General information, not legal, tax, immigration or medical advice. Rules change; confirm with the official source. Full note
Key takeaways
- Vietnam is on Social Security's International Direct Deposit list, so your benefit can be paid straight into a dong account at a bank in Vietnam. 1 2
- Compare what your recipient receives in dong after all fees; a "no fee" transfer can cost more through a weaker exchange rate. 3 4 5
- Since Jan 1, 2026, the 1% U.S. remittance tax applies only when you pay in cash, by money order, by cashier's check or with a similar paper instrument. 9 10
- If your accounts outside the U.S. total more than $10,000 at any time in the year, you must file an FBAR. 12
Each point is from this page, with its source number; details and the full list of sources are below.
There is no single cheapest way to send money to Vietnam. The cheapest option changes by amount and day, so compare the amount your recipient gets, not just the fee. This post shows how to compare, what the companies' own pages showed on the day we checked, and the tax and reporting rules that apply.
Skip the transfer: Social Security straight to Vietnam
Vietnam is on Social Security's International Direct Deposit list. 1 With direct deposit to Vietnam, Social Security pays into a dong account at a bank in Vietnam, converted at the daily international exchange rate, so you don't pick a transfer company for your benefit. 2
Our banking guide explains how to set it up and which papers the bank asks for.
Compare what arrives, not the fee
Compare what your recipient receives in dong after all fees. A "no fee" transfer can cost more through a weaker exchange rate. 3 4 5 Western Union says it also makes money from currency exchange, and both banks below say an exchange-rate markup or spread applies to transfers in foreign currency. 3 4 5
- Pick one amount and get a quote for it from each company's own calculator on the same day.
- Write down how many dong arrive, and the total you pay, including any card fee.
- Check how you will pay: on Wise's page, card payments cost more than a bank transfer.
- Check whether the receiving bank or a middle bank also takes a fee on a wire.
Prices on the companies' own pages
| Company · how you pay | What it costs | As of |
|---|---|---|
| Wise · from a linked U.S. bank account (direct debit) | US$8.70 fee (you pay US$977.56) 6 | Oct 30, 2026, changes daily |
| Wise · bank transfer to Wise | US$13.16 fee (you pay US$982.02) 6 | Oct 30, 2026, changes daily |
| Wise · personal U.S. debit card (Visa or Mastercard) | US$19.16 fee (you pay US$988.02) 6 | Oct 30, 2026, changes daily |
| Wise · personal Visa credit card | US$60.72 fee (you pay US$1,029.58) 6 | Oct 30, 2026, changes daily |
| Wise · personal Mastercard credit card, Apple Pay or Google Pay | US$70.70 fee (you pay US$1,039.56) 6 | Oct 30, 2026, changes daily |
| Bank of America · wire sent in U.S. dollars | US$45 wire fee 4 | Oct 30, 2026; fees can change |
| Bank of America · wire sent in foreign currency | No wire fee; exchange-rate markup applies 4 | Oct 30, 2026; fees can change |
| Chase Total Checking · online wire in U.S. dollars | US$40 5 | Oct 30, 2026; fees can change |
| Chase Total Checking · online wire in foreign currency | US$5; US$0 for US$5,000 or more; exchange-rate spread applies 5 | Oct 30, 2026; fees can change |
| Chase Total Checking · wire through a banker | US$50 5 | Oct 30, 2026; fees can change |
Company prices, not official ones. Every Wise row is what it cost on Oct 30, 2026 (about 7 AM Pacific) to have exactly 25,000,000 dong arrive in a bank account in Vietnam, at Wise's rate that day (1 US dollar = 25,803.50 dong). 'You pay' is the total taken from you, fee included: US$977.56 from a linked U.S. bank account, up to about US$1,040 by credit card, Apple Pay or Google Pay. Card fees depend on the card. Wise's own price table showed US$22.26 for a debit card and US$71.09 for a credit card, which are its prices for business cards, and business or non-U.S. cards can cost up to about US$74. Prices change daily; check Wise's own quote for your amount and card before sending. Banks in the middle and the receiving bank may take their own fees on a wire. 6 4
Remitly, Western Union and Xoom don't show a standard fee or rate on their pages; you see it only in their own calculators. 7 3 8 Remitly and Western Union advertise first-transfer offers for new customers. We left those out of the table because they apply once. 7 3
The 1% U.S. remittance tax
Since Jan 1, 2026, the U.S. charges a 1% tax only when you pay for a transfer in cash, by money order, by cashier's check or with a similar paper instrument; paying from a U.S. bank account or a U.S. debit or credit card avoids it. 9 10 The sender owes the tax, and the transfer company collects it. 10
Vietnamese tax on money that arrives
Under Decree 253/2026 (Art. 25), money that overseas Vietnamese send to their relatives in Vietnam is free of Vietnamese personal income tax, and money from foreign relatives is free only if it meets the State Bank of Vietnam's conditions. Keep the papers that show where the money came from. 11
Moving your own money isn't a remittance from family; for the tax status of your Social Security, see our Vietnam taxes guide.
U.S. reporting
If your accounts outside the U.S. total more than $10,000 at any time in the year, you must file an FBAR. 12
If you give any one person (a relative or anyone else) more than $19,000 in 2026, you'll likely need to file a gift tax return (Form 709), though you usually won't owe tax. 13 14
If family abroad sends you money: if you receive more than $100,000 in a year in gifts or bequests from a nonresident alien (counting gifts from people related to them), you must report it on Form 3520. It is a reporting form, not a tax. 15 Our banking guide covers moving and reporting money in more detail.
General information, not legal, tax or financial advice. Rules change; confirm with the official source. This post has no affiliate links.
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Guides
Sources (15)
Show the list
Vietnam government (1)
- 11. Decree 253/2026/ND-CP guiding the Personal Income Tax Law (PDF, in Vietnamese) Official Gazette as of 2026-06-30 (Gazette No. 402, 16 Jul 2026; in force 1 Jul 2026; read Art. 4 (residents), 19 (only home), 24 (deposit interest), 25 (remittances), 27 (pensions); preamble: Law 109/2025 as amended by Law 09/2026/QH16; re-opened Oct 29, 2026: Art. 19 only-home exemption needs one home only, owned at least 183 days, whole home sold; homes still being built excluded) · checked 2026-10-30
U.S. government (8)
- 1. SSA International Direct Deposit country list as of 2026-10-27 (page shows no date; re-opened Oct 28, 2026: Vietnam is on the International Direct Deposit list) · checked 2026-10-30
- 2. Direct Deposit Sign-Up Form (Vietnam) SSA form SSA-1199-OP80 as of 2020-01 (form edition 01-2020) · checked 2026-10-27
- 9. Imposition of tax on remittance transfers (uscode.house.gov) 26 U.S. Code § 4475 as of 2026-10-30 (read in full by Team Finance: 1% of the transfer, for transfers after Dec 31, 2025, only when the sender pays in cash, by money order, cashier's check or a similar physical instrument; not when funded from a U.S. bank account or a U.S.-issued debit or credit card (§4475(d))) · checked 2026-10-30
- 10. Treasury, IRS issue proposed regulations on the new remittance transfer tax (IR-2026-48) IRS as of 2026-04-10 (news release dated April 10, 2026: "Beginning Jan. 1, 2026, a 1% remittance transfer tax applies ... when the sender provides cash, a money order, a cashier's check, or other similar physical instrument"; re-opened by Team Web Oct 30, 2026 (Finance had a search snippet only)) · checked 2026-10-30
- 12. Report Foreign Bank and Financial Accounts (FBAR) FinCEN as of 2026-10-27 (re-opened Oct 29, 2026: "must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year") · checked 2026-10-29
- 13. Revenue Procedure 2025-32 (2026 inflation adjustments), section 4.42 IRS as of 2025-10 (§4.42(1): "For calendar year 2026, the first $19,000 of gifts to any person" is excluded; §4.42(2): $194,000 for gifts to a spouse who is not a U.S. citizen; re-opened by Team Web Oct 30, 2026 (Finance had a search snippet only)) · checked 2026-10-30
- 14. Frequently asked questions on gift taxes IRS as of 2025-12 (annual exclusion table "updated December 2025": 2026 = $19,000 per donee; re-opened by Team Web Oct 30, 2026 (Finance had a search snippet only)) · checked 2026-10-30
- 15. Gifts from foreign person IRS as of 2026-10-30 (page shows no update date; re-opened Oct 30, 2026: report on Form 3520 "only if the aggregate amount received from that nonresident alien or foreign estate, or foreign person that you know or have reason to know are related to the nonresident alien or foreign estate, exceeds $100,000 during the taxable year"; penalties apply for not filing) · checked 2026-10-30
Other sources (6)
- 3. Send money to Vietnam (company page) Western Union as of 2026-10-30 (company page: first-online-transfer fee offer for new customers; WU "also makes money from currency exchange"; standard fee and rate only in its price estimator) · checked 2026-10-30
- 4. Wire transfers (company page) Bank of America as of 2026-10-30 (company price, not official: outgoing international wire $45 in USD; no wire fee in foreign currency "but exchange rate markups apply"; recipient and intermediary banks may charge) · checked 2026-10-30
- 5. Total Checking fees (company page) Chase as of 2026-10-30 (company price, not official: outgoing international wire $50 with a banker; $40 online in USD; $5 online in foreign currency; $0 online in foreign currency for $5,000 or more; exchange rate includes a spread) · checked 2026-10-30
- 6. Send money to Vietnam from the US (company page and its quote data) Wise as of 2026-10-30 (company price, not official; Wise page, quote data, saved Oct 30, 2026 6:58 AM PT (Team Finance, src4/wise-us-vn.html): quote for exactly 25,000,000 VND to arrive, 1 USD = 25,803.50 VND; paymentOptions: DIRECT_DEBIT 8.70 (pay 977.56), BANK_TRANSFER 13.16 (982.02), VISA/MC_DEBIT_OR_PREPAID 19.16 (988.02), VISA_CREDIT 60.72 (1,029.58), MC_CREDIT/APPLE_PAY/GOOGLE_PAY 70.70 (1,039.56), VISA_BUSINESS_DEBIT 22.26, MC_BUSINESS_CREDIT 71.09, VISA_BUSINESS_CREDIT 74.19; checked against the saved quote by Team Web Oct 30, 2026 ~8:05 AM PT) · checked 2026-10-30
- 7. Send money to Vietnam (company page) Remitly as of 2026-10-30 (company page: shows only a welcome offer for new customers; standard fee and rate only in its calculator) · checked 2026-10-30
- 8. Send money to Vietnam (company page) Xoom (PayPal) as of 2026-10-30 (company page: no fixed fee or rate on the page (calculator only); company statement that Xoom transfers are not subject to the 1% remittance tax because it does not accept cash) · checked 2026-10-30
Every source on the site, by page and topic: All sources.
About this guide
Tam Lieu lives in Long Beach, California, and put this guide together to research retiring in Vietnam. Facts are checked against official sources, with last-checked dates.
How we check facts: every number and rule links to its source: an official or primary source wherever one exists (government sites, the U.S. Embassy, law texts), or the company's own page for company prices, which we label as company prices. Crowd-sourced figures are labelled too. Each source shows the date we last checked it; anything we cannot confirm is cut or marked “needs source”. Found a mistake? Tell us.
Photo and video credits
- Photo: “Tân Hưng, District 7, Ho Chi Minh, Vietnam - panoramio (4)” by trungydang, CC BY 3.0, Wikimedia Commons (resized and converted to WebP)