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Transferring money from Germany to Vietnam is a pressing need for Vietnamese expatriates and workers in Germany. Amidst numerous online and offline money transfer methods, which one ensures safety, speed, and cost-effectiveness?
Below are the answers for you. By reading and understanding the article's content, you can learn about different methods of transferring money from Germany to Vietnam, the service fees associated with each method, and much more. Let's explore!
Fees, Time, and Various Ways to Send Money from Germany to Vietnam: Post Office, Vietcombank, Vietinbank, AgriBank, BIDV, and More
1. Ways to Send Money from Germany to Vietnam
In the past, sending money from Germany to Vietnam was limited to postal services, banks, or relying on relatives. However, with technological advancements, money transfer services from Germany to Vietnam have expanded, offering a variety of new methods.
Specifically, common methods of sending money from Germany to Vietnam include.
Method 1: Entrusting Money to Relatives
If you have relatives or friends in Germany who are returning to Vietnam, you can entrust them to carry money back to your relatives in Vietnam. However, according to Vietnam Customs regulations, a person returning from abroad can only bring a maximum of 5000USD (equivalent to 4627EUR) and a maximum of 15,000,000 Vietnamese dong.
Therefore, before sending money, you need to ask the person carrying the money about the maximum amount you can send to avoid being confiscated or detained at customs.
Method 2: Transferring Money from Germany to Vietnam via Bank System
Currently, you can send money from Germany to Vietnam through Vietinbank, Vietcombank, AgriBank, BIDV, and more. These are banks that are partnered with German banks, facilitating quick transactions with low fees.
To send money using this method, the sender needs to go to banks in Germany and complete the transfer procedure from Germany to Vietnam following the bank's instructions. Information required from the sender includes: Full name, national identity card, Receiver's name, account number, Receiver's ID card number, date of issue, place of issue, address, Swift code of the bank,...
Senders can choose between two common methods: sending money to a bank account (applicable when the recipient has a bank account) and sending via ID card (applicable when the recipient does not have a bank account). The transfer time is from 1-2 business days. After completing a successful transaction, the recipient in Vietnam needs to bring their ID card, valid passport to the designated bank branch to receive the money.
Money Transfer Form from Germany to Vietnam at Deutsche Bank Counter
* Transferring Money from Germany to Vietnam through the Online Banking Service of German Banks
In addition to sending money from Germany to Vietnam at the bank's counter, you can also transfer money online through the bank's apps.
One of the German banks in Vietnam that many individuals and organizations use for currency transactions is Deutsche Bank. Currently, Deutsche Bank also has transaction branches in Hanoi, Vietnam, making money transfer and receipt relatively easy.
Transfer Requirements: The sender must own a EUR account at Deutsche Bank and have registered for the online banking service of this bank.
Procedure:
+ Enter ID and Password to log in to Deutsche Bank's online banking system (Click quick access Here)
+ Click on the 'International Credit Transfer' section, enter recipient information, transfer amount, and confirm the transaction.
Interface, How to Transfer Money from Germany to Vietnam on Deutsche Bank's Online Banking System
Method 3: Transferring Money from Germany to Vietnam through Online Money Transfer Apps
Instead of needing an account with a German bank, senders can also transfer money from Germany to Vietnam through Sparkasse, Transferwise, Remitly,...
To use this method of transferring money from Germany to Vietnam, you need to download and install the app on your phone, create an account, enter sender and recipient information in Germany, choose the payment method, and complete the transaction.
+ Click to download TransferWise Money Transfer Here.
Method 4: Transferring Funds from Germany to Vietnam via Western Union
Western Union is an international money transfer service chosen by many people worldwide. Currently, you can also use Western Union's money transfer service to send money from Germany to Vietnam.
Details on concepts, fees, and how to transfer money via Western Union have been compiled by Mytour in the article Western Union: What is it? Fees, necessary documents for sending and receiving money. Click the article link to find out more.
Form, How to Transfer Money from Germany to Vietnam via Western Union
Method 5: Sending Money from Germany to Vietnam via Postal Service
This is a traditional remittance method, previously used by many Vietnamese expatriates in Germany. With this money transfer service from Germany to Vietnam, to send money, you need to bring cash to postal offices in Germany, fill in sender and recipient information on the form, pay the transfer fee, and wait for confirmation from the recipient.
Typically, the process of sending money at the post office takes a long time, averaging 5-7 days before the money can be transferred to the recipient.
2. Transfer Fees from Germany to Vietnam
Typically, the transfer fees from Germany to Vietnam range from 0.3% - 0.5% of the transaction amount, depending on the regulations of the money transfer service provider. Specifically:
- Transfer fees from Germany to Vietnam with Vietinbank, Techcombank, BIDV,...: Flat fee of 10EUR for a transaction valued at no more than 3000EUR
- Western Union transfer fees from Germany to Vietnam: 0.3% of the amount sent.
3. Duration of Money Transfer from Germany to Vietnam
Depending on the method you choose to transfer money from Germany to Vietnam, the transaction processing time will vary. The average time to complete a money transfer transaction is 2-7 days from the date of sending.
4. Considerations When Transferring Money from Germany to Vietnam
- Deutsche Bank Germany is a reputable bank with branches in both Germany and Vietnam, suitable for conducting money transfer transactions. However, to open an account at Deutsche Bank Germany, you need to have a residence visa in Germany. Otherwise, you can use an account from Vietinbank, log into Vietinbank's online money transfer support system from Germany to Vietnam, and follow the instructions. (Click for detailed instructions here)
- To ensure quick and accurate transactions, you need to provide complete information of the recipient, including account number, ID number,...
- If you are proficient in English, German, and technology, using money transfer apps to send money from Germany to Vietnam is an excellent solution for you.
Here, Mytour has shared with you the procedures, fees, and methods of transferring money from Germany to Vietnam. Hopefully, the information in this article will be helpful to you, helping you find the best remittance solution from Germany to Vietnam for yourself.
