If you, like several other people, wish to send money to Vietnam, you get multiple options from which to choose. Incidentally, while a particular service provider might work well for someone, you might benefit more by turning to a different company. This is because individual requirements tend to vary, and they often play an important role when making the right selection. What helps, though, is that you may find the best way to send money by carrying out a little groundwork.
Best Way of Sending Money to Vietnam
- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
- Two Transfers Fee Free
- 1 - 3 Days
- $250 / £100 / €250
Currency Corridors & Swift Codes
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.
|ANZ Bank (Vietnam)Limited||Hanoi||ANZBVNVXXXX|
|Asia Commercial Bank||Ho Chi Minh City||ASCBVNVXXXX|
|Joint Stock Commercial Bank for Investment and Development of Vietnam||Hanoi||BIDVVNVX211|
|Military Commercial Joint Stock Bank||Ho Chi Minh City||MSCBVNVX002|
|Saigon Commercial Bank||Ho Chi Minh City||SACLVNVXXXX|
Popular Currency Corridors
A considerable amount of money flows in and out of this country regularly. In 2016, inward bound remittances accounted for more U.S. $11.88 billion. In the same year, around U.S. $100 million was sent from Vietnam to other countries.
The corresponding tables give you an indication of the popular currency corridors to and from Vietnam, as well as how much money was transferred in 2016.
How Do I Compare Money Transfer Companies When Sending Money to Vietnam?
Identifying the best way to send money to Vietnam requires that you pay attention to different factors.
- Exchange rate and fees. While some companies charge steep fees to offset the seemingly great midmarket rates they offer, the reverse holds true as well. An easy way to determine which company is the most cost effective is to compare the amount of money that will get to the recipient at the end of the transfer. Bear in mind that different payment and transfer methods may have a bearing on the cost of your transfer.
- Speed. If your wish to transfer money to Vietnam quickly, working with a company that has cash pickup locations in the country might work well for you. This is because such transfers tend to process almost immediately. Sending money to a Vietnamese bank account might take one to five or more business days. This depends on the service provider you select as well as the receiving bank.
- Payment methods. Finding companies that let you pay using a bank account transfer is the easiest. However, there are several companies that accept debit card and credit card payments as well. Some companies accept payments via Google Pay and Apple Pay, whereas some others also offer region-specific methods such as ACH, POLi, SOFORT, iDEAL, BACS, and CHAPS.
- Customer service. There is no telling when you might need to get in touch with a company representative, which is why this aspect plays an important role. Some of the leaders in this realm provide local phone support in different countries. Most provide online support via email and chat. To check how previous customers of any company rate its services, consider turning to Trustpilot, a review-based website.
- Regulated. As an example, a provider for your transfers should be regulated by the Financial Conduct Authority FCA if it operates in the United Kingdom. Such organisations have to comply with electronic money regulations, which means you can send money online safely and securely.
How to Send Money to Vietnam?
You may send money abroad to countries like Vietnam from different countries in three basic ways. However, you may or may not have access to all methods depending on where you live.
- Online. Leading banks in most countries let their customers send money to Vietnam using their online systems – these are usually known as bank transfers. However, you might benefit more by turning to specialist online money transfer companies.
- Over the phone. You can find overseas money transfer companies that let you transfer money to Vietnam by speaking with a currency broker over the phone. Some even give their customers access to dedicated brokers.
- In-person. Walking into the local branch of your bank is one way to send money to Vietnam in person. Alternatively, you may select a money transfer company that has an agent location in your vicinity.
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.
|Bank||Money Transfer Service|
|Exchange rate||SG$1 = VND 16,325.17||SG$1 = VND 16,962.34|
|Amount received for SG$1,000||VND 15,998,666.60||VND 16,962,340.00|
|Transfer time||2 to 5 days||1 to 2 days|
|Transfer options||Bank account||Bank account|
|Difference of||VND 963,673.40|
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.
|Western Union in Vietnam|
02 Vo Van Dung O Cho Dua
Dong Da District
K6 Tt Tram Troi
Huyen Hoai Duc
|Ho Chi Minh City|
35 Nguyen Son
Tan Phu District
Ho Chi Minh City
15 Hoang Hoa Tham Phuong 6 Binh Thanh
Quan Binh Thanh
Ho Chi Minh City
|MoneyGram in Vietnam|
147 Doc Ngu St. Ba Dinh Ward
|Vietcombank - Bureau|
CC2 Building North Linh Dam
|Ho Chi Minh City|
1st Floor Office Building 137 Le Quang Dinh Ward 14
Binh Thanh District
Ho Chi Minh City
2 1a-2/1e Phan Van Hon Street Ba Diem Ward
Ho Chi Minh City
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.
If you plan to send money to Vietnam at any point in time, make sure you compare different service providers according to your specific requirements. While comparing foreign exchange rates and fees might lead to savings, so can ongoing promotional offers.
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