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Money Transfer From Property Sale in VIetnam

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sefah
  6/26/2016 06:47 EST

Hello Everyone,

My parents are dual citizens of USA and VN. They purchased property in VN to live in their retirement. Is there any way to transfer money back to the US when they do decide to sell? The banks do transfer money if you can show proof of where it came from, but maximum is only $7000 a year.

Thank you in advance for any help on this topic.

Sweetpants
  6/26/2016 21:57 EST

Hi where did you get information that transfer maximum is only $7000 a year? Surely as long as proof of money being transferred from overseas is there, there should not be a limit and banks should assist?

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sefah
  6/27/2016 13:11 EST

We were just at ACB bank in Bien Hoa two weeks ago, where they offered both Western Union and direct bank transfer services. We were told that there is a $7000 yearly cap, so I'm trying to figure out if there is anyone here who had experience with transferring funds from a business or real estate sale before. From my limited knowledge, foreigners are able to purchase properties now, but what happens when you sell?

tienquynh85
  9/14/2016 02:45 EST

It's true that banks giving a certain amount on transfer money out of Vietnam each year. My parents use the"black market" agent to move money out of Vietnam, and once the money arrived to Canada, they will show the proof of selling their property in Vietnam to a Canadian bank. This is purely for Anti-money laundry that Canadian bank required before deposit such a huge amount of money :)

sefah
  9/14/2016 11:01 EST

That's great to hear. Thank you! Do you have contact information for this agent that you can email me? Thanks.

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