limit.