MONEY TRANSFER

Introduction

The Bank for Foreign Trade of Vietnam (Vietcombank) provides all outward and inward remittance services for domestic and foreign customers.

With international correspondent relationship in combination with Operation Center and branch network covering almost all provinces and cities, thanks to its best via SWIFT international payment in Vietnam, Vietcombank is fully able to process remittance orders quickly, precisely and safely with simple procedure and the most attractive fee.

Inward remittance

1- Inward from oversea:

Introduction

+ All Vietnamese citizens and foreigners in Vietnam shall be entitled to receive money transferred from overseas with unlimited amount and times.

+ Before 15h30 on the day of receiving inward remittance, Vietcombank’s branches serving for the beneficiary shall valid the payment by crediting customer’s account (if the customer maintains his/her account at the bank) or advising the beneficiary to his/ her address and/or telephone number on the same day ((if the customer does not maintain his/her account at the bank).

+ Procedure for receiving remittance is simple. The Bank’s notice instructs clearly in order to facilitate customers and ensure safety for both the Bank and its customers.

+ Vietcombank processes payment orders in the following forms:

-  Incoming remittance message (swift or telex);

-  Incoming remittance letter;

-  Cheque/Bank Draft

Instruction

To facilitate quick and precise receipt of money, you are kindly requested to provide remitter with the following information:

-  Beneficiary name

-  Beneficiary Account Number

·        If you are maintaining an account with Vietcombank and you want to receive money through this account;

·        In case you do not maintaining an account with our bank, you are requested to provide your ID Card Number or Passport Number, issue date, Address; Telephone Number if any in order for the Bank to advise you upon receiving money.

-  Beneficiary Bank

+ Bank Name: Bank for Foreign Trade of Vietnam

+ Bank Swift Code: BFTVVNVX

+ Bank Address:

·        If you receive money in Hanoi, the Bank address shall be 198 Tran Quang Khai, Hanoi, Vietnam.

·        If you maintain an account with Vietcombank branches situated in provinces and cities and you want to get money there, you are requested to fill in the Branch name, swift code and address (address of Vietcombank Branch).

In case, you do not maintain an account with Vietcombank, please provide us with your ID Card Number (Passport Number), issue date, telephone number (if any) and detailed address of the recipient.

Special Service:

Express Money Transfer (Money Gram): is one way of remittance from agents of Money Gram in USA, UK, Germany, Australia, Canada etc. Only few minutes after being advised of the secret code from the sender, receiver is able to get money at Vietcombank branches together with this code and eligible ID Card Number (Passport Number).

The advantage of this form is that beneficiary receives foreign currencies or VND in cash or by transferring into account as requested without any charges and after the shortest period of time.

2) Inward from domestic

When the bank receives payment order before 15h30’, Vietcombank’s branches serving for the beneficiary shall valid the payment by crediting customer’s account (if the customer maintains his/her account at the bank) or advising the beneficiary to his/ her address and/or telephone number on the same day ((if the customer does not maintain his/her account at the bank).

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Outward remittance

1)Outward remittance to overseas

Scope:

With current advantages, we are able to provide remittance service to anyone and anywhere in the world as requested at the highest efficiency.

Purposes:

In compliance with the current regulation on foreign currencies (Chapter IV, item I, II Part 3 Resolution 01/1999/TT-NHNN7 dated 16/4/1999 introducing the implementation of Decree 63/1998/ND-CP, the following purposes are applied:

a- For resident Vietnamese

-   Traveling

-   Studying

-   Working

-   Visiting

-   Medical Treatment

-   Paying membership fee and other charges

-   Giving allowance, heritance to oversea families and relatives (including: parents, husband, children, sister, brother..). In this case, the remittance must be approved in writing by the SBV.

b- For resident and non-resident foreigners:

You are allowed to transfer the balance on the deposit account abroad.

Limit of remittance in cash

According to the current regulation on foreign currencies, everyone bringing with an amount of foreign currencies of 3000 USD when immigrating does not have to make declaration; for a larger amount, a certificate issued by the Bank where you withdraw foreign currencies in cash or at the selling Bank is required.

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Payment resources:

-         If you have a positive balance on your account at our Bank, you can withdraw in cash or order a remittance abroad for the above-mentioned purposes.

-         In case you want to make a remittance in foreign currencies from other resources, you are required to submit documents to the State Bank of Vietnam (Forex Management Department) for considering and approval. Upon approval of State Bank of Vietnam, we will, based on our own capability, sell you part or the whole amount requested.

Instruction

You are notably to pay attention to the followings when making a remittance order abroad:

1.1 Remittance order (fill in printed form)

1.2 Other relevant documents

In order to help you in providing sufficient information, we have prepared a standard form for you to fill in.

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Application for remittance

Content in the form are numbered in accordance with international rules in order for us to transfer quickly and precisely data through Society of Worldwide Inter-bank and Financial Telecommunication (SWIFT).

1.2.1 For Vietnamese individuals

1.2.1.1 Debit the deposit account for overseas transfer

- Decision on sending studying abroad

- Payment requesting paper issued by the foreign side.

1.2.1.2 Transfer from other resources and of inheritance or allowances to relatives abroad: must be reviewed and approved by State Bank of Management (Forex Management Department). Vietcombank shall implement as requested.

1.2.2 For foreign individuals

Remittance is carried out as requested except the case that you want to settle your account and transfer money to your country when you finish your working in Vietnam. In this case, you are required to submit an acknowledgement of the taxation agencies confirming that you have fulfill all the financial obligations in Vietnam.

1.3 Remittance Method

You can choose one of the following 4 remittance methods:

-   By swift: this is the cheapest and the fastest method. The condition is that Banks have to be member of swift network.

-   By telex: this method is applied only in case receiving Bank does not participate into the swift network.

-   By Bank draft: the method allows you to control your submission time with low cost but you have to keep it safe by yourself and to present it at the counter of paying bank.

-   By mail: this method cost less but slow due to a long time of transporting documents.

Making transaction at Vietcombank, you are advised thoughtfully to have the best method which is suitable with your purposes and requirements.

1.4 Effective date

Normally, it is the date of debiting your account rather than the date of sending remittance order abroad nor the date of paying the beneficiary.

At Vietcombank, our motto is service quality and customer benefit. We, with our current technological capability, have set up procedure to process transactions in order to minimize unnecessary objective delay and to enable the implementation of the payment order on the same effective date as your request.

1.5 Applicant

-   You are requested to state clearly your name, full address and telephone number in order for the Bank to contact you when necessary.

-   Account number: you are required to indicate clearly the account which you request the Bank to take for remittance in order to avoid mistake in case you have several accounts at the Bank.

1.6 Beneficiary and his bank: the information should be sufficient and precise to avoid possible risk on you. Each country as well as each Bank has it owns specific rules on the structure of account number for its customer. You are, therefore, kindly requested to give correct account number to facilitate Banks in processing on computer.

1.7 Remittance fee: you can choose one of the following 3 ways of paying fee:

-   All fees and charges will be born by the Beneficiary (BEN)

-   All fees and charges will be born by remitter (OUR)

-   All fees and charges of transferring Bank will be born by the instructor; that of the receiving Bank by the beneficiary (SHA).

1.8 Details: a brief of basic information should be provided to facilitate the beneficiary to identify what it is paid for.

1.9 Others: Remitter can request the beneficiary Bank to:

-   Pay the beneficiary by cheque

-   Advise the beneficiary by telephone

-   Beneficiary shall contact present his ID Card to the Bank to get their money /HOLD.

2) Domestic outward:

Vietcombank shall effect all remittance order to anywhere in the country indicated in the remittance order (printed form of the Bank provided customer on transaction).

With modern computer system, which is connected to all branches, we could provide customers who have account at our Bank with remittance service free of charge.

For remittance transferred by domestic banking system, the remitter should advise beneficiary to go to the receiving bank with his ID Card.

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Contact Address:

- Transaction Accounting Department – Operation Centre of Vietcombank

   198 Tran Quang Khai, Hoan Kiem, Hanoi

   Tel: 8248281 - 9349828

- Remittance Department – Operation Centre of Vietcombank

  198 Tran Quang Khai, Hoan Kiem, Hanoi

  Tel: 8268045; 9343137 (Ex: 0251 - 0243 - 0237 - 0238)

or at our branches.

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 All rights reserved.