Challenge on Sending money from Vietnam back to the U.K

Discussion in 'International Business' started by David Truong, Jan 10, 2021.

  1. David Truong

    David Truong UKBF Newcomer Free Member

    1 0
    Hi dudes,
    Im planning to setup a company in the UK, exporting goods to Vietnam and claiming VAT back. The goods will be sold in Vietnam and we find it hard to transfer money (Vietnam-dong) back to the company bank account in the UK. Banks in Vietnam are complicated and not really helpful in this situation.
    There are Vietnamese third-party services get Vietnam-dong in Vietnam; then in the UK, such services can locally bank transfer to the company. However I wonder this is a legal way? My advisor said that the turnover of the company must be from international payment in order to claim the VAT.
    Do you guys has any suggestions or know some services that do the international payment? How about transferwise, is it feasible!

    Thank you very much !!!!
    Posted: Jan 10, 2021 By: David Truong Member since: Jan 10, 2021
  2. JRatron

    JRatron UKBF Contributor Free Member

    96 9
    I'd be investigating using Transferwise if it were me
    Posted: Jan 11, 2021 By: JRatron Member since: Jan 30, 2006
  3. James'Supplements

    James'Supplements UKBF Newcomer Free Member

    2 0
    Hi David,

    I had an issue very similar at my last company. I used a company called NewbridgeFX - Ask for a guy called Jack Murphy and he will be able to help you out
    Posted: Feb 17, 2021 By: James'Supplements Member since: Feb 17, 2021