6 best Ways to Transfer Money from Abroad to Vietnam

Are you looking for a fast, secure, and cost-effective way to transfer money from abroad to Vietnam? With the rapid development of financial technology, there are now multiple flexible options that allow senders and recipients to complete cross-border transactions effortlessly. However, not all methods are suitable for everyone. In this article, FinFan compiles the six most popular ways to send money to Vietnam, helping you choose the best solution based on speed, cost, and security.

Key Factors to Consider When Choosing a Money Transfer Method to Vietnam

With the increasing globalization of trade and the rise of remote work, the demand for sending money to Vietnam continues to grow. However, selecting the right method requires careful consideration of key factors such as transaction speed, transfer fees, convenience, security, and exchange rates. Transaction speed is crucial, especially for urgent transfers. Some methods, such as e-wallets or instant transfer systems, process transactions immediately, while bank wire transfers can take several days. Transfer fees vary widely, ranging from 3-5% of the transaction value, depending on the platform used. Exchange rates also play a significant role, as choosing a method with a better exchange rate ensures the recipient gets the highest value. Security is another vital consideration, ensuring that both the sender and receiver avoid potential risks. Established financial institutions and FinTech services like FinFan implement robust security measures to protect transactions.

Top 6 Ways to Transfer Money from Abroad to Vietnam

Bank Wire Transfers via International Banking Systems

Sending money through banks is a traditional and widely used method due to its high level of security. Transactions are conducted through SWIFT or IBAN, enabling senders to transfer money from foreign bank accounts to Vietnamese banks. According to the World Bank, approximately 40% of global remittance flows go through banking systems. However, bank transfers have certain drawbacks. Processing times can range from two to five business days, depending on the banks involved and the time zone differences. Transfer fees range from 3-5%, and they may be even higher for transactions involving traditional banking networks in regions like the US and Europe.

Money Transfers via Western Union or MoneyGram

Western Union and MoneyGram are two of the world’s largest money transfer networks, allowing senders from any location to send cash to Vietnam without requiring the recipient to have a bank account. According to Statista, Western Union holds 15% of the global remittance market, with over 550,000 agent locations in 200+ countries. Transaction processing is very fast, often completed within minutes to an hour, depending on the sending country. However, transfer fees are relatively high, ranging from 5-10% of the sent amount. Additionally, exchange rates may not be as competitive, meaning recipients might receive less than with other methods.

Money Transfers via International E-Wallets

E-wallets are becoming a preferred method for sending money internationally due to speed and flexibility. Platforms like PayPal, Payoneer, Wise, and FinFan Wallet allow users to send and receive funds using only a phone number or email. Forbes reports that over 25% of global remittances are now processed through e-wallets. Transaction times range from a few minutes to 24 hours, depending on the platform. Transfer fees range from 1-3%, making them lower-cost alternatives to banks. Exchange rates are generally better, but platforms like PayPal may charge additional withdrawal fees (0.5 - 2%) when transferring funds to a bank account.

Money Transfers Using International Debit or Credit Cards

Using a Visa or Mastercard credit/debit card is another popular option. Senders can transfer funds via international payment gateways such as Stripe, Wise, or direct banking services. Processing times are typically instant, making this method faster than bank transfers. However, transaction fees can be higher, with transfer fees ranging from 2-4%, plus ATM withdrawal fees of 1-3% if the recipient needs cash. Some banks may also impose international transaction fees of up to 5%.

Money Transfers via Cryptocurrency (Crypto)

Cryptocurrencies are emerging as an alternative for cross-border money transfers due to fast transaction speeds and low fees. Popular digital currencies like USDT, BTC, and ETH can be transferred within minutes, regardless of the sender and receiver’s location. Cointelegraph reports that crypto-based remittances exceeded $600 billion in 2023. The biggest advantage is the low transaction cost, ranging from 0.1 - 1%, depending on the blockchain used. However, this method carries higher risks due to the high volatility of cryptocurrency prices and varying regulations across different countries. Converting crypto to VND usually requires crypto exchanges like Binance or Remitano, which may charge additional hidden fees.

Money Transfers via FinFan

FinFan provides a fast, secure, and cost-effective way to transfer money from abroad to Vietnam. With a vast partner network, including VISA, MoneyGram, SWIFT, and domestic banks, FinFan enables transactions within minutes, offering competitive exchange rates with no hidden fees. The service supports over 100 payment methods, including IBAN, e-wallets, international cards, and SWIFT, allowing senders and recipients to choose the most suitable method. According to FinFan’s internal statistics, 85% of transactions are completed in less than five minutes, ensuring an optimized experience for users transferring money to Vietnam.

Introducing FinFan x VISA’s Remittance Services

FinFan and VISA have partnered to offer modern and convenient remittance solutions in Vietnam. Recipients can use VISA cards to withdraw money from ATMs or make online payments immediately upon receiving the transaction. This partnership not only reduces transaction processing times but also ensures lower fees and enhanced security compared to traditional methods. Through FinFan’s platform, users can receive money directly into their bank accounts or e-wallets, eliminating the need for additional verification steps. Its powerful API system automates remittance transactions, delivering the best possible user experience.

Conclusion

There are multiple ways to send money from abroad to Vietnam, each with its own advantages and disadvantages. Depending on transaction speed, cost, and convenience, users can select the best-suited method. With its partnership with VISA, FinFan provides a fast, secure, and cost-effective money transfer solution, making transactions easier for individuals and businesses. Sending money to Vietnam has never been this simple!

FAQs

How long does it take to transfer money to Vietnam?

Processing times vary depending on the method used. Bank transfers can take 2-5 business days, while e-wallets and services like FinFan can complete transactions within minutes.

Which money transfer method has the lowest fees?

E-wallets and cryptocurrencies generally offer lower fees than banks and Western Union. However, exchange rates can impact the final received amount.

Can recipients in Vietnam receive money in VND?

Most international money transfer services allow conversion to VND, but exchange rates vary across platforms.