Send money from Germany to Vietnam – 3 ways to make remittances to Vietnam

Germany is an industrial country with a leading economy in the EU and a country that attracts a lot of international students. The number of expatriates in this country is also quite large and most of them are refugees after the Vietnam War.

So, what are the difficulties in transferring remittances from this country to Vietnam, and how many ways to make remittances from Germany to Vietnam, let's find out with FinFan.

What are the difficulties of sending money from Germany to Vietnam?

The transfer of money or gifts from Germany or any other EU country to Vietnam always faces difficulties in completing some shipping documents and expensive costs when transporting by plane.

Or if there is a bank transfer, it will also take a long time for the money to be transferred to the recipient's bank (more than 1 week).

Those are the basic difficulties that a person remitting remittances from Germany to Vietnam faces.

3 ways to make remittances from Germany to Vietnam

Currently, there are 3 ways to transfer money from Germany to Vietnam:

• Transfer money through major banks to Vietnam

In Germany, there are two largest banking systems, Sparkasse and Deutsche Bank. The transfer of money from this banking system to a Vietnamese bank account needs to be done through 3 steps:

• • Open a bank account at these two banks according to the instructions on the website of Spakasseor Deutsche Bank.

  • After 1 week, when these banks issue you the bank account and card, go to the nearest branch or by online banking services to make the required money transfer and complete the money transfer procedure.

  • After a period of time (about 2-7 days), the money will be transferred directly to your relative's bank account in Vietnam. Note that you can only transfer 1 time up to 5000 euros and the maximum transfer fee will be 30 euros for 1 transfer.

• **Transfer money through the cross border transfer companies (like MoneyGram – FinFan partner).

MoneyGram International is a global leader in cross-border remittance and payments. Its consumer-centric goals enable family and friends to send money quickly, securely, and at reasonable prices based on a unique API platform system in over 200 countries.

MoneyGram utilizes a large-scale, modern technology platform to serve millions of people worldwide each year. Collaboration with major fintech companies around the world also makes MoneyGram a leading fintech company.

With a strong culture of innovation and a relentless focus on utilizing technology to deliver the world's best customer experience, MoneyGram is leading the evolution of cross-border payment platforms.

MoneyGram is reinforcing its top position in Vietnam's P2P payment and money transfer market thanks to its relationship with national banks and its recent partner FinFan.

"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).

• Transfer money through some online remittance services

Along with the development of technology, a number of cross-border online money transfer companies have formed and gradually made the customer's user experience faster and more convenient.

Nowadays, you do not need to go directly to a bank branch nor do you need to spend too much money on money transfer. You just need to sit at home, open the phone app, perform a few simple steps, and you can transfer money directly from Germany to Vietnam through 2 methods of receiving money from the recipient.

• • Via bank account: With some current money transfer tools like Remitly or Sendwave can help you transfer money from your bank account in Germany to your bank account in Vietnam quickly through just 3 simple steps.

  • Via ewallet account: Some other services that allow you to transfer money from a bank account in Germany directly to the ewallet of the final recipient in Vietnam. Especially, in some promotion events of ZaloPay, if you transfer money from Remitly, PaySend, Ria Money Transfer to Zalo Pay wallet in Vietnam, you will receive incentives from this wallet up to 300,000 VND to pay for services and bills that this ewallets offers.

In short, despite many difficulties and costs, transferring money from Germany to Vietnam will also contribute greatly to bringing the number of remittances in 2022 to $19 billion (ranked 10th in the world). world).

Moreover, the application of modern technology and remittances have made it possible for senders and recipients to do so quickly and at a much lower cost than in the past.

The increase in remittances not only from Germany but also from other countries has helped Vietnam's economy grow more and more, as well as the lives of Vietnamese people have improved a lot.

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.

For more information, please get in touch with us through:

🌐https://finfan.io

📞(+84) 2866 85 3317

✉ support@finfan.vn

LinkedIn: FinFan