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There are various reasons for seeking international money transfer services in Vietnam. You may need to send allowances to family members studying or working abroad, transfer money for medical treatment, buy/sell products, or pay fees for foreigners, etc.
Regardless of your reason for transferring money, before doing so, you need to understand both online and offline international money transfer services in Vietnam and select the method that is quick, secure, and cost-effective for you.
Explore International Money Transfer via Postal Services, Banks, and Western Union System
Most Popular International Money Transfer Services in Vietnam
The majority of international money transfer transactions in Vietnam involve sending money to individuals/organizations abroad or transferring money from abroad to Vietnam (Remittances). These transactions can be carried out through various methods and different approaches (traditional transfer, online transfer). The currency for both sending and receiving can be VND or USD.
1. Popular International Money Transfer Services in Vietnam
1. International Money Transfer Service via VNPOST Postal Service.
VNPost (Vietnam Post Corporation), besides providing services for delivering goods and letters, also offers international postal money transfer services.
With this money transfer service, recipients can visit VNPost's designated post offices to receive money sent from abroad through postal services to various countries (France, USA, China, South Korea, Japan, etc.), from Bank of Bangkok Thailand, or from Western Union. The received currency can be USD (only accepted at certain post offices) or Vietnamese Dong.
If you want to know more about international money transfer services via VNPOST, please contact the hotline, VNPost phone number, for information and support.
Currently, VNPost is offering free money receiving services for customer money transfers.
Learn about the procedures and methods for international money transfer via postal services.
1. 2. International Money Transfer Service through the Banking System
At the present time, most banks in Vietnam and worldwide have joined the SWIFT (Society for Worldwide Interbank Financial Telecommunication) to provide international money transfer transactions for their customers. Upon joining, each bank member is assigned a transaction code (SWIFT code) to facilitate the exchange of information, transfer, and data retrieval throughout the system. Money transfer and receipt transactions are processed quickly with low fees.
In Vietnam, banks are currently offering international money transfer services, including:
By using the international money transfer services of banks, you can conduct transactions at the counter or through the bank's international money transfer app. The deposited amount can be in USD or Vietnamese Dong and will be automatically converted to USD or the recipient's local currency.
Explore international money transfer services through the SWIFT global interbank system
1. 3. Western Union International Money Transfer Service
When you need to transfer money internationally quickly and securely, the Western Union international fast money transfer service could be an excellent suggestion for you. With Western Union, you can send cash directly at bank branches that serve as Western Union agents, or transfer money internationally online through the Western Union app or website (Currently, the mobile app transfer option is only available for sending money internationally to Vietnam and not yet for sending money from Vietnam to the world).
The transfer time with Western Union is 2-3 minutes after completing the transaction.
Details on concepts, fees, receiving and sending money internationally through Western Union have been compiled by Mytour in the article What is Western Union. For more information, please click on the article link.
Explore the international money transfer services of Western Union through Vietcombank, BIDV, ACB, and more.
1. 4. International Money Transfer Service through Online Money Transfer Apps
Using money transfer services provided by banks, postal services, etc., may not be the optimal solution for international money transfers as the actual received amount is affected by low exchange rates and requires a considerable amount of time and documentation to visit the bank for the transfer. In such cases, transferring money internationally through smart money transfer apps can help you overcome these challenges.
Currently, in Vietnam, the apps and online platforms commonly chosen by MMO enthusiasts and business people for international money transfers are
- Xe Money Transfer
- Payoneer
- TransferWise
- WorldRemit
- Travelex
- Share Money
- TorFX
- Currencies Direct,...
Among the international money transfer apps mentioned above, services through Paypal, Payoneer, TransferWise, WorldRemit are considered safer, more accurate, and more effective.
If you want to compare the fees of international money transfer services provided by online platforms, you can check out Mytour's article on comparing Payoneer with Paypal.
Note: Choosing which international money transfer service provider to use can be a challenging decision. However, before transferring money, you can base your decision on factors such as the safety of the transfer, exchange rates at the time of sending, transfer fees, and the actual amount received (the amount received after deducting various fees) to select the best money transfer service provider for you.
How to transfer money internationally through online money transfer apps
2. Information to Provide When Making International Money Transfers
- Sender: Full name, residential address, ID card/passport number
- Receiver (Beneficiary):
+ Full name, account number of the recipient (if using international money transfer through a bank), recipient's bank.
+ Full name, address, ID card or passport number of the recipient
3. International Money Transfer Fees
International money transfer fees are determined by the chosen international money transfer service provider.
- When using international money transfer services provided by banks: Each bank will apply a different transfer fee, depending on the currency, transfer method, and transfer amount per transaction. The transfer fee will be collected directly at the counter or deducted from your debit/credit card account at the bank. International transfer fees typically range from 0.3 to 0.5% of the transfer amount on average.
- Western Union's international transfer fee is 0.3% of the total transfer amount.
- In addition to transfer fees, some banks and financial institutions may impose hidden fees on international transfers. These hidden fees may include fees for receiving payments from abroad, reservation fees based on the bank's exchange rate, etc. Typically, these fees apply to the recipient. Additionally, you can refer to Safe and Fast Ways to Transfer Money from France to Vietnam here.
