Permit For Remittance Of Foreign Currencies Abroad For Vietnamese Citizens

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Permit for remittance of foreign currencies abroad for Vietnamese citizens

Purpose

To regulate the remittance of foreign currency abroad of Vietnamese citizens

What is it

License

Who should apply

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Vietnamese citizens need to bring or transfer foreign currencies overseas to use for such purposes as: covering expenses for the study, tours, medical treatment, working trips; supporting for needed people, transferring money of inheritance to their heirs overseas

Where to apply

State bank of Vietnam

Vietnamese citizens need to bring or transfer foreign currencies overseas to use for such purposes as: covering expenses for the study, tours, medical treatment, working trips; supporting for needed people, transferring money of inheritance to their heirs overseas

Validity of the License and application fee

Unspecified

Application conditions and documents

Transfer, bringing of foreign currencies for study overseas:
- Vietnamese citizens who wish to transfer or bring foreign currencies overseas for the payment of tuition fees, accommodation and meal or other expenses arising in the course of their own study overseas, the dossiers include:
  - The application for foreign currencies transfer or bringing;
  - The written expense notice of the overseas school or training establishment to the trainee. In cases where the notice is not sent directly to the trainee, such trainee-Vietnamese citizens shall have to submit a letter of study acceptance of the overseas training establishment or paper(s) providing that he/she is studying overseas;
  - The copy of the applicant’s passport.
- For Vietnamese citizens who wish to transfer or bring foreign currencies to their relatives studying oversea shall have to submit the following papers:
  - The application for remittance of foreign currencies;
  - The written expense notice of the overseas school or training establishment to the trainee. In cases where the notice is not sent directly to the trainee, such trainee-Vietnamese citizens shall have to submit a letter of study acceptance of the overseas training establishment or paper(s) providing that he/she is studying overseas;
  - The papers proving their family relationship;
  - The copies of their identity cards (for cases of applying for foreign currency transfer) or passports (for cases of applying for foreign currency bringing).
- For persons who are authorized by Vietnamese citizens to bring foreign currencies to their relatives studying overseas shall have to submit the following papers:
  - The application for remittance of foreign currencies;
  - The written expense notice of the overseas school or training establishment to the trainee. In cases where the notice is not sent directly to the trainee, such trainee-Vietnamese citizens shall have to submit a letter of study acceptance of the overseas training establishment or paper(s) providing that he/she is studying overseas;
  - The papers proving their family relationship with the authorizers;
  - The written authorizations;
  - The copies of the authorized persons’ passports.
- For the cases in which Vietnamese citizens may authorize enterprises with function of providing overseas study consultancy and services, the dossiers must comprise:
  - The enterprise’s written request for foreign currency transfer;
  - The overseas training establishment’s written notice on expenses of each trainee. In cases where such a notice fails to specify such trainee’s expenses, the enterprises shall have to attach the letter of study acceptance of the overseas training establishment or paper(s) proving that the trainee is studying overseas.
  - The copies of the trainees’ passports (for those who have not yet left for study);
  - The authorization contracts made between Vietnamese citizens and the enterprise whereby Vietnamese citizens authorize the enterprise to fill in the foreign currency transfer procedures.
  - The notarized copy of the business registration certificate (for the case of the first-time application for permits).
Transfer, bringing of foreign currencies overseas for medical treatment purposes:
- For Vietnamese citizens who wish to transfer or bring foreign currencies overseas for the payment of hospital fees, accommodation, meal and subsistence as well as relevant expenses arising in the course of their medical treatment overseas, the dossiers must comprise:
  - The application for foreign currency transfer or bringing;
  - The paper of acceptance for medical examination and/or treatment, issued by the overseas medical treatment establishment or the written recommendation to overseas medical treatment issued by a domestic medical treatment establishment;
  - The written notice on the expenses or expense estimates made by the overseas medical treatment establishment;
  - The copy of the patient’s passport.
- In cases where Vietnamese citizens transfer or bring foreign currencies to their relatives who are undergoing medical treatment overseas, the dossiers must comprise:
  - The application for foreign currency transfer or bringing;
  - The paper of acceptance for medical examination and/or treatment, issued by the overseas medical treatment establishment or the written recommendation to overseas medical treatment issued by a domestic medical treatment establishment;
  - The papers proving their family relationship;
  - The copies of their identity cards (for cases of applying for foreign currency transfer) or passports (for cases of applying for foreign currency bringing).
- For persons who are authorized by Vietnamese citizens to bring foreign currencies to their relatives undergoing medical treatment overseas shall, in addition to the papers prescribed at points a and b of Item 1, have to submit to following papers:
  - The application for foreign currency transfer or bringing;
  - The paper of acceptance for medical examination and/or treatment, issued by the overseas medical treatment establishment or the written recommendation to overseas medical treatment issued by a domestic medical treatment establishment;
  - The papers proving their family relationship with the authorizers;
  - The written authorizations;
  - The copies of the authorized person’s passport.
Transfer, bringing of foreign currencies overseas for payment of charges and fees to foreign parties, the dossiers must comprise:
- The application for foreign currency transfer or bringing;
- The foreign party’s written notice on expense;
- The copy of the applicant’s identity card (for cases of applying for foreign currency transfer) or passports (for cases of applying for foreign currency bringing).
Transfer, bringing of foreign currencies overseas for working purposes, the dossiers must comprise:
- The application for foreign currency transfer or bringing;
- The foreign party’s written notice on expenses;
- The copy of the applicant’s identity card.
Transfer or bringing of foreign currencies to support relatives overseas, the dossiers must comprise:
- The application for foreign currency transfer or bringing;
- The paper(s) proving their family relationship;
- The paper(s) proving that the support beneficiary is residing overseas;
- The copy of the applicant’s identity card (for cases of applying for foreign currency transfer) or passports (for cases of applying for foreign currency bringing).
Transfer or bringing of foreign currencies to heir overseas, the dossiers must comprise:
- The application for foreign currency transfer or bringing;
- The original or notarized copies of the competent agency’s document on the inheritance division or testament and the written agreement between the lawful heirs;
- The written authorization of the heir (notarized or authenticated) or document proving the representative-at-law capacity of the applicant for foreign currency transfer or bringing;
- The copy of the applicant’s identity card (for cases of applying for foreign currency transfer) or passports (for cases of applying for foreign currency bringing).
Transfer or bringing of foreign currencies overseas for permanent residence purposes, the dossiers must comprise:
- The application for foreign currency transfer or bringing;
- The copy of the overseas competent agency’s document, allowing the permanent residence, attached with the translation thereof certified by the translating body of paper(s) proving that the Vietnamese citizens is allowed to settlement overseas;
- The copy of passport of the person on exit for permanent settlement overseas.

The process

The applicants submit the dossiers to the licensed banks or branches of the State Bank as stipulated above;
Within 10 working days after fully receiving the valid dossiers, the licensed banks or branches of the State Bank shall grant or refuse to grant the license to the organization. In case of refusal to grant the license, a written reply must be given to the applicants, clearly stating the reasons therefore.

How long it will take to process the application?

10 working days

Inspecting authorities

Inspection Agencies of the State Bank of Vietnam and its branches in provinces.

Non-compliance penalty

Penalties range from 5.000.000 VND to 12.000.000 VND. See Article 18 of Government’s Decree No. 202/2004/ND-CP of December 10, 2004 on sanctioning violations in the monetary and banking fields

Legal texts regulating this license

The Law on Credit Institutions No.07/1997-QHX of December 12, 1997
The Law No.20/2004/QH11 of June 15, 2004 on amending and supplementing a number of articles of the Law on Credit Institutions
Government’s Decree No. 63/1998/ND-CP of August 17, 1998 on foreign exchange management
Government’s Decree No. 131/2005/ND-CP of October 18, 2005 on amending and supplementing a number of articles of Government’s Decree No. 63/1998/ND-CP of August 17, 1998 on foreign exchange management
ND-CP_D_2004_202
Circular No. 01/1999/TT-NHNN7 of April 16, 1999 of the State Bank providing guidance on implementation of the Government’s Decree No. 63/1998/ND-CP of August 17, 1998 on foreign exchange management
Decision No.1437/2001/QD-NHNN of November 19, 2001 of the Governor of the State Bank issuing the regulation on the purchase, transfer and bringing of foreign currencies overseas by residents being Vietnamese citizens

Other useful information

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