Discover the Quickest and Safest Way to Transfer Money for U.S. Immigration

Transferring money for U.S. immigration has received a lot of attention and search from many people. However, not everyone knows how to transfer money from Vietnam to the US to settle down, as well as the fees and notes to avoid falling into situations where “lose money and gain trouble”.

In the following article, ImmiPath will help you know the procedures and channels to help you transfer money to the U.S. quickly and most successfully. See now!

1. How to Quickly Transfer Money to Immigrate to the U.S.

There are many ways to help you transfer money to the U.S. to immigrate safely, quickly and easily. Among them, transferring money through the banking system is popular. Below, ImmiPath will tell you some ways to transfer money to the U.S. to settle:

1.1 Transfer money directly to a bank account in the U.S.

This is the form chosen by many people because they transfer money directly to a bank account in the U.S. to shorten some unnecessary legal procedures. When choosing this form to transfer money to the U.S. for settlement, customers need to pay attention to the following issues:

• Full name 
• Account number
• Bank name 
• Swift code

The time to transfer money from Vietnam to the U.S. for settlement using this form is very quick, only 10-15 minutes and supports up to 150 countries around the world.

1.2 Transfer money to the U.S. using Western Union

The service of transferring money to the U.S. to settle with Western Union is also chosen by many people. This form is not much different from the service of transferring money directly to a bank account. Accordingly, customers also need to provide some information such as:

• Provide the recipient’s full name
• Documents proving the purpose of money transfer
• Documents proving relationship

Money transferred by Western Union will be delivered to the recipient in just 10-15 minutes.

1.3 Transfer money to the U.S. using MoneyGram

Different from the above two ways to transfer money to the U.S. to settle, the way to transfer money to the U.S. with MoneyGram, customers will fill out a form and give it to the agent with the amount of money you want to transfer plus the service fee. Another point is, customers can leave a 10-word message to the recipient. Then, customers will receive a money receipt code from MoneyGram.

Receiving money with MoneyGram, customers will not need to open an account, do not need to declare the amount and will receive money within 10 minutes after the sender completes the money transaction.

1.4 Transfer money to the U.S. with Paypal

If you do not know how to transfer money to the U.S. to settle, Paypal is also a service you need to pay attention to.

Money transfer service via Paypal operates mainly through electronic money transfer, replacing traditional means of money transfer. 

Easier to understand, Paypal is an intermediary between buyers and sellers. The buyer will deposit money into a Paypal account and use that account to complete electronic transactions. And Paypal will charge a transaction fee to keep it running.

To use this service, you need to be 18 years old, have a debit card, credit card, an E-mail and preferably a bank account.

Transferring money to the U.S. to settle with Paypal helps you register an account for free, control your money more easily, and transfer money via Paypal quickly, easily, and with high safety when performing online transactions.

2. Purpose of Transferring Money to the U.S. to Settle

2.1 Transfer money to the U.S. to settle

Coming to live in the United States, there are many expenses that you need to pay such as the cost of renting a house in the U.S., living expenses, transportation… Many Vietnamese people, after waiting for a visa to settle in the U.S., do not know how much money they should bring or what is the maximum amount to transfer to the bank. To transfer money to the U.S. safely and legally, you need to pay attention to the following issues:

• Each person is only allowed to bring a maximum of no more than 10,000 USD/year when leaving the country to immigrate.
• In case you need to transfer or bring over 50,000 USD, you need to present documents proving that this amount is transferred for your settlement purposes. The remaining amount will be deposited into a bank account and gradually transferred to the U.S. However, the prescribed amount for each year must not be exceeded.

2.2 Transfer money from Vietnam to the U.S. to buy a house

Transferring money from Vietnam to the U.S. to buy a house is not difficult, but you need to have a legal purpose and prove the origin of the money. In Vietnam, there are 2 popular ways: transferring money through multinational companies or transferring money through the banking system. Vietnam is also one of the countries with the most citizens buying homes in the U.S.

2.3 Transfer tuition fees to the U.S.

One of the most common purposes when transferring money to the U.S. to settle is to transfer tuition fees to the U.S. Parents often transfer tuition money when their children study abroad to cover some expenses such as living expenses, meals, etc. To transfer money to the U.S to settle, parents also need to comply with the law, maximum transfer is only $10,000/year. For the money transfer process to be successful, parents also need to provide documents proving that the purpose of the money transfer is legal such as:

• Passport of the child studying abroad in the U.S.
• The child’s visa and documents are still valid
• Documents proving tuition and living expenses with the name of the international student according to regulations.
• Parent’s ID card when going to the bank to transfer money.

2.4 Transfer money for medical treatment to relatives in the U.S. or allowances

America is famous for having the best and best healthcare system in the world. However, without insurance, hospital bills will be very expensive. Therefore, it has the need to transfer money to the U.S.

Relatives can transfer money to their relatives in the U.S. for medical treatment and examination needs with a maximum of $25,000/year.

America is a country with the most developed medical system in the world, so many people have been planning to go to America for medical treatment. Because medical examination and treatment costs are expensive, the need to transfer money to the U.S. to pay for hospital fees and medical services is frequent and continuous.

3. What Documents are Needed to Transfer Money to the U.S. to Settle?

Documents for transferring money to the U.S. will vary between forms. However, to transfer money to the U.S. to settle, you need to prepare the following documents:

• Prepare documents proving customer’s Vietnamese nationality
• Citizen identification card and passport show Vietnamese nationality information.
• Documents proving that the customer has been allowed to settle abroad.
• Fill out and sign the request form, transfer and bring foreign currency abroad (original), based on the pre-printed form of the remitting customer’s bank.
• Immigrant visa
• Document from a foreign competent authority permitting settlement. Or documents proving that Vietnamese citizens are allowed to settle abroad.
• Note that it is necessary to include a translation certified by the translation agency.
• Documents proving legal source of foreign currency.
• Documents proving legal income from business activities include: Financial statements, tax reports and capital contribution transfer contracts.
• Labor contract or document proving legal income. Based on salary, bonus, allowances…

4. Cost of Transferring Money to the U.S. to Settle

How much it costs to transfer money to the U.S. to settle down also makes many people interested. Usually, it ranges from 5 USD to 60 USD. To know more about the cost of transferring money from Vietnam to the U.S., you can refer to the information below:

– For money transfer via bank: From 0.15% – 0.2% of deposit amount and collection fee is 10 USD/transaction.

– For Western Union money transfer form from Vietnam to the U.S., specifically:

• If the amount is less than 300 USD, the fee is 6 USD.
• If the amount is more than 300 USD, the fee will be 2% of the total deposit.

– For money transfer fees via MoneyGram:

• From 0 – 1000 USD: 18 USD
• From 1001 – 2000 USD: 23 USD
• From 2001 – 3000 USD: 28 USD
• From 3001 – 5000 USD: 38 USD
• From 5001 – 10,000 USD: 58 USD

– For fees for transferring money to the U.S. using Paypal service:

If you use money in your Paypal account to send, there will be no fee.

In case you take money from a Credit Card or Debit Card, the fee will be 2.9% of the total amount + 0.3 USD.

See more: The most complete experience of settling in the U.S.

5. What Should You Pay Attention to When Transferring Money to the U.S. to Settle Down?

When deciding to transfer money from Vietnam to the U.S., you will need to note:

5.1. Comply with Vietnam’s money transfer regulations

When transferring money from Vietnam to the U.S., the following conditions must be fully met:

• Transfer money for the purpose of studying or medical examination and treatment abroad.
• Long-term work, travel, visits abroad.
• Transfer benefits to relatives/relatives abroad.
• Inheritance money for heirs living abroad.
• Transfer money for the purpose of settling abroad.

Money transfers must be approved by the State Bank of Vietnam. In cases of transferring money abroad, there must be an investment project approved by the U.S. Immigration Department.

If you travel, each person cannot bring more than 5,000 USD. If you transfer money for medical treatment, investment or tuition for your child, you must present documents and evidence appropriate to the attached amount. If you sell assets and land in Vietnam to settle abroad, you must present a real estate purchase contract and other documents.

5.2. Comply with U.S. money transfer regulations

The U.S. government has regulations on controlling money flows to prevent crimes related to financing, terrorism, money laundering, and human trafficking. Law on Prevention of money laundering in the U.S. stipulate as follows:

Money transferred to the U.S. must have a transparent origin, shown through evidence and specific documents such as sales contracts, gifts, wills, personal income tax declaration records, etc.

If you transfer about 10,000 USD or more to a U.S. bank account, you must notify the FBI’s anti-money laundering unit to conduct an origin check according to banking regulations in the U.S.

For bank deposits of 3 months or more, it will not be required to present documents proving the origin of the money.

If your money is not more than 14,000 USD/year, you will not be taxed on personal income tax on money transferred from abroad to the U.S., and vice versa, if it is over 14,000 USD, you will be taxed on personal income.

To transfer money to the U.S. to settle quickly and safely, you need to meet some specific conditions as well as choose the appropriate form of money transfer that ImmiPath shared above.

If you still have questions about how to transfer money to the U.S. to settle or the paths to qualify for a U.S. green card, you can comment directly below the article. ImmiPath’s team of consultants will provide you with the most enthusiastic support and answers.