My partner is from Vietnam and her mum is looking to transfer amounts greater than $100k to us here is Australia from Vietnam. Does anyone have experience with this process and know how to do this while avoiding Vietnam government regulation (tax receipts are required for global bank transfers using swift).
Easiest Way to Move Money from Vietnam to Australia?
t-money on 06/09/2022 - 22:36
Comments
avoiding Vietnam government regulation
Do what the Chinese do. Go to the casino and use Vietnam credit / debit card and take money out.
Good idea - rate might not be good at casinos though?
You need a Vietnam card that doesn't have FX margin. Then when you take money out at the casino bill in Vietnamese Dong. Casino would let you take money out that way long as you gamble a little.
How good are you at gambling to at least break even or there abouts.
48.65% on red, 48.65% on black, 2.70% on green (or thereabouts) … walk out with 97.3% of your money back within a few minutes, all nicely described as casino winnings.
Boogie board bag
you beat me by 2 mins…
don't you mean beat?
Visit a Vietnamese money transfer shop in Footscray, Braybrook, St Albans, etc. and ask
Or find someone wanting to transfer a similar amount from here to Vietnam. You should be able to find similar request/offer on Facebook pages created by Vietnamese international students.
This is the only feasible solution, unfortunately getting money out from Vietnam is still very due to the country's attitude towards balance sheet and trade deficit. Similarly to the story of exit permits from those communist countries back in the cold war.
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And techlead
Greater than AU$100k or greater than VNĐ100k ??
You might need to contact your bank, because if it’s AU$100k, it’s going to trigger a lot of questions. You are possibly going to need all sorts of proof of why you are getting it and where it has come from.
Is there a time frame this has to be done in? Because it may be easier to split it up into smaller chunks over time.
The other thing is finding a good exchange rate when you do go to convert it.
Source: I have a wife and family in VN and we are always moving money around, but nothing on that kind of scale.
Well 100,000VND is about $6, so in that case I would just put it in my pocket.
Wife has about 3 and a bit million here in VNĐ. Looks impressive, but is only about AU$200 :D
this is okay we have confirmed with the bank and they have no issues, we can also prove its a gifting from parents. how does your family move money? the scale may not be an issue depending on process
please dm me re: your process
Does anyone have experience
while avoiding Vietnam government regulationThe AFP might know.
This request appears to be the very definition of the illegal transfer of money.
Most countries turn a blind eye to many instances of laundered money coming in and also provide gambling venues to make that money legal but are really strict and enforcing with money going out.
I would query “most countries”. However, trying to evade the rules that are in place is illegal.
Australia is beginning to crack down on incoming money as well. At Casinos people are being asked to justify where the money has come from.
I'm pretty sure the answer is:
Bikies
Bitcoin
Trading Popcorn Futures (for fun and profit).
Bikes
Wise transfer.
Lot of condoms on the way in, and a big bottle of laxatives on the way out
Gold bullion?
I have plenty of experience and can help you out. I require a 10k upfront non-refundable fee. PM me.
What's the Vietnamese government regulations/restrictions with transferring money abroad?
There is a cap of $50k USD per person per year on external transfers and any amount of transfers require proof that you have paid tax on the amount of money you have.
So basically not only is the transfer itself illegal, but likely there's a tax avoidance scheme going on as well.
Cheers.. I would imagine there's lots of untaxed money floating around.
$50k USD is $74k AUD, so start there and she can transfer the other 26k in a year.
Now you don't have to do anything illegal.
I'd say the issue lies with proving that tax has been paid on the money to be transferred, not the transfer limit itself.
What is the reason you can't just do a normal bank transfer?
see above
Not helpful at all, but this is probably why you get a fantastic exchange rate if you take USD to Vietnam. I went in expecting to get ripped off exchanging it, but I got a significantly better rate than xe.com when I traded it over. Only figured out why afterwards, they really want hard cash in USD to get around government regulations.
wrong direction, thanks though
Oh yeah.. bugger.
Internally…
or cryptoGet them on a ship/boat and make them sail to a very secluded part of the Australian coast with the money. This could be somewhere on the north east coast of Australia or near Darwin, because no one lives in Darwin. Meet them there to get the money and drive home by car.
Pack it in your suitcase. Under AU$10k each time. Ten trips.
Strap it to your body and make it 5 trips.There is no limit to the amount of physical currency that may be brought into or taken out of Australia. However, travellers entering and departing Australia must report any currency they are carrying of $10,000 or more in Australian dollars, or the foreign currency equivalent. Ref
That's only if you want to be investigated.
Money laundering is the way. Use mules for a reasonable cut.