International Money Transfer Regulations in 2026: Key Requirements, Limits, and Procedures

The need to transfer foreign currency overseas for education, medical treatment, family visits, or investment is becoming increasingly common, accompanied by changes to the legal framework. International money transfer regulations cover eligible senders, permitted purposes, supporting documents, transfer limits, and transaction reporting thresholds. This article summarizes the key requirements to help you understand and comply with the current regulations.

1. Overview of Current International Money Transfer Regulations

International money transfers by residents in Vietnam are primarily governed by the Ordinance on Foreign Exchange and its implementing regulations. The key legal documents include:

• Decree No. 70/2014/ND-CP issued by the Government: Provides detailed guidance on the implementation of certain provisions of the Ordinance on Foreign Exchange and the Ordinance Amending and Supplementing Certain Provisions of the Ordinance on Foreign Exchange. It establishes the principle that foreign currency may be freely transferred through authorized banks for legitimate current transactions, such as overseas education, medical treatment, and service payments.
• Circular No. 20/2022/TT-NHNN issued by the State Bank of Vietnam: Specifies the documentation and grounds required for one-way transfers by individuals for purposes such as tuition fees, medical expenses, living expenses, family support, and immigration, as well as payments for current transactions by organizations.
• Circular No. 34/2026/TT-NHNN issued by the State Bank of Vietnam: Requires overseas investment transfers to be supported by an Investment Registration Certificate, registered for foreign exchange transactions with the State Bank of Vietnam, and conducted through one dedicated capital account.

In principle, all international money transfers must be made through banks authorized to conduct foreign exchange activities, serve a legitimate purpose, and be supported by adequate documentation as required by the bank.

Note: The information in this article is based on legal documents published at the time of writing and may change if the relevant laws and regulations are amended or supplemented.

2. Eligible Senders and Permitted Purposes for International Money Transfers

Not everyone is eligible to transfer money overseas, and not all purposes are permitted. Regulations clearly distinguish between different groups of senders and the specific purposes for which transfers are allowed.

2.1. Resident Vietnamese Individuals

Pursuant to Article 9 of Circular No. 20/2022/TT-NHNN, resident Vietnamese citizens may purchase, transfer, or carry foreign currency abroad for the one-way transfer purposes specified in Clause 2, Article 7 of Decree No. 70/2014/ND-CP, which commonly include:

• Overseas education or medical treatment.
• Business trips, tourism, or visits abroad.
• Financial support for relatives living overseas.
• Transfers of inheritance or funds for overseas settlement.
• Payment of fees and charges to foreign organizations.
• Other legitimate one-way transfer purposes.

The purchase, transfer, or carrying of foreign currency may be carried out by the individual, their legal representative, or a relative of the person studying or receiving medical treatment overseas, in accordance with the instructions of an authorized bank.

2.2. Non-Resident Individuals and Foreign Nationals Residing in Vietnam

In addition, under Clause 2, Article 7 of Decree No. 70/2014/ND-CP, non-residents and foreign nationals residing in Vietnam who hold foreign currency in their accounts or have other legitimate sources of foreign currency income may transfer or carry that currency abroad. If they have legitimate income in Vietnamese dong, they may purchase foreign currency to transfer or carry overseas.

2.3. Organizations

Organizations that are residents in Vietnam may transfer money overseas to support legitimate current transactions, such as payments for goods and services, sponsorship, and aid, in accordance with relevant commitments and contracts. They must provide supporting documents verifying the purpose of the transfer to the bank processing the transaction.

For more details, see Article 4 of Circular No. 20/2022/TT-NHNN.

3. Requirements and Documents for International Money Transfers by Purpose

3.1. Overseas Education and Medical Treatment

• Sender: A resident Vietnamese citizen, including the student or patient, their legal representative, or a relative of the person studying or receiving medical treatment overseas, who may make the transfer on their behalf in accordance with the instructions of an authorized bank.
• Recipient: An overseas educational institution, hospital, or medical facility, or the personal bank account of the student or patient abroad.
• Documentation Requirements: Documents verifying the purpose of the transfer, such as tuition fee notices or medical bills issued by the overseas institution. If the overseas institution does not specify living expenses or other related costs, the authorized bank may determine the additional amount of foreign currency to be purchased, transferred, or carried based on the customer's reasonable needs, in accordance with Article 13 of Circular No. 20/2022/TT-NHNN.

3.2. Business Trips, Tourism, and Visits Abroad

• Sender: A resident Vietnamese citizen who needs to travel overseas for business, tourism, or visits.
• Recipient: The individual themselves, in the form of purchased foreign currency carried in cash, or a relevant organization or individual overseas connected to the trip.
• Documentation Requirements: Documents verifying the purpose of the trip, such as flight tickets, business invitation letters, itineraries, or other documents as required by the bank.

3.3. Payments of Fees and Charges to Foreign Organizations

• Sender: A resident Vietnamese citizen who is required to pay fees or charges to a foreign organization.
• Recipient: The foreign organization to which the fees or charges are payable, such as examination fees, application processing fees, or membership fees for international associations.
• Documentation Requirements: Documents or payment notices issued by the foreign organization specifying the fees or charges due. The amount of foreign currency purchased and transferred must be based on the costs stated in the relevant notice.

3.4. Financial Support for Relatives Living Overseas

• Sender: A resident Vietnamese citizen who has a family relationship with the recipient, such as a biological or adoptive parent, parent-in-law, spouse, biological or adopted child, daughter-in-law, son-in-law, or biological sibling.
• Recipient: A relative living overseas.
• Documentation Requirements: Documents proving the family relationship and evidence that the recipient is living overseas.

3.5. Inheritance Transfers

• Sender: A resident Vietnamese citizen who is entitled to inheritance, or their legal representative acting on their behalf.
• Recipient: The heir residing overseas.
• Documentation Requirements: Documents proving entitlement to inheritance in accordance with applicable inheritance laws.

3.6. Overseas Settlement

• Sender: A resident Vietnamese citizen preparing to settle overseas or who has already been granted permission to do so.
• Recipient: The individual themselves overseas, or a foreign organization receiving payments for settlement-related procedures.
• Documentation Requirements: Documents proving that the individual has been permitted to settle overseas.

3.7. Organizational Transfers for Current Transactions

• Sender: An organization that is a resident in Vietnam.
• Recipient: An overseas organization or business partner under contracts for payments related to goods, services, sponsorship, or aid.
• Documentation Requirements: Contracts, payment documents, and other supporting documents demonstrating that the transfer purpose is consistent with the commitments made. These must be submitted to the bank processing the transaction.

3.8. Overseas Investment Transfers

• Sender: An investor, whether an organization or an individual who is a resident in Vietnam, undertaking an overseas investment project.
• Recipient: The pre-investment account or investment capital account of the project overseas.
• Documentation Requirements: From July 31, 2026, investors must open a separate pre-investment account for each project at an authorized bank and register their initial foreign exchange transaction, in accordance with Articles 6, 7, and 8 of Circular No. 34/2026/TT-NHNN. If a project has multiple investors, each investor must open a separate account at the same authorized bank.

4. International Money Transfer Limits Under Current Regulations

There is no single fixed limit for all international money transfers. The permitted amount depends on the purpose of the transfer and the supporting documents provided. For example:

• For overseas education and medical treatment: The transfer limit is based on tuition fee notices, medical bills, and living expense statements issued by the overseas institution. Any additional amount beyond the stated costs may be considered by the authorized bank based on reasonable needs.
• For financial support to relatives: A commonly referenced limit applied by many banks is up to approximately USD 50,000 per person per transaction, or the equivalent in another foreign currency. The total annual amount must also not exceed the per capita GDP of the location where the relative resides.

Note: The limits above are indicative figures compiled from general regulations and may change over time depending on foreign exchange management policies and individual bank requirements. You should check directly with the bank handling your transaction for the latest official information.

5. Steps to Transfer Money Overseas in Compliance with Regulations

To help ensure a smooth transaction, you can follow these general steps:

1. Identify the Purpose of the Transfer: Determine whether the transfer is for education, medical treatment, family support, business travel, tourism, or investment, as each purpose requires different supporting documents.
2. Prepare Supporting Documents: Gather the relevant documents, such as tuition fee notices, medical bills, proof of family relationship, contracts, or investment permits, depending on your circumstances.
3. Contact a Bank Authorized to Conduct Foreign Exchange Activities: Provide the recipient's details, account number, overseas beneficiary bank information, and relevant supporting documents.
4. Check the Transfer Limits and Bank Policies: Confirm the limits and requirements applicable to your intended transfer before proceeding.
5. Complete the Transaction: Make the transfer at a bank branch or through the bank's electronic banking channels, then retain the transaction receipt for future reference.

6. Important Considerations When Transferring Money Overseas

• Certain electronic money transfers may be subject to reporting requirements under applicable anti-money laundering regulations. Banks may request customers to provide, verify, or supplement transaction-related information when necessary. Customers must provide truthful and complete information as required by the bank.
• Do not use the same set of supporting documents to transfer amounts exceeding the permitted limits through multiple banks.
• Only use foreign currency purchased from an authorized bank for the registered purpose and in compliance with applicable laws.
• Transfer limits and documentation requirements may be adjusted over time. Therefore, you should proactively check the latest official information from an authorized bank before making a transaction.

7. FAQ - Frequently Asked Questions

1. Can individuals carry foreign currency in cash when traveling overseas? Yes, but they must comply with the applicable limits on carrying foreign currency in cash when departing Vietnam. If the amount exceeds the customs declaration threshold, a confirmation issued by an authorized bank is required.

2. What documents are required to transfer money to a child studying overseas? Typically, you need tuition fee and living expense notices issued by the overseas educational institution, documents proving the family relationship, and other documents required by the bank processing the transaction.

3. Is there a limit on the number of financial support transfers to relatives each year? Limits are generally calculated per transaction, while the total annual amount may be assessed against the per capita GDP of the location where the relative resides, depending on the regulations applied by the bank.

4. Where can I find the latest international money transfer regulations? You should consult the National Legal Database or the official website of the State Bank of Vietnam to check the current regulations and avoid relying on outdated legal documents.

Understanding the latest international money transfer regulations helps you prepare the correct documents, comply with applicable limits, and avoid legal risks when transferring money for education, medical treatment, family visits, or investment.