New regulations on cross-border carrying of cash

August 18, 2011 | 09:14

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The State Bank of Vietnam has issued a circular, stipulating the bringing of foreign currency in cash and Vietnam dong in cash by individuals when leaving or entering the country.

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Under the Circular No. 15/2011/TT-NHNN, individuals who carry over $5,000 or other foreign currencies that have equal value and more than VND15 million must make customs declarations at border gates.

For individuals who carry into Vietnam foreign currency equal to or less than $5,000, or other foreign currencies have equal value and wish to send this amount of foreign currency to account of payments in foreign currency of individuals opened at credit institutions or branches of foreign banks licenced to conduct foreign exchange transactions must also declare to the border gate customs.

The entry-exit declaration certified by the border customs of the foreign currency in cash brought into is the basis for licenced credit institutions to send foreign currency in cash to the account of payments.

The entry-exit declaration verified by the border gate customs is only valid for individuals to send foreign currency in cash to the account of payments within a maximum of 60 days from the date on the declaration of entry-exit.

VIR/VNA

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