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I have heard Wells Fargo does it for free but I don't know for sure

Solo,
   Thanks! Your the second person I've heard that from. I will check that lead out.

Solo,
   Just checked WF out. They are not free. They have a limit of $3K a day, which would cost $15.00 in the U.S and , say, with Vietcombank, $15.00 to receive. So to send $5k a month it would cost another $15 here and $13 on that end to xfer another $2k.

I transferred $20,000 a few months ago. I had my US bank wire the money via SWIFT to my wife's Vietcombank account I can't remember the exact cost but it was very cheap. My bank charged a low fee of $20 for the outgoing wire and Vietcombank charged like .0125%, overall very cheap.

I've heard that people have been having problems transferring money from Paypal back to the bank here in Vietnam.

VungTauDon wrote:

I transferred $20,000 a few months ago. I had my US bank wire the money via SWIFT to my wife's Vietcombank account I can't remember the exact cost but it was very cheap. My bank charged a low fee of $20 for the outgoing wire and Vietcombank charged like .0125%, overall very cheap.

That amount is a good start for our new restaurant!!

lol...I wish you were closer to Vung Tau. I'm actually looking for investment opportunities

In Canada, maybe US has too, but there are some small Vietnamese/Chinese video stores that have services where you fill out a small form, give the name and phone # of the recipient in Vietnam, as well as how much money you want to send.

Then in just 12 hours, the recipient in Vietnam will get a phone call, and will be hand delivered the money in Vietnamese dong.

It sounds a little sketchy, but I've used this method for my fiance, and it's really fast and awesome, no problems.  The fee is rather small too, $5 for every $100, $30 for every $1000.

I used that method too. Couldn't believe how cheap it was. I sent $300 and only paid $6 fee.

There were a few times where they even gave her the money in Canadian currency, with the brand new bills too!

uhm my fiance always receive the money in Cdn currency

khanh44 wrote:

uhm my fiance always receive the money in Cdn currency

I always wonder how the guys in VN have access to the brand new bills

They were completely smooth, no bends, fresh off the printer it seems.

bta87 wrote:

Would appreciate any input on the cheapest, safe way to xfer funds from a US bank to Brides bank.
I've done some research on it and it SEEMS Paypal may be the cheapest . Zero cost. My credit union can do it for $25 with no limit that would affect my $6,000 a month.

"Best" would be Western Union as they have been in the business for quiet a while and have many pick-up points here.  And as they are a US based company, you can sue them if something bad happens. 

"Cheapest", I can't give you any recommendations on since "you get what you pay for".  It can be a hit or miss with many small outfits that are just middle-men.

A word of caution about "no limit" transfers.  Due to money laundering laws in the US, you'll get flagged for large amounts that get sent, $10,000 I think.  Meaning your bank has to report the transfer.  You can't get around it by sending a bunch of $9,999 amounts either as that is "suspicious".

I wired 20K and the money was in her account 1 hour later. No issues with being flagged or delays at the bank.
The fees at Western Union add up quickly.

The cheapest route is definitely doing the SWIFT wire transfer and it is also the safest as it is directly bank to bank. I talked to my wife and she said that for the $20,000 the total fees came up to $22.50

VungTauDon wrote:

I wired 20K and the money was in her account 1 hour later. No issues with being flagged or delays at the bank.
The fees at Western Union add up quickly.

The cheapest route is definitely doing the SWIFT wire transfer and it is also the safest as it is directly bank to bank. I talked to my wife and she said that for the $20,000 the total fees came up to $22.50

$22.50 for a 20K transfer is very cheap.

You didn't get delayed but I'm pretty sure you got reported.  Here's some info on the Banking Secrecy Act, found on wiki.


Types of reports[edit source | editbeta]

The BSA regulations require all financial institutions to submit five types of reports to the government. The following is not an exhaustive list of reports to be filed. The FBAR has an individual filing requirement, as detailed below.

FinCEN Form 112 (formerly Form 104) Currency Transaction Report (CTR): A CTR must be filed for each deposit, withdrawal, exchange of currency, or other payment or transfer, by, through or to a financial institution, which involves a transaction in currency of more than $10,000. Multiple currency transactions must be treated as a single transaction if the financial institution has knowledge that: (a) they are conducted by or on behalf of the same person; and, (b) they result in cash received or disbursed by the financial institution of more than $10,000.[2]

FinCEN Form 105 Report of International Transportation of Currency or Monetary Instruments (CMIR): Each person (including a bank) who physically transports, mails or ships, or causes to be physically transported, mailed, shipped or received, currency, traveler's checks, and certain other monetary instruments in an aggregate amount exceeding $10,000 into or out of the United States must file a CMIR.[3]

Department of the Treasury Form 90-22.1 Report of Foreign Bank and Financial Accounts (FBAR): Each person (including a bank) subject to the jurisdiction of the United States having an interest in, signature or other authority over, one or more bank, securities, or other financial accounts in a foreign country must file an FBAR if the aggregate value of such accounts at any point in a calendar year exceeds $10,000.[4] A recent District Court case in the 10th Circuit has significantly expanded the definition of "interest in" and "other Authority".[5]

Treasury Department Form 90-22.47 and OCC Form 8010-9, 8010-1 Suspicious Activity Report (SAR): Banks must file a SAR for any suspicious transaction relevant to a possible violation of law or regulation.[6]

FinCEN Form 110 Designation of Exempt Person: Banks must file this form to designate an exempt customer for the purpose of CTR reporting under the BSA.[7] In addition, banks use this form biennially (every two years) to renew exemptions for eligible non-listed business and payroll customers.[8]

It also requires any business receiving one or more related cash payments totalling $10,000 or more to file IRS/FinCEN Form 8300.[9]

I'm sure I did get reported but its not an issue as long as its a legal transaction no one cares. I'm sure if you were unemployed and had no reported income there would be flags raised but even then they are tracking patterns of money transfers not usually specific transfers. My bank knew I had just received a direct deposit from the IRS so they wouldn't have seen anything suspicious in my transfer.

Don,
   I have heard reports of problems with Paypal as well. There are also reports online in this regard.
I talked to one of there $2 hourly workers, probably in a dark back room in the PI and they said if there were ever a problem they would make sure I got my money back! So I took that with a grain of salt. Could not find any Paypal written policy to support that.
Indeed my bank will xfer like yours for about the same price.Just did not know Vietcombank fees on the receiving end. Don was this done in to her USD account or VND account, if I might ask. I think I'm going to go that route.
Is there any type of investment opportunity you are looking for or a particular ROI your looking for.
Maybe this is a conversation better suited to a PM

She did have to set up a USD account but it didn't cost anything and only took a few minutes.
I don't know if the Paypal issue is with Paypal or with the banks in Vietnam. As I'm sure your aware the Vietnamese government likes to keep a firm hand on people transferring money out of Vietnam.

Yes, I understood the USD account. The bride has both already. We would prefer I think to keep it in USD until needed.
As I understand it the big issue with Paypal at the moment is hackers. Indeed, unless you give Paypal your SS# or major credit card number you are limited to $500 a month. I believe it is unlimited if you have this extra security measure in place e.g. SS#.
I take it your back home and not out working?

No, I'm in the Persian Gulf off the coast of Qatar now where it is a sunny 42º right now

Yeah I knew you worked there, but it just sounded like you might be home with the misses. Yeah, I remember the sunny weather well. Well don't work to hard. It's nice to be young and able to work like that. I too am pondering some sort of investment in something  in VN. We have talked about it. But so far I'm not sure of the ROI is enough to bother with. Have you ever looked at the tax rates in VN. My gosh how does anyone make money?

bta87,

Stay away from PayPal. They are notorious for freezing your account when you start making a large amount of transfers. Eventually you get your money back but may have to wait months. The cheapest way if you are going to transfer more than $3000 or so would be a regular wire transfer.

Parmyd,
  Thanks moocho. I've come to that conclusion as well. The bride banks at the same bank as VTDon's and I think I'm just going to go that way. The Paypal folks in some call center in some dark smokey room in the PI I suppose say they will make good if any money is lost. But try to find that assurance in writing is impossible. It keeps directing to the Paypal community for amswers( smacks like the rest of us) to provide the answers . Thanks, I appreciate it.