Send Money To Vietnam

Currency Symbol and Swift Codes

The Vietnamese đồng (VND) is the official currency of Vietnam. A đồng is divided into 10 hào, and one hào is further subdivided into 10 xu. However, the use of these subunits is near obsolete now. The symbol “₫” is used to represent the Vietnamese đồng.

If you plan on sending money to a bank account in Vietnam, you will need to provide the receiving bank’s name and SWIFT code. The corresponding table lists SWIFT codes of some of the popular banks in the region.

Case Study

After completing college, Nguyen got an opportunity to move to Singapore for work. However, his parents decided to stay back in Vietnam. Once Nguyen got to Singapore and settled down, he decided to start sending some money to his parents.

Nguyen had the option of using a prominent Singaporean bank to carry out the transfer, but he decided to compare its services with a popular money transfer company. The results of what he found are indicated in the corresponding table. These illustrate that saving money in respect of online money transfers to Vietnam need not be that difficult.

Nguyen’s decision to go with the money transfer company ensured that his parents got a little extra money. In addition, the money got to them quicker than it would have through the bank.

Cash Pickup Locations in Vietnam

If you wish to send money to a cash pickup location in the country, some of the popular money transfer companies you get to choose from include MoneyGram, Western Union, WorldRemit, and Ria. Given below are addresses of locations in the country’s popular cities.

Safety Tips for Picking up Cash in Vietnam

Petty crime such as pickpocketing and bag snatching are common in busy tourist areas in and round Ho Chi Minh City and Nha Trang. Instances of armed robberies are few and far in between. Be particularly aware of your surroundings if you are travelling alone and after dark.

When travelling in a car, keep your doors locked and windows rolled up. Do not use unlicensed taxis. Watch out for thieves when using public transportation. Take suitable precautions to safeguard your money and valuables. Do not display signs of wealth. Credit card fraud is prevalent in this country.

What Information Do I Need to Send Money to Vietnam?

The information you need to provide when sending money to Vietnam varies according to the desired transfer method.

• Bank account. Details you will need include the recipient’s name and account number as well as the receiving bank’s name and SWIFT code.
• Cash pickup. You will need to provide the recipient’s name and a preferred cash pickup location. The recipient will need to provide a valid form of photo ID along with a transaction number to collect the transferred money.

Regulations when transferring money to and from Vietnam

Financial institutions in Vietnam are required to report all international money transfers of U.S. $1,000 or more, or its equivalent in other currencies, to the country’s anti-money laundering authority. Any amount that a foreign national might hold in a Vietnamese bank account, on which tax has been paid, may be freely remitted overseas. An individual may also transfer funds received into a Vietnamese bank account from an overseas bank account without any restrictions.