Vietnamese Bank Accounts and Moving Money Abroad (2026)
Key takeaways
- Vietnam operates a managed foreign-exchange regime under the State Bank of Vietnam — the dong is not fully convertible and outward remittances are restricted to permitted purposes.
- Emigration for settlement is a permitted purpose; the amount you can send is based on the value of your legitimate assets accumulated in Vietnam.
- Outward transfers must go through a licensed bank with supporting documents — you cannot simply move funds informally.
- Cash declaration threshold at the border: USD 5,000 in foreign currency, or VND 15 million, per person.
- Residents and non-residents can hold both VND and foreign-currency accounts, but non-residents face limits — for example, typically no interest-bearing term deposits.
- Keep at least one Vietnamese account open until your tax finalisation refund and any social insurance payment have cleared.
Vietnam’s foreign-exchange regime in brief
Vietnam manages its currency. The governing instrument is the Ordinance on Foreign Exchange (Ordinance No. 28/2005/PL-UBTVQH11, amended by Ordinance No. 06/2013/UBTVQH13), implemented through decrees and State Bank of Vietnam circulars (sbv.gov.vn). The Vietnamese dong is not freely convertible, and moving money out of the country is not a matter of clicking “send”. Instead, an outward transfer must fit a permitted purpose and be supported by documents that the licensed bank checks before executing it. This is what people mean when they say Vietnam has “FX controls”.
For individuals, the detailed rules on one-way transfers out of Vietnam are in Circular 20/2022/TT-NHNN, issued by the State Bank of Vietnam and effective from 15 February 2023 (full text). It lists the current-transaction purposes for which a resident individual may buy and transfer foreign currency abroad.
Permitted purposes for sending money out
Under Circular 20/2022/TT-NHNN, a resident Vietnamese individual may buy, transfer or carry foreign currency abroad for specific purposes, including: settlement/emigration abroad; study and medical treatment for themselves or relatives; business travel, tourism and visits; payment of fees and charges to foreign parties; providing support or subsidies to relatives abroad; and remitting inheritance to overseas heirs. Each purpose has its own documentary requirements. Transfers must be executed through a licensed bank, and the foreign currency must come from a legitimate source — funds in your foreign-currency accounts and deposits, or dong you convert through the bank (sbv.gov.vn).
Emigrants: transferring your assets abroad
Moving abroad for settlement is expressly permitted. For emigration, the amount of foreign currency you may buy or transfer abroad is based on the value of the assets you legitimately accumulated in Vietnam before naturalisation or before being permitted to reside abroad for settlement, in line with the rules of the host country. Separately, money to pay the procedural costs of applying for settlement abroad (excluding any investment amount required to obtain citizenship or residence) may be transferred based on the foreign party’s notice of fees. In practice this means you can repatriate the proceeds of legitimate income and assets — salary savings, the proceeds of sold property, and similar — provided you can evidence their lawful origin to the bank (Circular 20/2022/TT-NHNN).
Expect the bank to ask for documents such as proof of your settlement abroad (passport, settlement visa or residence permit), evidence of the source of funds (employment and tax records, or the sale contract and tax receipts for a property), and your tax finalisation confirmation. Assemble these before you leave — gathering them from overseas is far harder.
VND versus foreign-currency accounts
While you are a resident, you can hold both Vietnamese dong accounts and foreign-currency accounts at licensed banks. Domestic payments inside Vietnam must generally be made in dong; foreign currency is for permitted cross-border and specified transactions. Interest on foreign-currency deposits for individuals has long been set at or near 0% under State Bank policy, so a foreign-currency account in Vietnam is a holding and transfer tool, not a savings vehicle. When you emigrate and become a non-resident, the status and permitted uses of your accounts change, which is why timing your conversions and transfers before departure is important (sbv.gov.vn).
Non-resident accounts after you leave
Your legal status shifts from resident to non-resident when you settle abroad, and this affects what accounts you may operate. Non-residents are generally restricted to a VND payment (current) account and typically cannot open interest-bearing term deposits, reflecting the State Bank’s rules on the use of dong and foreign-currency accounts by non-residents. If you keep a Vietnamese account after moving — for rental income, a pension, or a delayed tax refund — tell your bank about your change of status, because continuing to operate a resident account after you have emigrated is not correct and can cause the account to be frozen or reclassified. The State Bank periodically amends these account rules (for example through circulars updating the framework), so confirm the current position with your bank (sbv.gov.vn).
Carrying cash across the border
If you prefer to carry some money physically, know the declaration threshold. A person entering or leaving Vietnam must declare to border-gate customs if carrying foreign currency in cash of USD 5,000 or more (or the equivalent), or Vietnamese dong of VND 15 million or more. The threshold is set by the State Bank of Vietnam under Circular 15/2011/TT-NHNN and applies symmetrically on entry and exit. Declaring is a formality — you fill in a form and show the cash — and it does not by itself block you from carrying the money, but carrying more than the threshold to take out permanently may require a bank permit evidencing the source. Bank cards and other instruments do not count toward the cash threshold (sbv.gov.vn). For any substantial sum, a documented bank transfer is safer and cleaner than cash.
Keeping or closing your accounts: timing
Do not rush to close everything. You will likely need a live Vietnamese account to receive a personal income tax finalisation refund, any one-time social insurance payment, and final salary or deposit returns. Sequence it: complete your tax finalisation and lump-sum claim first, receive those funds, make your permitted outward transfer of savings and asset proceeds, then close the remaining accounts and obtain written confirmation of closure. If you keep an account open from abroad, update the bank to non-resident status and keep your contact details current so the account is not dormant-frozen. A card left active abroad is convenient, but the account should reflect your true residency status.
How Flyto can help
Flyto moves households from Vietnam to Europe and worldwide, door-to-door; get a quote. We handle the physical move; for the money side we help you build a realistic departure timeline so your permitted outward transfer, tax refund and account closures line up with your shipping and travel dates rather than colliding with them.
Frequently asked questions
Can I freely transfer all my money out of Vietnam?
No. Vietnam has foreign-exchange controls under the Ordinance on Foreign Exchange. Outward transfers must fit a permitted purpose and be documented through a licensed bank; emigration for settlement is one permitted purpose. Source.
How much can I send abroad when I emigrate?
For settlement abroad, the amount is based on the value of the legitimate assets you accumulated in Vietnam, evidenced to the bank. Procedural application costs can be transferred based on the foreign party’s fee notice. Source.
What documents does the bank need for an emigration transfer?
Typically proof of your settlement abroad (passport, settlement visa or residence permit), evidence of the lawful source of funds (employment, tax or property-sale records), and your tax finalisation confirmation, under Circular 20/2022/TT-NHNN. Source.
How much cash can I carry out without declaring it?
Below USD 5,000 in foreign currency and below VND 15 million you need not declare. At or above either threshold you must declare to customs at the border. Source.
Can I keep a Vietnamese bank account after I move?
You can, but you become a non-resident and should notify the bank; non-residents are generally limited to a VND payment account and typically cannot hold interest-bearing term deposits. Source.
When should I close my accounts?
After your tax finalisation refund and any social insurance payment have been received and your permitted outward transfer is done — then close and keep written confirmation. Source.
Sources
- State Bank of Vietnam — official English portal (foreign-exchange management)
- Circular 20/2022/TT-NHNN — one-way money transfers abroad (permitted purposes, emigration)
- Ordinance No. 28/2005/PL-UBTVQH11 on Foreign Exchange (as amended by 06/2013/UBTVQH13)
- Decree 70/2014/ND-CP — guiding the Ordinance on Foreign Exchange
- Circular 15/2011/TT-NHNN — cash declaration thresholds (USD 5,000 / VND 15 million)
- State Bank of Vietnam — rules on resident and non-resident accounts
- State Bank of Vietnam guidance on one-way transfers abroad — summary
- Government of Vietnam news portal — one-way money transfers guidance