Remittance from the US to Vietnam Part 1 - How to make foreign remittance from the US to Vietnam?

Remittance is very important to the development of a country just like the content in the article “How does remittance affect a country's economy?”. However, there are still many immigrants who don’t know how to make it, especially since every nation has its way to make remittances. Therefore, FinFan will discuss in this essay the way to make foreign remittances from the US, which has many immigrants from Vietnam.

Why does the US have many Vietnamese immigrants? How did they send and receive the remittances in the past?

After the Vietnam War in 1975 and Vietnam was completely unified, many Vietnamese, who were under the regime of the Republic of Vietnam, went to the US as refugees.

However, these people also have relatives in Vietnam. Because of this, each year they have sent lots of remittances and gifts back to Vietnam to their relatives.

“I remember my mom told me that she was very eager and looking forward to their gift from abroad. When these remittances and gifts came to Vietnam, she was always the first person to ride fast by bicycle to the post office and take them.”

T., a resident with relatives in the US reported.

That’s a real story from T. What he talked about was the old and only way to send and receive remittances from the US in the past (through national post offices). That is because, in the 70s, 80s decades and the beginning of the 90s, most of the business models in Vietnam were owned by the state. Therefore, all import and export and cross border money transfers had to go through the administrative agencies of the state, and the post office is one of these agencies.

Vietnam is always in the top 10 countries, which have the most remittances from the US

Since 1975, Vietnamese remittance money has always been in the top 10 even the top 5 of the total amounts of remittances from the US.

According to the Migration and Remittances Factbook 2016 (the most recent data about remittances from the US), Vietnam was standing in the 5th rank with a total amount of remittances and was around $7 billion dollars (more than 50% of a total amount of remittances to Vietnam in 2016).

How to make a remittance from the US in modern life?

Many differences have happened since the decade 90s when the technology in Vietnam quickly developed and Vietnam opened the market after US sanctions.

It gives more ways to send and receive remittances from the US when many agencies have entered this market. People in Vietnam don’t need to wait for a month to receive remittances (Sometimes, it doesn't take more than a minute).

3 best ways to make a foreign remittance from the US

Through some cross border money transfer providers/online remittance services.

Money Gram

MoneyGram provides money transfers and other financial services globally using both digital and retail platforms. Consumers can send money internationally to friends and family, pay bills, and more. with affordable fees and the best rates.

Especially now you can send remittances to MoneyGram and the receivers in Vietnam can get this money in only a few minutes through the collaborating services between MoneyGram and FinFan- one of the leading remittance and payment fintech companies in Vietnam.

The partnership enables FinFan customers to connect to the MoneyGram platform and distribution network in over 200 countries and territories. The connection will especially benefit consumers who send money to Vietnam worldwide.

Faster, safer, and cost-effective is what should be said about this real-time money transfer service platform. Through a single API payment gateway, every transaction of the customer is processed faster and more efficiently. Besides, it also helps FinFan-MoneyGram maintain a low cost of transactions as well as improve the customer experience.

With the support of the FinFan's Ewallet Aggregator product, senders can send money from the United Kingdom directly to popular e-wallet accounts in Vietnam, such as MoMo, ZaloPay, VNPay, etc., in just three simple steps.

If the recipient does not have an e-wallet account, the sender can choose the cash-pickup method at a bank or send the money directly to the recipient's bank account in Vietnam (if the recipient has a bank account).

Remitly

Remitly is a digital money transfer service with a mission to make money transfers faster, more transparent, and affordable. As a digital service with no physical presence, they can reduce operating costs so that your senders benefit from it.

Nowadays, a person just needs to pick up the phone and perform 3 steps to be able to transfer money from the US to Vietnam in the fastest and most convenient way.

Sendwave

SendWave is a British company that specializes in global express money delivery service with nearly 10 years of presence in the market.

Every year, SendWave has helped hundreds of thousands of Vietnamese expatriates send money to Vietnam with just a few simple steps.

Currently, SendWave has combined with WorldRemit and created ZepZ Group.

Through a single API payment gateway, every transaction of the customer is processed faster and more efficiently. The sender can choose the cash-pickup method at a bank or send the money directly to the recipient's bank account in Vietnam (if the recipient has a bank account).

Read more to know how to make remittace from the US to Vietnam by Sendwave:

. HOW TO SEND MONEY FROM THE UNITED STATES TO VIETNAM BY USING SOME FINFAN’S PARTNERS – SENDWAVE

Paysend

Paysend is the next-generation payment platform enabling customers and businesses all around the world to pay, hold and send money online anywhere, anyhow and in any currency.

Paysend is based in the US with a true global outreach and it was created in April 2017 with the clear mission to change how money is moved around the world; it is the first payment disruptor to introduce global card-to-card transfer.

In short, remittances from the US to Vietnam are growing and moving towards technology day by day. Currently, we no longer need to go to the bank or the cross-border money transfer service to send money in person, but can sit at home and with a few steps, the deposit will be automatically transferred to the recipient's bank account or e-wallet.

With the support of the FinFan's Ewallet Aggregator product, senders can send money from the United States directly to popular e-wallet accounts in Vietnam, such as MoMo, ZaloPay, VNPay, etc., in just three simple steps.

Through relatives/friends

Asking relatives/friends is also a way for you to send the remittances back home. However, this solution is only applicable when friends or relatives have a flight back home.

If they don’t you need to deal with dealers, who have the flight by the time you want to send remittances. That way takes many risks for both sides (you and the dealer too), but you take more risks.

Through post offices by Money order services

Even though technology has developed so quickly, the post office has been still existing to send remittances from the US to Vietnam through money order.

This is a domestic money transfer facility through the post office. Money send through money order is paid at the doorstep of the payee and this service is available in all post offices.

Remitters can pay the amount in cash or Cheque at the booking office and the charge for the service is no charges applied to payees.

This article was curated and authored by FinFan's market research and development team, alongside our marketing department.

About FinFan

FinFan is a cross-border embedded financial services company that focuses on mass disbursement, fund collection, card processing, IBAN, and digital APMs solutions, which can provide valuable input and integration on and for the same.

FinFan is already integrated with almost the world's well-known MTOs, PSPs, switch, and core fintech platforms such as Money Gram, Thunes, Qiwi, Remitly, World Remit, Bancore, PaySend, Terrapay, Ria Money Transfer (Euronet), Dlocal, Ripple, TripleA, FoMo Pay, Wings, etc.

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