Is there a limit on money transfer in Vietnam?

Money Transfer Limits in Vietnam

In Vietnam, there are regulations in place that limit the amount of money that can be transferred in a single transaction. These limits apply to both domestic and international transfers.

Domestic Transfers

For domestic money transfers within Vietnam, the maximum amount that can be transferred is 490 million Vietnamese dong (VND) per transaction. This limit applies to all types of domestic transfers, including transfers between individuals, businesses, and financial institutions.

International Transfers

For international money transfers, the limits may vary depending on the country of origin and destination, as well as the type of transfer. However, there is generally a maximum limit of 490 million VND per transaction.

Personal vs. Business Recipients

There are also minimum transfer amounts based on the type of recipient. For personal recipients, the minimum amount that can be transferred is 10,000 VND. For businesses, the minimum transfer amount is 50,000 VND.

Impact on Financial Transactions

These transfer limits can impact financial transactions in Vietnam in several ways. For example, businesses that need to transfer large sums of money may need to split their transactions into smaller amounts. Individuals who need to send money abroad may need to use multiple transactions to meet the maximum transfer limit.

Compliance with Regulations

It is important to comply with the money transfer limits when conducting financial transactions in Vietnam. Failure to comply with these limits can result in penalties, including fines or delays in processing transactions.

If you need to transfer an amount that exceeds the maximum limit, you should consult with a financial institution to determine the appropriate course of action. They will be able to provide guidance on how to split your transaction or explore other options for transferring larger sums of money.