Methods to Transfer Money from Overseas to Vietnam

With the development of the market economy, the number of Vietnamese citizens immigrating, studying, working abroad is increasing. To quickly send money from abroad to Vietnam for investment, remote work, or financial support for relatives, you need to understand the methods to transfer money from overseas to Vietnam and flexibly choose the appropriate means and methods of transfer according to the nature of your work and your financial capability.

5 Methods to Transfer Money from Overseas to Vietnam

Detailed Methods for Transferring Money from Overseas to Vietnam

Previously, to transfer money from overseas to Vietnam, you had to go to the post office, fill out information on the international money transfer receipt, pay the fee, and wait about 3 days to receive the money. Nowadays, thanks to internet support, the money transfer process has been simplified to just a few steps.

Specifically, to send money to Vietnam, you can use one of the following international money transfer methods:

- Transfer money via postal service
- Transfer money through the banking system
- Transfer money through international money transfer organizations
- Transfer money through electronic wallet systems.

The methods for transferring money from abroad to Vietnam mentioned above will deliver funds to the recipients at different speeds and exchange rates. Readers should explore the advantages and disadvantages, as well as the transfer fees associated with each method, to choose the most suitable and cost-effective money transfer option for themselves.

1. Transferring Money from Overseas to Vietnam via Postal Service

In addition to providing parcel delivery services, postal services in some countries such as France, Singapore, Belgium, Laos, Cambodia, etc., are also partnered with the Vietnam Post Corporation (VNPost) to offer money transfer services from overseas to Vietnam. (View details of postal systems linked with VNPost Here)

To send money from abroad to Vietnam via postal service, you need to visit the nearest post office in your country, provide sender and recipient information, pay the fee, and complete the money transfer process. The transfer and receipt of funds typically take about 3 days.

- Fee for transferring money from overseas to Vietnam via postal service: Based on the service fees of the postal service in the sender's country, there are no charges for recipients in Vietnam.

- Receiving method: The recipient presents their ID card at the designated post office to receive the money. The received currency can be VND (based on the postal service's exchange rate) or USD.

Guidelines on how to send money from abroad to Vietnam via postal service

2. Transferring Money from Overseas to Vietnam via Air Freight

Sending money to Vietnam through relatives and friends is a simple and cost-effective method that many people use when they need to send money to VN. However, the law stipulates that you are not allowed to carry more than 5000 USD in cash on international flights to Vietnam. If the amount exceeds the permitted limit, you need to prove the source of the money and go through customs procedures.

- Transfer Fee: Free of charge

- Receiving Money from Overseas to Vietnam via Air Freight: The recipient contacts the money holder to retrieve the money

3. Transferring Money from Overseas to Vietnam via Banking Channels.

Prominent with features such as fast and secure money transfer, transferring money through the international banking system is a method widely used to send money from overseas to Vietnam. To transfer money this way, you can choose to send it directly at the bank or through the Internet Banking, Mobile Banking services of banks.

Reputable banks in Vietnam are providing international money transfer services including: Vietcombank, Vietinbank, BIDV, AgriBank, Techcombank,...

Method 1: Transfer via SWIFT international transfer method

By using the SWIFT (Society for Worldwide Interbank Financial Telecommunication) international money transfer service of banks, you can send money from any country in the world to Vietnam. However, you need to ensure that the recipient's bank is connected to the SWIFT system.

To send money this way, both the sender and the recipient must have active bank accounts. When sending money, you need to carry personal identification documents, provide complete information about the recipient's account number, address, pay transaction fees for the bank to execute the transfer order with the linked bank in Vietnam.

Method 2: Transfer money via ATM, Internet Banking system

In addition to visiting the bank directly, you can also transfer money from overseas to Vietnam via ATMs or the electronic banking system of the foreign bank. The conditions for money transfer are that both the sender and the recipient must own Visa cards, Master cards at banks, and both cards must be part of the same international payment system.

With this method of money transfer, the recipient's account can receive the money within 3 hours if the transfer is made between Visa cards of the same bank, or on the same day if transferred using Visa cards of different banks.

- Fee for transferring money from overseas accounts to Vietnam: The transfer fee varies depending on the development strategy of banks at different times.

Fee for transferring money from overseas to Vietnam via Visa card

- Method of receiving money at the bank: During the money transfer process, you can choose one of two methods for the recipient to receive money: Receive money at the bank counter and receive money through an account. For receiving money at the counter, most banks in Vietnam will require the recipient to bring their ID card to the nearest bank counter to receive the money.

4. Transfer money through reputable money transfer companies worldwide

Currently, there are numerous companies providing fast money transfer services globally. Among them, notable names include Western Union, MoneyGram, Paypal, Xoom,...

* Western Union

Western Union is a leading global brand providing cash transfer services worldwide. By using Western Union to transfer money from overseas to Vietnam, you can receive the money within minutes. The maximum amount of money that can be transferred through the Western Union system is 74000 USD per transaction.

To learn more about fees, methods of transfer, and receiving money through the Western Union system, please refer to the article 'What is Western Union' compiled by Mytour previously.

Explore more: What is Western Union

* MoneyGram

Following closely behind Western Union, MoneyGram is also a money transfer brand widely used by many Vietnamese living abroad when they need to send money from overseas to Vietnam. With over 350,000 transaction points in more than 200 countries, sending money quickly through MoneyGram allows you to easily transfer money to the recipient's account within 3 - 5 minutes.

To send money through MoneyGram, you need to prepare complete sender information (ID), recipient information, the amount of money you want to send, and pay the sending fee.

For customers in Vietnam, MoneyGram offers 3 main services: Cash Pickup, Bank Account Deposit, and Mobile Wallet Deposit. However, according to many, MoneyGram's transfer fees are considered quite high. To estimate the transfer fee, you can enter the sender country, receiver country, and receive method on the MoneyGram Vietnam website. (Click here to access quickly Here)

Details on how to transfer money from abroad to Vietnam through MoneyGram's international money transfer service

After sending money through MoneyGram, you will receive an 8-digit reference number. You need to share this number with the recipient to complete the money collection process later.

How to receive money from abroad in Vietnam when sent through MoneyGram

- Find the nearest MoneyGram branch
- Fill in the information on the money receipt, provide the 8-character code from the sender's receipt
- Provide ID/documentation to the teller.

* Sending money from abroad to Vietnam via Paypal

Not only supporting international transaction payments, but Paypal also facilitates transferring money from foreign accounts to Vietnam quickly and easily.

To send money via Paypal, you need to follow these steps:

Step 1: Log in to your personal Paypal account, select 'Send Money' from the menu bar
Step 2: Enter the recipient's phone number/email address, amount, and currency to be transferred
Step 3: Follow the on-screen instructions to confirm and complete the transfer process.

Fee for transferring money from abroad to Vietnam via PayPal

How to receive money: After sending money to your PayPal account, you need to transfer the money from your PayPal account to your bank account. Refer to our article on What is PayPal for detailed steps on withdrawing money to your account.

See more: What is PayPal

In addition to the reputable companies mentioned above that provide services for transferring money from abroad to Vietnam, you can also consider a few other brands such as:

- TransferWise
- Xoom
- WorldRemit
- Momo

5. Key considerations when transferring money from abroad to Vietnam

* Comparing transfer fees among service providers

Typically, the fees for transferring money from abroad to Vietnam consist of two main types: upfront fees and exchange rate difference fees. To ensure the recipient receives the highest value of the transferred amount, you need to choose a method of transferring money from abroad to Vietnam from a provider with lower fees and a favorable exchange rate. Generally, international money transfer companies offer cheaper transfer fees compared to banks.

* Transfer limits from abroad to Vietnam

To answer this question, you need to know that each country and money transfer service provider has its own regulations regarding transfer limits to foreign countries. For example:

- The transfer limit from Japan to Vietnam is below 1 million Yen per transaction.
- The transfer limit from the United States and the United Kingdom to Vietnam is below 10,000 USD per transaction.

* Timing your money transfers for better exchange rates

Exchange rates (the rates between different currencies) are not fixed but change over time. Therefore, you need to stay updated on daily exchange rates to know the best time to send money. Sending money when the exchange rate is high means your recipient will receive more money, and vice versa.

* Duration of transferring money from abroad to Vietnam

Currently, transferring money from abroad to Vietnam can take from 2 to 3 minutes to several days depending on the chosen transfer method.

* Is transferring money from abroad to Vietnam subject to taxation?

Vietnamese law stipulates taxation on money transfers from abroad to Vietnam based on the identity of the sender. Specifically:

- No tax is levied if the sender is a Vietnamese residing abroad, working, studying, or sending money to relatives in Vietnam.

- Taxation is applicable if the sender is a foreigner.

Here we have detailed various methods for transferring money from abroad to Vietnam. Through the content covered in this article, we hope you will find a fast, convenient, and cost-effective way to send money for yourself.