MidAtlantic

But not transferring Vietnamese Dongs to GBPs, which is what Saigon456 is referring to.

mrken30

True, but Vietnam and the United Kingdom are listed as participating countries. But only from the UK to Vietnam. I wonder if that is a mistake.

https://www.citibank.com.vn/english/...l_transfer.htm

scot47

Taking back a chunk of cash in Canadian currency will mean losing quite a lot on the exchange rate. Where did you propose to convert the cash from Canadian $ into £sd ?

Thairetired2016

They may well ask for a work permit and proof of tax payment. May be US and UK banks don't.
To arrive with a bag full of Dong in UK wouldn't be useful. Which bank would buy it? If a forex trader buys Dong it will be with a noticeable loss for the seller.

OriginalSunshine

Go to the bank in Vietnam and ask how much it would cost you to set up for a few months whilst you do the transfer. You know how it works in Asia. Everything is feasible for a charge.

Or you know, say f it, and leave the money behind whilst complaining about what the internet says rather than getting up and going and trying.

Pulaski

Well if the source of the funds wasn't documented, declared and taxed then the OP may have a huge problem. As far as I can tell, a non-Vietnamese who can show that the money was obtained legitimately, and presumably declared for tax purposes, should be able to transfer money out of Vietnam, albeit with some hoops to jump through.
That much is certainly true - I am not sure that most bureaux de change establishments in the UK would take dong at any price.

I also suspect that anyone prepared to exchange dong for physical US$ will give you a pretty crappy exchange rate, and in any case you'd lose another 10% on exchanging US$ for pounds sterling in the UK.

In truth if the money can't be wired out of Vietnam using above-board means then there isn't a cheap, low-risk method to get the money back to the UK.

MidAtlantic

That is what Saigon456 (not the OP) seems to be saying in #17 above. That is his real problem rather than how to transfer the money.

petitefrancaise

mention was made in the FB group of going to a gold seller. Informal currency exchange apparently.

OP can turn up in the UK with up to the currency equivalent of 10K EUROS cash not have to declare it.

If it's more than 10k Euros then the OP has a problem - maybe go and declare their earnings, pay the tax due if the amount is sufficient to warrant it.

Pulaski

I agree. Clearing up the mess by legitimizing the money at source, i.e. in Vietnam, is going to be the preferred solution unless he risks imprisonment or very substantial fines.

scot47

The OP has run into a problem that used to be very common - Exchange Control. Vietnam doers not permit unfettered export of foreign currency.

Pulaski

It was in the UK, until May 1979.

Saigon456

This is what I'm doing. I will buy 8,700 GBP in Saigon from a gold shop and take to UK. You are only supposed to take out $5000 from VN but many friends have taken out upwards of 20,000 Euro before so I'm not too worried.

Problem is when we sell our apartment which is worth about $70,000. My wife (Viet) is currently looking at the rules which may allow Viet nationals to carry cash proceeds from property sales to a new country if they obtain the appropriate visa to live there, and then she can declare it at the airport and pay whatever duties apply (anyone know more about duties on declared cash into the UK?). Will update soon about this method.

The only other option would be the HSBC premier account route. I'd like to apologize to OriginalSunshine who suggested this a while ago and I said I didn't qualify but actually if the wife had an HSBC premier account in VN (You need 1 billion VND to qualify) then you automatically qualify for an HSBC premier account in the UK. So new plan would be...

1) I go back to UK and get a job
2) 6 months later we apply for her visa.
4) When the visa comes through she sells the apartment and opens HSBC premier account in VN. Puts all proceeds from sale in there (about 2 billion VND).
5) She comes to UK on her visa and opens up HSBC premier account in UK.
6) We transfer money from VN to UK with the only charge being for the exchange rate. (She can prove the source of funds from the property sale documentation).

Number 5 is easy to do yes? A spouse with a family visa can open a bank account in UK?

Saigon456

Anyone have experience with a spouse on a family visa opening a bank account in UK? Easy enough?

Thairetired2016

"This is what I'm doing. I will buy 8,700 GBP in Saigon from a gold shop and take to UK. You are only supposed to take out $5000 from VN but many friends have taken out upwards of 20,000 Euro before so I'm not too worried."

As long as you can prove a legal source when getting caught with 20.000 Euro on arrival.

Saigon456

I'm only taking 8,700 GBP with me to UK as mentioned above. (The nothing to declare limit).