How to Transfer Money from Your US LLC to Vietnam
Complete guide to sending money from your US business bank account to Vietnam (VND). Compare fees, speeds, and regulations for Vietnam-bound transfers.
Quick Facts
In This Guide
Overview
If you own a US LLC and need to transfer money to Vietnam, you have several options ranging from traditional bank wires to modern fintech services. The best choice depends on the transfer amount, urgency, and whether you prioritize low fees or fast delivery.
Important Note for Vietnam
Vietnam has foreign exchange controls managed by the State Bank of Vietnam (SBV). VND is not freely convertible. Transfers to Vietnam must go through authorized banks. Receiving banks handle the FX conversion.
Best Transfer Methods
Wise
Best available rate. Transfers directly to Vietnamese bank accounts.
Remitly
Good for personal remittances to Vietnam.
Bank Wire (SWIFT)
Vietnamese banks (Vietcombank, BIDV, VietinBank) handle conversion. Slower than other countries.
Western Union
Cash pickup widely available.
Fees & Speed Comparison
| Service | Fees | Speed | FX Rate |
|---|---|---|---|
| Wise | 0.8–2% | 1–2 business days | Mid-market rate |
| Remitly | $2.99–$4.99 | 1–3 business days | Competitive |
| Bank Wire (SWIFT) | $30–$50 | 2–5 business days | 1–3% markup |
| Western Union | $5–$30 | Minutes (cash pickup) | 2–4% markup |
Regulations & Requirements
When transferring money to Vietnam, be aware of these regulatory requirements:
- State Bank of Vietnam controls foreign exchange
- VND is not freely convertible — receiving bank handles conversion
- Transfers over $5,000 may require source documentation
- Vietnamese residents have limitations on holding foreign currency
Common Pitfalls to Avoid
- VND is not freely traded — rates can vary by bank
- Vietnamese banks may hold funds for 1–3 days for compliance
- Account holder name must be in Vietnamese (with diacritical marks)
- Some Vietnamese banks have limited SWIFT connectivity
Tax Implications
Transferring money from your US LLC to Vietnam has important tax considerations on both sides:
- No US withholding on LLC distributions (disregarded entity)
- Vietnamese residents must report worldwide income
- No US-Vietnam tax treaty — risk of double taxation
- FBAR filing required if aggregate foreign accounts exceed $10,000
Pro Tips for Transferring to Vietnam
- Wise offers the best VND rate despite slightly higher fees
- Vietcombank and BIDV have the best international transfer infrastructure
- Send a small test transfer first to verify the account details
- Consider using Remitly for amounts under $1,000
FBAR & US Reporting Requirements
FBAR (FinCEN Form 114): If you have foreign bank accounts (including in Vietnam) with an aggregate balance exceeding $10,000 at any time during the year, you must file an FBAR by April 15 (automatic extension to October 15).
FATCA (Form 8938): If your foreign financial assets exceed $50,000 at year-end (or $75,000 at any time), you must report them on Form 8938 with your tax return.
Form 5472: Your foreign-owned LLC must file Form 5472 annually to report transactions with foreign related parties, including transfers to your account in Vietnam.
Next Steps
File Form 5472
Report your LLC's transactions with foreign owners. Required annually.
FBAR Guide
Learn about foreign bank account reporting requirements.
Open a US Bank Account
Guide to opening a US business bank account for your foreign LLC.
Vietnam LLC Tax Guide
Complete tax guide for Vietnam residents who own a US LLC.
Get Tax Filing Reminders
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