Technology

Safe, Fast, and Popular Ways to Transfer Money from Abroad to Vietnam

Remittances from abroad to Vietnam are gaining attention as more and more Vietnamese citizens are studying and working in various countries around the world. They want to send money back home to their families, but they are unsure of how to go about it. This article will introduce the process of transferring and receiving money from overseas.

Administrator

22 February, 2024

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If you are living and working abroad and want to send money to Vietnam but don’t know which reliable and safe service to choose? Let’s find out some of the fastest methods currently available to transfer money from abroad to Vietnam.

Ways to transfer money from abroad to Vietnam

Through banks

Banks are one of the reliable intermediaries for receiving money from abroad. Sending and receiving money through the banking system is also known as remittance transfer services.

Currently, many banks in Vietnam offer this service such as MSB, Vietinbank, Sacombank, ACB, BIDV, Vietcombank, etc. These are all large banks and reliable transaction points nationwide.

To transfer money from abroad to a bank, the sender needs to choose a bank that is doing transactions in Vietnam. Next, provide information to the bank to confirm and complete the transaction.

There are 2 ways to receive money from a bank:

Receive cash at the counter: The bank actively contacts the recipient according to the information provided by the sender.
Receive money through an account: The money is transferred to the recipient’s bank account.

For this method of receiving money, if there are no problems, the transaction time is about 3 – 5 days. Depending on the bank, the recipient may or may not have to pay a fee.

Through the SWIFT system

SWIFT is a global interbank financial association and is currently known as the organization responsible for most international money transfer transactions.

To send money from abroad to Vietnam through the SWIFT system, you need to follow these steps:

Step 1: Prepare complete information about the recipient such as name, bank account number, bank code (SWIFT code), … and go to a bank that is a member of SWIFT.
Step 2: Enter the information into the transfer form.
Step 3: Make the transfer amount, transfer fee payment to the bank, and receive a receipt.

In reality, SWIFT only creates a secure communication environment and optimizes tools for faster and safer transactions. Members of the system will transfer money and information to each other through telegrams (SWIFT message). These orders are executed through a standardized transaction code system called SWIFT code with complete information about the country, city, and bank branch.

Through Western Union

This service requires you to go directly to a Western Union agency to perform the transaction.

Like other methods of money transfer, you need to provide complete details about the recipient, account number, bank name, bank code. Western Union staff will verify the information and guide the payment process.

Advantages of transferring money from abroad to Vietnam through Western Union:

Fast transfer time: If you choose the online money receiving method, the recipient can receive money in just a few minutes. The maximum transfer time is 24 hours from the confirmation of the transfer order.
Simple receiving conditions: Even if you do not have a bank account, the recipient can still receive money through Western Union agents in Vietnam.
Low transfer fee or even free.

Through Moneygram

With a wide network of agents in over 200 countries and territories, Moneygram is one of the leading global money transfer service providers and trusted by many people.

To transfer money from abroad to Vietnam through Moneygram, follow these steps:

Step 1: Go directly to Moneygram agents worldwide to perform transactions.
Step 2: Present a valid passport and the necessary documents as required by the staff.
Step 3: Fill in complete and accurate information on the transfer form.
Step 4: The system will provide a transaction code and you must notify this code to the recipient to proceed with the money reception procedure.

Note: Do not share this transaction code with anyone.

Through Uniteller

Uniteller is a famous financial company that provides global money transfer services with over 200,000 transaction points in 80 countries. To transfer money from abroad to Vietnam through Uniteller, follow these steps:

Step 1: Bring personal identification documents and go to the nearest Uniteller transaction point.
Step 2: Submit the necessary documents to the staff to be guided on the money transfer process.
Step 3: Complete the transaction and receive a receipt by entering recipient information such as name, account number, bank name. The recipient in Vietnam can receive money at the transaction counter or withdraw money from ATMs.

Through Paypal

Paypal is one of the most popular international money transfer tools in Vietnam. When you have a Paypal account, you can transfer money by following these steps:

Step 1:Log in to your Paypal account and select Send Money from the menu.
Step 2:Complete the transaction by entering recipient’s email, amount, foreign currency, …
Step 3:Confirm and complete the online transfer process. The money will be transferred to the recipient’s account within 2-4 working days.

Frequently asked questions

There are several safe and efficient methods to transfer funds internationally to Vietnam. Each method has its own advantages and is suitable for different needs. The most popular ways include using a bank transfer, a specialized money transfer service, or a mobile wallet app. Bank transfers are a traditional and secure option, but they may take longer and incur higher fees. Specialized money transfer services, such as TransferWise or WorldRemit, offer competitive exchange rates and lower fees, making them a cost-effective choice. Mobile wallet apps, like Viettel Pay or Zalo Pay, provide a convenient and fast option, especially if both sender and recipient have accounts with the same provider.

When choosing a money transfer method, consider factors such as transfer speed, cost, convenience, and the availability of customer support. For larger amounts, security and lower fees may be a priority, so a bank transfer or specialized service might be best. For smaller, more frequent transfers, the convenience and speed of a mobile wallet app could be more advantageous. It’s also important to ensure that the recipient has access to the chosen platform and can easily withdraw the funds in Vietnam.

Yes, there are a few things to keep in mind. Firstly, be cautious of scams and only use trusted and secure platforms for your transfers. Ensure you understand any applicable fees and exchange rates, as these can impact the overall cost of the transfer. Additionally, be mindful of any regulatory or legal requirements for international money transfers, including any limits on transfer amounts. Finally, always double-check the recipient’s account details to avoid any errors or delays in the transfer process.

The time it takes for transferred funds to be available to the recipient in Vietnam varies depending on the method used. Bank transfers typically take several business days, especially if the sending and receiving banks have no partnership. Specialized money transfer services often provide faster options, with some transfers taking just a few hours or a single business day. Mobile wallet app transfers are usually instant, allowing the recipient to access the funds immediately upon transfer.

Yes, there are a few strategies to minimize fees. Using a specialized money transfer service can offer significant savings compared to traditional bank wires, especially for larger amounts. Some services may also offer fee-free transfers above a certain threshold. Additionally, using a mobile wallet app that both sender and recipient have accounts with can eliminate or reduce fees, as the transfer occurs within the same platform.