Bringing money when you immigrate

[turbo2253 0]

What is the best way to transfer funds or use funds in a Citi bank in VN ? 
should my wife bring cash with her?

or use a debit card at the Citibank here in Chicago

[Loren Y 2,755]

Depends on amount and fees. I usually just bring cash with me into the US. As long as you don't mind traveling with it. Anything over 10,000 in US value must be declared is all. I literally just entered thru LAX yesterday with more than 10,000 US dollars. Filled out a simple 1 page form, and had no issues. Under 10,000 you don't have to say anything. You can print the form online, and bring it with you, or just declare it on the entry form, and they will give you the form. Any worries maybe bring the withdraw slip from the bank showing where the money came from, but they usually don't get to concerned until the amount goes over around 50,000 US dollars. You may get a better rate on the conversion with an online transfer service such as WISE. I have used them for years with no issues, and she can send it and get it converted to US funds and send it into your account here in the US, and their fees are pretty reasonable. Check out the different options, I bank with Citibank also and with my account status I get free international transfers, so that may be an option also.

Edited November 30, 2021 by Loren Y

[craig5977 58]

10 hours ago, Loren Y said:

Depends on amount and fees. I usually just bring cash with me into the US. As long as you don't mind traveling with it. Anything over 10,000 in US value must be declared is all. I literally just entered thru LAX yesterday with more than 10,000 US dollars. Filled out a simple 1 page form, and had no issues. Under 10,000 you don't have to say anything. You can print the form online, and bring it with you, or just declare it on the entry form, and they will give you the form. Any worries maybe bring the withdraw slip from the bank showing where the money came from, but they usually don't get to concerned until the amount goes over around 50,000 US dollars. You may get a better rate on the conversion with an online transfer service such as WISE. I have used them for years with no issues, and she can send it and get it converted to US funds and send it into your account here in the US, and their fees are pretty reasonable. Check out the different options, I bank with Citibank also and with my account status I get free international transfers, so that may be an option also.

This is great advice for anyone bringing money to USA, except from Vietnam, They have a strict 5000 USD limit to take in or out.

The best way is to take the 5000 cash per person. Wise is easy to send money to Vietnam but they do not accept VND yet unless they have just started.

You can send money from Vietnam to a US bank but usually it has to be in USD, most US Banks wont accept VND

Vietnam banks have more rules for sending money out of the country than any others I have ever seen.

Good luck with everything

[aaron2020 11,651]

Not simple to take out large amount of money from Vietnam.

 

Vietnam has strict limits on the export of money.  Such a pain in the rear, that most Vietnamese end up with a dich vu who can transfer the money from Vietnam to the US but don't ask questions.  If you know what I mean.  

The legal way would be a bank transfer. 

 

Tourists are not allowed to take out more money than they came into Vietnam with.  

 

How much money are we talking about here?  Is it from the sale of land?  Has Vietnamese taxes been paid on the sale of that land?  All sorts of possibilities.  

 

Edited November 30, 2021 by aaron2020

[Loren Y 2,755]

36 minutes ago, craig5977 said:

This is great advice for anyone bringing money to USA, except from Vietnam, They have a strict 5000 USD limit to take in or out.

The best way is to take the 5000 cash per person. Wise is easy to send money to Vietnam but they do not accept VND yet unless they have just started.

You can send money from Vietnam to a US bank but usually it has to be in USD, most US Banks wont accept VND

Vietnam banks have more rules for sending money out of the country than any others I have ever seen.

Good luck with everything

According to all my research,  I don't see any restrictions on the amount in and out. I see anything over 5000 in foreign currency must be declared,  but there are no set limits. Here is my information from the Vietnam tax and import and duties website concerning currency 

Currency

Currency Import regulations:

Local currency (Vietnamese Dong-VND): no restrictions. Amounts exceeding VND 15,000,000.- must be declared on arrival.
Foreign currencies: no restrictions. Amounts exceeding USD 5,000.- (or equivalent) must be declared on arrival. Amounts under USD 5,000.- (or equivalent) to be deposited in credit institutions and branches of foreign banks must also be declared on arrival.

Currency Export regulations:

Local currency (Vietnamese Dong-VND): no restrictions. Amounts exceeding VND 15,000,000.- must be declared on departure.

Foreign currencies: no restrictions. Amounts exceeding USD 5,000.- (or equivalent) must be declared upon. Proof of expenses is required.

 

Where does it say there are limits.  It just says you have to declare it. No different than the US.

[turbo2253 0]

Are there any charges for taking  amounts over $5,000 out of VN?
are there any charges for bringing more than 10k into the US?

[aaron2020 11,651]

20 hours ago, Loren Y said:

According to all my research,  I don't see any restrictions on the amount in and out. I see anything over 5000 in foreign currency must be declared,  but there are no set limits. Here is my information from the Vietnam tax and import and duties website concerning currency 

Currency

Currency Import regulations:

Local currency (Vietnamese Dong-VND): no restrictions. Amounts exceeding VND 15,000,000.- must be declared on arrival.
Foreign currencies: no restrictions. Amounts exceeding USD 5,000.- (or equivalent) must be declared on arrival. Amounts under USD 5,000.- (or equivalent) to be deposited in credit institutions and branches of foreign banks must also be declared on arrival.

Currency Export regulations:

Local currency (Vietnamese Dong-VND): no restrictions. Amounts exceeding VND 15,000,000.- must be declared on departure.

Foreign currencies: no restrictions. Amounts exceeding USD 5,000.- (or equivalent) must be declared upon. Proof of expenses is required.

 

Where does it say there are limits.  It just says you have to declare it. No different than the US.

That's not the entire law on money export from Vietnam. 

Devils in the details.

Very different from the US.  

Edited December 1, 2021 by aaron2020

[aaron2020 11,651]

24 minutes ago, turbo2253 said:

Are there any charges for taking  amounts over $5,000 out of VN?
are there any charges for bringing more than 10k into the US?

Your Vietnamese wife or a family member or friend should consult with the dich vu dinh cu in District 1 around the US Consulate.  They will have the answers you need.  

[Loren Y 2,755]

4 minutes ago, aaron2020 said:

That's not the entire law on money export from Vietnam. 

Devils in the details.

Very different from the US.  

I'm sure it is just a summary, but I called the Vietnam embassy here in the US, asked them about entering and exiting Vietnam with currency, and they directed me to this website with the entry and exit information. OP was just asking what it would take to leave with cash in hand, and this seems like the rules to me. If you have another better link to more info, feel free to post it. I'm sure if you are conducting business and traveling in and out of the country multiple times with large amounts of currency that would be an issue, but for the OP, leaving Vietnam one time with a chunk of money isn't an issue from what I can tell, and we still don't know the amount of money were talking about, so until we know, it doesn't really matter.

[Loren Y 2,755]

quoted wrong person

 

Edited December 1, 2021 by Loren Y

[aaron2020 11,651]

6 minutes ago, Loren Y said:

I'm sure it is just a summary, but I called the Vietnam embassy here in the US, asked them about entering and exiting Vietnam with currency, and they directed me to this website with the entry and exit information. OP was just asking what it would take to leave with cash in hand, and this seems like the rules to me. If you have another better link to more info, feel free to post it. I'm sure if you are conducting business and traveling in and out of the country multiple times with large amounts of currency that would be an issue, but for the OP, leaving Vietnam one time with a chunk of money isn't an issue from what I can tell, and we still don't know the amount of money were talking about, so until we know, it doesn't really matter.

He's asking about over $10,000.  That's not a small amount.

 

Relying on the VN Embassy to give you legal advice is as good as getting legal advice from the USCIS help line.

 

Vietnam has very strict laws on exporting money. 

[aaron2020 11,651]

https://vietnam.acclime.com/news-insights/repatriating-funds-for-individuals/

[Loren Y 2,755]

44 minutes ago, turbo2253 said:

Are there any charges for taking  amounts over $5,000 out of VN?
are there any charges for bringing more than 10k into the US?

I know for a fact there are no charges for bringing more than 10K into the US, as long as it's declared. I Just did it this past Monday, and have done it well over 15 times in the past 10 years entering the US with varying amounts of money from 10K to around 60k at a time. Only once when I couldn't show where the 50K I entered with came from at the time of entry ( I didn't have all the paperwork from the sale of a car with me yet) did they confiscate it. I went back to the POE office a few days later with the paperwork and they released the cash back to me then and there.

As for Vietnam, I have only entered and exited there a few times, and I never declared anything, and the one time I think I may have had more than 5k US on me, glad they didn't check because I didn't know it was only 5K back then, and I could have been in trouble. Now I am a little more careful when I travel for sure because some countries have really low limits.

[aaron2020 11,651]

https://movetoasia.com/en/vietnam/send-money-overseas/

 

Sending money or transferring money from/to Vietnam is a nightmare for many people when you have to deal with it the first time. If you ask for a meeting with your banker, he will ask you a ton of questions. When it comes to sending money from Vietnam to other countries (like US, Australia, Europe …), it’s also very complicated to know how it works and the steps to follow.

[turbo2253 0]

What about using a Citibank account in both countries, (debit/atm) card, it's just over $10,000