To send money to Vietnam was a difficult task with many obstacles to look out for in the last decade or so. But with the rise of internet money transfer services, it has become a very simple endeavor.
There are many forms, and many businesses existing to help people transfer money back to Vietnam for various reasons. Sending money to Vietnam is quite simple whether you are in Europe, America, Australia, or Asia.
With so many options now available, the main problem is determining which provider has the best exchange rates and lowest transfer costs.
With this guide, EzyRemit will guide you through the quickest, cheapest, and most effective way to send money to Vietnam.
What to Consider Before You Send Money to Vietnam
Transfer Fees
The fee for sending money from overseas to Vietnam differs by bank and money transfer companies. This fee will be regulated by the policies of each bank and service provider.
As for the fee for receiving money, it is also regulated differently by banks and service companies in Vietnam.
Exchange Rates - How much is ideal to send money to Vietnam
When sending money to Vietnam, keep in mind that the bank in your country of origin will need to convert foreign currency to Vietnam Dong. Different banks may apply different exchange rates and have different rules when conducting international transfers.
Consider the currency rates available on the various transfer services before deciding on one. Also, take note that the Vietnamese Dong is currently the second weakest currency in the world before making your calculation.
You may check the current market conversion rate for your money to Vietnam Dong on websites like Bloomberg or xe.com to find the provider with the best rates.
Transfer Speeds
There are many factors that affect international money transfers to Vietnam, but the main ones we can reduce include these factors:
- Methods of transfer such as banking may take 2 or 3 days.
- The Time zone of the sender and recipient may be different and cause unwanted delays.
- Currency conversion can also cause a delay due to processing.
- The approval process for large sums of money.
- Regulations of the destination country.
In general, sending money through banks may take longer than expected, however, internet transfer providers such as EzyRemit may deliver your money instantly or for a maximum of 24 hours.
Safe and Fast Ways to Send Money to Vietnam
There are several quick and simple ways to send money to Vietnam, including:
- International Banking System
- Online Money Transfer Services
Money transfer services usually differ in terms of transfer speed, currency rates, and convenience, so you should do your research before deciding on one.
Send money to Vietnam through the international banking system
The most commonly used form of sending money from outside Vietnam is through the banking system.
Banks are favored since they have been in operation for many years and gained the public trust and confidence. Furthermore, people have become familiar with the procedure, and still, believe it is the safest alternative.
The conditions for sending money to Vietnam via the banking system are quite simple. You just need to have legal identity documents, without having to declare the purpose of the remittance.
However, when compared to alternative methods, international bank transfer rates are quite expensive. Furthermore, banks will not disclose the entire fees that will be taken from your transaction.
Transfer money to Vietnam through EzyRemit
Those who are looking for the fastest and most hassle-free way to send money to Vietnam will often not hesitate to use online money transfer services.
If you're looking for a safe and convenient way to transfer money to Vietnam, EzyRemit may be the perfect solution
With our fast and reliable service, transferring money to Vietnam has never been easier. We accept a variety of payment methods, including bank transfers.
Furthermore, we offer a range of options for withdrawing your money once they have reached their destination in Vietnam such as cash pick-up or even cash delivery directly to your home. So whether you're looking for an easy way to send money or want access to various deposit options worldwide, EzyRemit is the perfect choice for you!
Service Highlights:
- Competitive exchange rates
- Low delivery fee
- High transfer volume
- 24/7 support in English and Vietnamese
- Supports more than 15 currencies
- Authorized by ASIC and AUSTRAC
However, you can also find other alternatives in WorldRemit, Wise, and Remitly. All of these services allow you to send money online using your credit or debit card. They also have competitive exchange rates and offer low fees.
As a result, bank transfers are not recommended unless you need to transmit a significant amount of money or want credit assistance for accounting purposes. The ambiguous costs allow those who are unaware of the alternatives to be exploited.
Transfer through Western Union
One of the most effective methods for fast international money transfers to Vietnam is through Western Union.
In Vietnam, Western Union cooperates with banks such as Agribank, Vietcombank, Sacombank, Citibank, Vietinbank, etc. You can learn more about the procedures through their website.
However, the main gist is that you just need to go to the transaction point associated with the Western Union in the host country, pick a bank in Vietnam to be the receiver, and fill out the deposit slip provided. Western Union will handle the rest of the transaction for you.
One disadvantage is that exchange rates given by Western Union are substantially higher when compared to other providers. However, these prices are only greater if you choose their instant money transfers. So, depending on your demands, you may have to decide between the benefits of a speedier service vs a lower price.
Transfer through PayPal
PayPal is another equally common way of international money transfer to Vietnam.
If you use the native currency to transfer between PayPal accounts then you will not run into any problem, however, PayPal will charge you an exorbitant conversion fee if you transfer a foreign currency.
The fees are not openly displayed on the Paypal website but they depend on the currency into which you will convert to Vietnamese Dong. According to foreigners who have used this way to send money, you should be ready to pay between 6-7% in fees.
PayPal also has another major restriction in that you can only send money to people who also have a PayPal account.
Regulations on Sending Money to Vietnam
The money transactions in Vietnam, like many other South East Asia countries, are closely supervised by the National Assembly and the State Bank of Vietnam.
Nevertheless, it is rather simple to transfer money into Vietnam. The State Bank of Vietnam does not closely verify the source of money inflows as it does for the outflow. According to airport regulations, amounts above USD 5,000 must be disclosed upon arrival. Money received from overseas in your Vietnamese bank account will incur charges.
FAQ about Sending Money to Vietnam
- How long do I have to wait for the money to arrive?
Depending on the currency and location, money can be sent to Vietnam in as short as 24 hours or as long as 2-3 business days.
For example, if you live in Australia and send money from an Australian bank account by wire transfer, the money will arrive in 2-3 business days.
- What fees may I face when sending money to Vietnam?
When sending money from abroad to Vietnam, you may face several fees including those related to currency conversion and transfer charges. Additionally, some banks impose additional fees for using their services.
That said, there are a few options available that can help you to avoid these costs as we previously wrote in this article.
- Why should I use online money transfer services?
Online money transfer services offer numerous benefits that can make your life a lot easier. They also provide security features such as two-factor authentication and fraud protection, which makes them ideal for sending large sums of money.
Furthermore, online money transfer services are frequently less expensive than traditional banks or credit cards. Companies such as EzyRemit offer customer reward programs that might provide you with valuable incentives.
