Levels of foreign currencies bought, transferred and carried abroad

This is the content prescribed in Circular No. 20/2022/TT-NHNN dated December 30, 2022, of the State Bank of Vietnam guiding activities of one-way money transfer abroad from Vietnam and payment and money transfer for other current transactions of institutional residents or individual residents.

In particulars, this Circular prescribes the levels of foreign currencies bought, transferred, and carried abroad as follows:

For organizations:

- The levels of foreign currencies bought, transferred or brought abroad in the cases shall be determined based on the amount of money stated in relevant papers and documents.

- The levels of foreign currencies bought or carried abroad in the cases in fields: culture, education (scholarship funding), health. Funding sources are financial sources of such donor organizations themselves.  Based on the amount of money stated in relevant papers and documents but must not exceed USD 50,000 or other foreign currencies with a value equivalent to one-way transfer.

For residents being Vietnamese citizens: 

- The levels of foreign currencies bought, transferred and carried abroad for the purposes of study and medical treatment.

- In the absence of such notices on living expenses and other related expenses for study and medical treatment purposes, in addition to tuition fees, hospital fees and other expenses already notified by the foreign countries

- The levels of foreign currencies bought or transferred abroad for the purposes of paying fees and charges to foreign countries shall be determined based on the expenses in the notices of foreign countries.

- The levels of foreign currencies bought or transferred abroad for the purposes of providing support to overseas relatives shall comply with the following provisions:

• Licensed banks shall determine the levels of foreign currencies bought and transferred on the basis of reasonable needs of individuals and suitable for the purposes of supporting living expenses and stabilizing the life of overseas beneficiaries;
• The levels of foreign currencies bought or transferred to overseas beneficiaries in a year must not exceed the per capita income at current prices of the countries where the beneficiaries are living.

-The levels of foreign currencies bought or transferred abroad for the purposes of transferring inheritance money to overseas heirs shall be determined based on the value of properties that are bequeathed to the heirs in accordance with the law provisions on inheritance.

The levels of foreign currencies bought or transferred abroad for the purposes of money transfer in cases of settlement abroad shall be determined based on the value of properties of settlers that are formed in Vietnam before naturalization abroad or before being eligible for residing abroad for settlement purposes in accordance with the regulations of the host country.

The Circular 20/2022/TT-NHNN takes effect on February 15, 2023.