Top 3 Most Popular Ways to Send Money to Vietnam from Abroad

The Vietnamese economy is continuously developing, as recently highlighted in a study published by experts on the Statista platform. The article shares that Vietnam has two cities predicted to be among the top 10 cities with the fastest growth rates worldwide by 2033.

As these global connections strengthen, many people are increasingly interested in sending money to family and friends in Vietnam or supporting various causes.

Choosing the right method for remitting funds can make a significant difference in terms of cost, speed, and convenience. Here are three of the most popular ways to send money from abroad to Vietnam:

International Bank Transfers

International bank transfers remain one of the most commonly used methods for sending money from abroad to Vietnam.

With a high level of security and established networks between banks, this method ensures reliability and ease of access.

Advantages:

Security and Trustworthiness

Banks typically offer advanced security features, giving senders and recipients peace of mind.

Accessibility

Bank transfers can be initiated from virtually any location, as most international banks have online services.

Large Transfer Capabilities

Ideal for larger sums due to the structured processes and higher transaction limits.

Considerations:

Fees and Exchange Rates:

International transfers can come with high fees, and exchange rates may not always be favorable.

Historically, the cost of sending money to Vietnam has been a barrier to remittances. According to the most recent fee schedule from a bank in Vietnam, customers must bear a fee ranging from $2 to $70 for the amount being transferred to Vietnam.

Processing Time:

Not only do customers face pressure regarding costs, but transferring money through banks can also take up to 7 business days due to the need to complete complex verification processes from both international and Vietnamese banking systems.

Imagine that your loved ones are in urgent need of the money you are sending to cover their living expenses.

However, due to the lengthy approval process and remittance procedures, the funds do not reach the recipient in time.

In such cases, your family may have to resort to other solutions to receive the money, even borrowing from unsafe sources, which is truly dangerous, isn’t it?

Money Transfer Services

Companies like Western Union, MoneyGram, Ria Money Transfer or Remitly,… are widely recognized for their efficiency and global reach, making them a favored choice for many. These services have established locations and agents throughout Vietnam, making it convenient for recipients to collect funds.

Advantages:

Speed

Transfers can often be completed within minutes, even with cash pickup options. With the support of advanced technology today, transferring money can sometimes be completed in just three steps using a mobile app, allowing funds to be sent from the sender's country to Vietnam in less than 5 minutes.

If you choose the cash pickup option, it may take less than 2 days for you to visit the nearest bank branch and collect the cash using your national ID or passport.

Widespread Availability

Many agents are accessible in urban and rural areas across Vietnam. In Vietnam, residents can easily find transaction locations for remittance companies like Western Union or MoneyGram at gold shops, post offices, or bank branches near their homes.

The advantage is that most of these locations are very close to residential areas, even in some remote regions of the provinces or cities where the recipients reside.

Flexible Options

Senders can choose between bank deposits, cash pickups, or mobile wallet transfers.

Read more:

. Remittance from the US to Vietnam Part 3 - A Guide to Cash Pickup

. Remittance from South Korea to Vietnam Part 4 - Exploring Cash Pickup Options

More Cost-Effective than Bank

Depending on the service provider and the amount, fees can vary significantly. However, these transfer services are, on average, around 3.5% – 4% cheaper than traditional bank transfers, offering better exchange rates and more transparent fee structures.

Considerations:

Small Transfer Capabilities

Most of these remittance companies only accept transfers of small amounts (not exceeding $10,000). Larger sums must be processed through the bank's transfer system to be sent to Vietnam.

Digital Wallets and Mobile Money Services

With the rise of digital finance, many are turning to mobile wallets and online platforms to transfer money. Especially after completing the ewallet aggregator product.

Services like Remitly, Ria Money Transfer, MoneyGram, Paysend,… can connect with FinFan to enable fast and secure transfers to recipients in Vietnam with just a few taps on a smartphone.

Advantages:

Convenience

Transfers can be made at any time, and recipients can receive funds directly into their digital wallet or bank account.

Now, with the new product from FinFan called the e-wallet aggregator, recipients can complete their remittance process to Vietnam in just three steps.

Read more:

. How To Pay Remittances Online Directly to Ewallets

Lower Fees

Some digital services offer competitive rates and lower fees, especially for frequent users. Some major e-wallets, such as ZaloPay, frequently offer promotional programs to assist recipients when they receive remittances from loved ones abroad.

Speed

Transfers are often instantaneous or completed within hours, depending on the service and method chosen.

Considerations:

Availability

Recipients must have a compatible mobile wallet or bank account to access the funds. However, with FinFan's new e-wallet aggregator product integrated into the features of remittance service providers, senders can accurately select the e-wallet that the recipient regularly uses

Limits and Restrictions

Some digital wallets may have transaction limits, which could impact users sending larger sums.

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.

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

🌐https://finfan.io

📞(+84) 2866 85 3317

✉ support@finfan.vn

LinkedIn: FinFan

As these global connections strengthen, many people are increasingly interested in sending money to family and friends in Vietnam or supporting various causes.

Choosing the right method for remitting funds can make a significant difference in terms of cost, speed, and convenience. Here are three of the most popular ways to send money from abroad to Vietnam:

International Bank Transfers

International bank transfers remain one of the most commonly used methods for sending money from abroad to Vietnam.

With a high level of security and established networks between banks, this method ensures reliability and ease of access.

Advantages:

Security and Trustworthiness

Banks typically offer advanced security features, giving senders and recipients peace of mind.

Accessibility

Bank transfers can be initiated from virtually any location, as most international banks have online services.

Large Transfer Capabilities

Ideal for larger sums due to the structured processes and higher transaction limits.

Considerations:

Fees and Exchange Rates:

International transfers can come with high fees, and exchange rates may not always be favorable.

Processing Time:

Imagine that your loved ones are in urgent need of the money you are sending to cover their living expenses.

However, due to the lengthy approval process and remittance procedures, the funds do not reach the recipient in time.

In such cases, your family may have to resort to other solutions to receive the money, even borrowing from unsafe sources, which is truly dangerous, isn’t it?

Money Transfer Services

Advantages:

Speed

If you choose the cash pickup option, it may take less than 2 days for you to visit the nearest bank branch and collect the cash using your national ID or passport.

Widespread Availability

The advantage is that most of these locations are very close to residential areas, even in some remote regions of the provinces or cities where the recipients reside.

Flexible Options

Senders can choose between bank deposits, cash pickups, or mobile wallet transfers.

Read more:

. Remittance from the US to Vietnam Part 3 - A Guide to Cash Pickup

. Remittance from South Korea to Vietnam Part 4 - Exploring Cash Pickup Options

More Cost-Effective than Bank

Considerations:

Small Transfer Capabilities

Most of these remittance companies only accept transfers of small amounts (not exceeding $10,000). Larger sums must be processed through the bank's transfer system to be sent to Vietnam.

Digital Wallets and Mobile Money Services

With the rise of digital finance, many are turning to mobile wallets and online platforms to transfer money. Especially after completing the ewallet aggregator product.

Advantages:

Convenience

Transfers can be made at any time, and recipients can receive funds directly into their digital wallet or bank account.

Now, with the new product from FinFan called the e-wallet aggregator, recipients can complete their remittance process to Vietnam in just three steps.