How to Transfer Money to Vietnam to Buy Real Estate

When buying property in Vietnam, it is important to take into account the main rule of local foreign exchange regulation: all domestic settlements, including transactions with developers, are conducted strictly in Vietnamese Dong (VND). Developers do not issue invoices in US dollars or euros, and all contractual obligations are fixed exclusively in the national currency. To successfully complete a transaction and meet payment deadlines, it is essential to establish the right financial logistics.

In this article, you will learn:

• Why direct international bank transfers to the developer do not work.
• How to pay a booking deposit remotely.
• Why personal presence is required to sign the contract.
• How to properly open an account in a Vietnamese bank and what visa is required for this.
• How to legally transfer funds to the developer to pay the main balance.

Payment Procedure for Property in Vietnam

Property payments in Vietnam are made exclusively in cashless form in Vietnamese Dong (VND). Direct international SWIFT transfers from abroad to developers' accounts are not applicable. The following algorithm is provided for making payments.

Stage 1. Remote Booking and Deposit Payment

After selecting an apartment, you place a verbal hold. The hold validity period is typically 24 hours. To secure the apartment, you must pay a deposit (booking fee) during this time, which is usually 50,000,000 VND (around $2,000).

This deposit cannot be transferred directly from abroad via bank transfer (SWIFT) for three reasons:

1. Lack of time. A SWIFT transfer takes several days, while the reservation is valid for only 24 hours. The money simply will not reach the developer in time.
2. Lack of supporting documentation. At the booking stage, you do not yet have a signed Sales and Purchase Agreement (SPA). Without this document, sending banks in your country usually do not process international transfers.
3. Deposit refund specifics. The deposit is refundable. If the deal falls through, the developer is obliged to refund the money. By law, the developer can only issue a refund to an account opened within Vietnam. They cannot transfer funds to your overseas account. Therefore, accounts inside Vietnam are used to pay the deposit. In a remote transaction, payment can be processed through an agency: it receives the refund from the developer into its local account and transfers the funds to you.

Stage 2. Personal Arrival and Signing the Sales and Purchase Agreement (SPA)

To proceed with the transaction and move on to the main payments, the foreign buyer is required to personally arrive in Vietnam.

Signing the Sales and Purchase Agreement (SPA) remotely via power of attorney is not permitted. By law, on the day of signing the SPA, you must be legally present in the country, and a copy of your passport with a valid visa is attached to the documents. Read more about this rule and legal rights of foreigners in our article "Property Ownership Rights for Foreigners".

Stage 3. Opening a Personal Account in Vietnam

During your visit to sign the SPA, it is necessary to open a personal bank account in a local bank (for example, in the major state-owned bank BIDV). All further property settlements will be processed through this account.

Important nuance: opening an account requires your personal presence, original passport, and an issued 3-month visa. Vietnamese banks do not open accounts for foreigners under a standard 45-day entry stamp.

Stage 4. Payment of the Main Contractual Amount

Transferring money via international SWIFT transfer directly from abroad to the developer's account is not allowed. Payment takes place in two steps:

1. SWIFT to yourself: You send an international transfer from your overseas account to your new personal account in a Vietnamese bank. When transferring your own funds to yourself, banks process payments much faster, and your signed SPA serves as supporting documentation.
2. Domestic transfer to the developer: Once the funds are credited to your Vietnamese account, you make a domestic bank transfer to the developer's account in Dong (VND).

Further property payments can be made either as a lump sum or in stages — under an interest-free installment plan from the developer during the construction period. Read more about how payment schedules work in our article "Buying Property on Installment Plans in Vietnam: Terms and Payment Schedules".

Buying Secondary Market Property

Secondary market transactions (when purchasing from a private owner) are also conducted in Dong via bank accounts. The main difference is the availability of existing ownership documents (Pink Book) and the required involvement of a notary to confirm the transfer of rights. The fund transfer procedure retains the standard algorithm: via the buyer's personal account in a Vietnamese bank. Read more about the differences between buying off-plan and completed property in our article "Off-Plan vs. Completed Property: Which to Choose?".

Summary

• All property transactions in Vietnam are conducted exclusively in the local currency (VND).
• Direct international SWIFT transfers to the developer are impossible both at the deposit stage and at the stage of main payments.
• Remote payment of the deposit (around $2,000) is carried out through an agency to guarantee a refund.
• To sign the Sales and Purchase Agreement (SPA), the foreign buyer must come to Vietnam in person.
• While in Vietnam, you must open a personal account (e.g., at BIDV) with a 3-month visa.
• The main payment is made by SWIFT transfer to your personal Vietnamese account, from where the funds are sent to the developer in Dong.

Need Help Buying Property in Vietnam?

The VINPROP team provides professional support at every stage of the transaction. We help investors safely enter the Vietnamese market and minimize risks. Our team handles all tasks: from finding a reliable property and conducting due diligence to financial logistics and full transaction support.

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