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 under the Ordinance on Foreign Exchange (SBV). Key rules for personal outbound transfers include:

### Declaration requirements

Individuals carrying or transferring foreign currency of USD 5,000 or equivalent (in any currency) or more must declare the transaction at their authorised credit institution. This declaration includes the purpose, amount, and recipient details. Transfers below USD 5,000 still require identity verification but have lighter documentation requirements.

### Permitted purposes

Outbound transfers from Vietnam are permitted for specific purposes including: education expenses abroad, medical treatment overseas, family maintenance and support, travel expenses, investment abroad (with SBV approval for large investments), and emigration-related transfers.

For each purpose, the authorised credit institution (your bank) requires supporting documentation — admission letters for education, hospital invoices for medical, and family relationship documentation for maintenance.

### 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. Fees include a transfer fee of VND 200,000–500,000, a SWIFT cable charge, and the exchange rate margin embedded in the bank's selling rate for foreign currency. Exchange rate margins are typically 0.5–2% above the SBV reference rate.

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

Bank SWIFT transfers from Vietnam to Australia typically take 3–5 business days. The processing involves the Vietnamese bank's compliance review, correspondent bank routing, and Australian settlement.

First-time transfers or large amounts may take longer (5–7 business days) as banks conduct thorough documentation review.

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, but all transfers above USD 5,000 equivalent require declaration and purpose documentation. Large transfers require SBV-compliant documentation and may need additional approvals depending on the purpose.

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

National ID or passport, bank transfer application, purpose declaration, and supporting documents for the stated purpose (education admission letter, medical invoice, family documentation, etc.).

How long does a transfer from Vietnam to Australia take?

Bank SWIFT wires take 3–5 business days. First-time large transfers may take 5–7 business days.

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.