This article explores the regulations governing the purchase of foreign currency for transferring or carrying abroad, as stipulated by Vietnamese law.

What Is the Purchase of Foreign Currency?

The purchase of foreign currency, as defined in Clause 3, Article 3 of Circular 20/2022/TT-NHNN, refers to the act of residents—either organizations or individuals—using Vietnamese dong to buy foreign currency from authorized banks. This currency is then used for approved purposes, such as transferring or carrying abroad.

Guidance on Purchasing Foreign Currency for Transfer or Carrying Abroad

For organizations, authorized banks provide specific instructions for purchasing foreign currency based on the purpose outlined in the regulations. If the amount carried abroad exceeds the customs declaration threshold, a certificate must be issued by the bank. The sale of foreign currency depends on its availability and the approved purpose of use.

Vietnamese citizens as residents may also purchase foreign currency for a variety of needs, including education, medical treatment, or travel. In cases requiring customs declaration, the bank will issue a certificate for carrying foreign currency. Travelers can purchase the currency of their destination country or, if unavailable, other freely convertible currencies.

Permissible Amounts of Foreign Currency for Transfer or Carrying Abroad

The allowable amounts for organizations depend on the specific purpose and documented proof. For general purposes, the amount aligns with relevant documentation, while for special cases like one-time transfers, the maximum limit is 50,000 USD or its equivalent per transaction.

For individuals, the amount varies based on the intended use. Educational or medical expenses are determined by the costs provided by the foreign entity. Living expenses may also be assessed by the bank when such details are unavailable. For purposes like tourism, business trips, or family visits, authorized banks evaluate the reasonable needs of the individual.

Family allowances are subject to limits based on the recipient country’s average per capita income, updated annually by banks using World Bank data. Inheritance and relocation funds are governed by asset values or specific costs related to moving abroad.

 

The above information is provided by Mys Law. For any questions regarding the content of this article, please contact 0969.361.319 or email: [email protected] for further clarification. Best regards!

Compiler: Nguyen Anh Quan