Underground international money transfer, in which money is moved through informal rather than official banking systems, is a recognized means of transferring lawful remittances. However, underground banking has long been viewed as a conduit for money laundering by shady businesses and criminal activities. According to some analysts, underground banking accounts for up to $1 trillion in illegal cross-border money transfers each year.

There are several institutions that offer international money transfer services, but not all of them are respectable and trustworthy.

What is Underground International Money Transfer?

Underground money transfer refers to any informal financial dealings that exist in addition to the regular banking system. Underground banking is also known as alternative remittance systems or informal cash transfer systems.

One reason for underground international money transfer is that the sender does not need to confirm the purpose of the money transfer, thus most people will prefer to use the underground service even though they are aware of the risks involved.

Underground International Money Transfer through Relatives and Friends

This international money transfer method can save you time, but it comes at a cost. Also, keep in mind that in most countries, carrying more than $5,000 in cash or equal in currencies is illegal without declaration with customs.

When the limit is crossed, you must declare the money to confirm its origin and legality, and the customs office will convert the amount you bring with you using the current exchange rate.

Read more: 4 Reasons Why You Should Choose Fintech Companies to Transfer Money Instead of Traditional Methods (ezyremit.com)

This method is generally the most secure of all the methods of transferring money abroad under the table. However, every transaction that is not through official services will still carry certain risks. For example, if you put your trust in the wrong person, you may lose the entire sum, and if the money is lost at customs, there is no legal basis to retrieve it. Alternatively, if the quantity exceeds the maximum limit, customs may flag it as unlawful and seize it.

Underground International Money Transfer through Independent Brokers or Black Market

International money transfer businesses are thriving because the need for money transfers is broad and growing. Many people have chosen the "underground" form of money transfer because they are afraid of lengthy procedures and low transaction costs.

Underground money transfer services have recently appeared through applications (apps), virtual currency exchanges, gold stores, and import and export corporations with big amounts of money, rapid procedures, and little difference in exchange rates. These businesses boldly assert, using highly appealing ads, that they are ready to transfer money to hundreds of countries across the world safely, that the procedure is really straightforward, and that the cost is extremely low, if not free.

For underground money transfers through brokers, you can easily find intermediaries through social networks like Facebook or just a google search away. You will transfer money to them, and then their people in the host country will transfer the money to your relatives.

For underground money transfer via gold (transfer money abroad through the black market) you need to go to stores dealing in gold, silver, gems, etc. or foreign currencies to use the service.

 Most people who use this type of service know that unofficial money transfers are illegal, and if they are detected by the authorities, they will be in trouble. Not to mention, in fact, there have been many people being cheated, that is, the service intermediary has received the money but did not deliver the money to the beneficiary. Since transferring money through unofficial channels, the two parties transact with each other mainly on the basis of trust, so if being cheated, it is very risky for the individual because it is impossible to ask the law to intervene.

Underground International Money Transfer through Cryptocurrencies

Cryptocurrency as a form of international money transfer or payment is increasingly being accepted by retailers, individuals, and businesses. Instead of transferring money manually, payment gateways have provided a simpler way to pay with cryptocurrency.

Cryptocurrency payments are a low-cost, quick, and efficient way to transmit funds. For the majority of overseas transactions, you do not even need to use local currency. While the advantages are easy to see, there are still a lot of drawbacks that can be seen when it comes to making payments in cryptocurrency.

One of the biggest downsides that even those with little knowledge of cryptocurrencies may notice is that cryptocurrency prices can fluctuate wildly. This can make financial planning difficult for the recipient.

Meanwhile, perhaps the most important drawback is that the use of cryptocurrencies as a means of payment is not yet widely accepted. The most widely used virtual currency, Bitcoin, became popular in the beginning and almost 80 percent of all bitcoin transactions were from Vietnam, Japan, Korea, and Taiwan. However, many Asian governments have since banned the use of digital money as a legal form of payment.

What are the Risks of Underground International Money Transfers?

You can be scammed: After receiving your money, the intermediary runs away or issues a fake invoice that has transferred the money.

You can be accused of fraud: because there are no legal documents to prove that the two parties have ever had a transaction, when the money has been transferred to the fraud party, they can counter-claim that they are the one who was scammed. At this time your money and account will be locked for investigation.

You may unknowingly aid the consumption of dirty money: Fraud organizations have been taking advantage of third-party money transfers. They use the money obtained from fraudulent activities to conduct these trades. When the police start investigating the fraudulent money flow, you may also be caught in the scope of the investigation.

• If your involvement is light, all information related to your banking transactions will be sent to the relevant authorities for investigation.
• If your involvement is severe, your account and money will be locked (locked in all banks and securities companies). Even if you are innocent, it will cost a lawyer and take a long time to reopen an account.

What to Consider When Transferring Money Internationally

International money transfer transactions are often larger in value and more complicated than domestic transfers. Therefore, when transferring money from abroad, you need to pay attention to a few points as follows:

• For money transfer transactions, use reputed banks or facilities. There are already several firms that provide low-cost international money transfer services. You must consider the loss of personal information as well as deposits.
• It is critical to thoroughly and precisely examine the recipient's information. Check for basic information such as account number, beneficiary bank, and so forth.
• After finishing the operation, the receipt or any documentation must be kept as confirmation of money delivery. This information is critical for checking the account and in the case of a dispute.

Use EzyRemit's Service For Secure International Money Transfer

EzyRemit is a trusted online international money transfer provider dedicated to maintaining the highest security and compliance standards for all transactions.

EzyRemit offers online remittance platforms such as money transfers, international education transfers, and EzyCash Passports for travelers. We are confident in our ability to provide several benefits to regular clients and students. We can assist you in transferring an infinite amount internationally, and we can even assist students in making foreign tuition payments without incurring excessive expenses.

Service benefits:

• Cheaper fees and competitive exchange rates compared to banks and other transfer services.
• Absolute confidentiality of customer information.
• Fast transfers, most transactions will take no more than a day.
• No limit on the transfer amount via bank accounts.
• High security and reliability, operating in full compliance with international remittance standards.

Nowadays, many people travel to Japan for working and studying purposes, especially a large number of foreigners working as interns. According to the Japanese Ministry of Justice (Kyodo, 2022) show statistics at the end of 20/19/2019, the total number of foreign trainees working in Japan is 410,000 people. Which, trainees from Vietnam accounted for the majority with 53.2%; China with 20%; the Philippines with 8.7%; Indonesia with 8.6%, and others with 9.4%. 

Not only to fill up a big shortage of skilled workers in Japan it is also a win-win relationship for interns to have a chance to achieve a wide-open career pathway and strong financial support for their families in their hometown. However, it could be a challenging process for foreigners with the high demand for exchanging money in Japan. And one of the most popular ways to do it is to swap money.  

 Let’s check the details of this method from the article below. 

1. What is SWAP? 

SWAP money (exchange money with strangers without official procedure) is an informal payment solution has always been popular throughout the world for a long time. However, you might be got in a lot of severe consequences for using SWAP in Japan.  

2. Why SWAP Is Not A Wise Choice? 

Despite the convenience, SWAP would be the worst choice for money transferring in Japan. 

2.1 Is SWAP Money Legal in Japan? 

Money swapping services are illegal under Japanese law, and the person's visa will be forested. Visas in this country are not easy to obtain, as everyone knows. It also affects the reputation score and the visa application process to other major countries in the future since the profile is "stuck" to a negative record.  

2.2 Swap Comparing to Official Money Transfer Service 

SWAP is not under the protection of governmental law and regulations; therefore, it’s undoubted that user is usually having many problems with it, such as money scams, fraud, etc. In addition, the personal information of recipients and receivers can be leaked for other uses without their permission. 

On the contrary, the official service provider like EzyRemit has received the legal registration papers, and all your transactions and assets are protected. We operate under strict compliance, including registration as an Independent Remittance Dealer with AUSTRAC, corporate registration in Australia, and compliance with anti-money laundering regulations.

3. SWAP In The Race of Speed and Digitalization Era 

It would be quite a time-wasting and exhausting to wait in a long line, and also inconvenient for commuting in this extreme weather. Using digitalize service would be a wise choice. Meanwhile, we also can track our transactions in real-time, with full 24/7 support. 

It's always crucial for anyone to check carefully and consider multiple reasons before applying for any form of money transfer. SWAP would not be a wise choice, especially in Japan. 

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
• Registered remittance provider with 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.

For a fuller side-by-side breakdown of rates and fees, our comparison of the best money transfer services in 2026 covers each of these providers in more detail.

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.

Read more: 4 Reasons Why You Should Choose Fintech Companies to Transfer Money Instead of Traditional Methods (ezyremit.com)

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.

Applying for admission to a university abroad to pursue higher education is increasingly popular with young generation in Vietnam. However, it is difficult to pay tuition fees when children study abroad as parents because they have to send money to a faraway place. It is difficult to control whether the money has been transferred successfully. So what is the safest way to pay tuition fees for international students?

Image source: Freepik.com

The most commonly used way to pay tuition fees -  Bank

When transferring money internationally or paying tuition fees for children to study abroad, the bank will be the first choice of parents because of its safety. Going to the bank is still the most common option for most parents despite its complex procedure.

Image source: Freepik.com

When paying tuition fees via bank, the bank will ask you to provide the following documents (in general):
- For students who pay tuition fees by themselves: Original passport and copy, School fee invoice, Admission letter.
- For parents (father or mother, must have their name in the household registration book): A copy of household registration with a true certified copy or original and a true copy), Birth certificate, Copy of passport, a valid visa of the international student.
Paying tuition fees with banks will help you feel secure about your money because the tuition fees at foreign schools are expensive. However, this way of paying tuition fees will take a lot of time. The bank transfer fee is also a big cost for most Vietnamese parents. Therefore, many parents have chosen financial service companies to shorten the time to receive money and the amount of transfer fees they spend.

The safest and most convenient way to pay tuition fees today - Fintech companies

FinTech companies provide fast international payment services with many good offers compared to traditional methods, so it ultimately scores for parents who need to pay tuition fees for their children to study abroad.

Image source: Freepik.com 

Many FinTech companies appear in the market, so parents' choice becomes more difficult because they do not know which is safer or more favourable,... Therefore, careful research will help parents not only pay tuition fees safely but also can use their services to transfer money to their children quickly.

Benefits of choosing reputable FinTech companies to pay tuition fees for international students:

• Good exchange rates
• The transfer time is evident and will be faster than other methods.
• Many good promotions regarding free fees or heavy discounts on fee
• You can easily pay online via the website or app

A recommended reputable FinTech company to pay tuition fees for your children when they study abroad

Many companies provide tuition fee payment or international money transfer services on the market today. However, you should choose reputable and highly rated companies to avoid scams.

Image source: Freepik.com

If you are considering a FinTech company to pay tuition fees for your children, EzyRemit can be a good choice. EzyRemit is a trusted international money transfer provider that maintains strict operational security, making it a highly reliable service for parents.

Besides, EzyRemit offers a good exchange rate compared to the market. In particular, this company currently offers free fees to pay tuition fees to foreign universities in Australia, New Zealand and the United States.

Many parents choose this company, and they have given it many good reviews

=> Safe and quick pay tuition fees for your child: https://ezyremit.com/EducationPayment

Today, when technology is continually developing, fintech businesses providing many convenient international payment services which make paying international tuition fees no longer difficult for parents. Hopefully, the above information will help you find a way to pay for your children's tuition fees when they study abroad!