How to transfer money to Australia from Vietnam

Overview

The Vietnam-to-Australia corridor serves a growing community of Vietnamese migrants, students, and investors in Australia. Vietnam maintains foreign exchange controls managed by the State Bank of Vietnam (SBV), which means outbound transfers require more documentation and process than open-capital-account countries.

Understanding SBV's rules on forex purchases, declaration thresholds, and permitted purposes is essential for smooth transfers from Vietnam to Australian bank accounts.

Vietnam's outbound transfer rules

The State Bank of Vietnam (SBV) manages the country's foreign exchange regime. Key rules for personal outbound transfers include:

Declaration requirements

Vietnam has two separate rules that are often confused with each other. Carrying foreign-currency cash of USD 5,000 or equivalent (or VND 15 million or more) across the border must be declared to customs on entry or exit. Sending money abroad through a bank is a different regime with no fixed dollar threshold for declaration — instead, a licensed bank will only sell you the foreign currency and process the transfer against documentation showing the purpose of the transfer.

Permitted purposes

Under Circular 20/2022/TT-NHNN, an individual resident can transfer money abroad through a licensed bank for a defined list of purposes, including: study or medical treatment abroad, business trips, tourism or visits, paying fees to a foreign party, supporting a relative's living expenses, an inheritance, and settling abroad. Family-support transfers are generally capped against the destination country's per-capita income; travel and business-trip transfers are instead set by the bank based on reasonable need, and education and medical transfers are assessed against the amount the receiving institution has stated.

For each purpose, the bank requires supporting documentation — for example, an admission letter or fee invoice for education, a hospital invoice for medical treatment, or proof of the family relationship and living costs for family support.

Vietnamese dong (VND) convertibility

VND is not freely convertible on international markets. All forex purchases must go through authorised credit institutions (banks licensed by SBV to deal in foreign exchange). The rate offered is based on the SBV's central reference rate plus a permitted trading band. This means exchange rates are somewhat controlled, and the spread between the official rate and the rate you receive at the bank counter may vary.

Fee comparison by provider type

Vietnamese banks (Vietcombank, VietinBank, BIDV, Techcombank, ACB) are the primary channel for outbound transfers. Vietcombank, for example, publishes its outward SWIFT remittance fee as a percentage of the amount sent, with a set minimum and maximum in USD, plus a separate SWIFT cable charge. Banks also add their own margin on top of the SBV's reference exchange rate when they sell you the foreign currency. Fee percentages, minimums, maximums and margins are all subject to change, so check your own bank's current published fee schedule and rate card before transferring rather than relying on a figure quoted elsewhere.

Specialist international transfer services have limited direct operations in Vietnam due to SBV regulations. Some global providers accept transfers funded from Vietnamese bank accounts through partner arrangements, but the range of options is narrower than in open-market jurisdictions. Check current availability before planning.

Remittance services (Western Union, MoneyGram) operate in Vietnam but are primarily geared toward inbound remittances. Outbound service availability and pricing vary by location.

Documentation required

For the Vietnamese sending side: national ID card or passport, completed bank transfer application, purpose declaration, and supporting documents appropriate to the transfer purpose (admission letter, medical invoice, family relationship proof, emigration documentation). For transfers related to overseas investment, SBV approval documentation may be required.

For the Australian receiving side: BSB number, account number, full name, and the receiving bank's SWIFT/BIC code.

Transfer time

How long a bank SWIFT transfer from Vietnam to Australia takes depends on the sending bank's compliance and documentation review, how many correspondent banks the payment routes through, and Australian settlement — Vietnamese banks don't publish a fixed transfer time. Ask your bank for its current estimated timeframe before you send, and build in extra time for a first-time transfer or one that needs closer documentation review, since those generally take longer than a routine transfer.

Tax implications on both sides

Vietnam side: Vietnam does not impose a specific tax on outbound personal remittances. However, personal income tax must be settled on all taxable income in Vietnam before proceeding with emigration-related transfers. The General Department of Taxation expects tax compliance for outbound capital movements.

Australia side: Incoming transfers are not automatically taxable. Gifts and family support from Vietnam are not taxable in Australia. Vietnamese-sourced income is taxable for Australian tax residents, with foreign income tax offsets available under the Vietnam–Australia Tax Treaty (ATO).

Common mistakes

Not having purpose documentation ready. Vietnamese banks enforce purpose requirements strictly. Arriving at the bank without the correct supporting documents means multiple visits and delays.

Assuming international transfer services work the same as in other countries. Vietnam's forex controls limit the availability of specialist services. The bank route is often the only practical option for large outbound transfers.

Not factoring in VND convertibility limitations. The VND exchange rate is managed, not free-floating. This means the rate you get depends on the SBV reference rate and your bank's margin on that day. You have less ability to shop for competitive rates than in open-market currencies.

Ignoring processing times for property settlements. If you are funding an Australian property purchase from Vietnamese sources, the compliance and documentation process can take significantly longer than in open-market jurisdictions. Start weeks before your settlement deadline.

How much money can I send from Vietnam to Australia?

There is no fixed annual cap on personal outward bank transfers, but every transfer must fall within a permitted purpose under Circular 20/2022/TT-NHNN and be backed by supporting documents. This is separate from the USD 5,000 (or VND 15 million) customs declaration threshold, which applies to carrying physical cash across the border, not to bank transfers.

What documents do I need to send money from Vietnam to Australia?

National ID or passport, a completed bank transfer application, and supporting documents for the stated purpose (an admission letter for education, a hospital invoice for medical treatment, proof of the family relationship for family support, and so on).

How long does a transfer from Vietnam to Australia take?

Vietnamese banks don't publish a fixed timeframe — it depends on the sending bank's compliance review, correspondent bank routing, and Australian settlement. Ask your bank for its current estimate, and expect a first-time or closely-reviewed transfer to take longer than a routine one.

Can I use Wise or other online services to send VND to AUD?

Availability of specialist services for VND-sourced outbound transfers is limited due to Vietnam's forex controls. Check current service availability directly with providers.

Will the ATO tax money received from Vietnam?

Not automatically. Gifts and family support are not taxable. Vietnamese-sourced income may be taxable for Australian tax residents under the Vietnam–Australia Tax Treaty.