Exploring the Best Ways to Send Money to Vietnam

By Remitbee - Jan 31, 2024

Sending money to Vietnam has become increasingly important in our interconnected world. Whether you're supporting family members, investing in business ventures, or simply sending gifts, finding the best way to transfer money efficiently and securely is crucial.

Online Money Transfer Platforms

Online money transfer platforms like RemitBee, TransferWise (now known as Wise), OFX, and PayPal offer cost-effective and efficient ways to send money to Vietnam. These platforms are user-friendly and provide competitive exchange rates.

Here's how online money transfer platforms work:

  1. Create an account on the platform of your choice.
  2. Add your payment method, such as a bank account or debit/credit card.
  3. Enter the recipient's details and the transfer amount.
  4. Pay the transfer fees, which can vary depending on the platform.
  5. Confirm the transfer; the recipient will receive the funds in their Vietnamese bank account.

Advantages:

  • Competitive exchange rates.
  • Transparent fees.
  • Fast transfer times for smaller amounts.
  • User-friendly online platforms.

Disadvantages:

  • It may not be suitable for recipients without internet access or bank accounts.
  • Some platforms have limitations on the maximum transfer amount.

RemitBee: The Top Choice for Sending Money to Vietnam

RemitBee is an online money transfer service that offers a winning combination of competitive rates, low fees, convenience, and reliability when sending money to Vietnam.

Here's why RemitBee stands out as the best option:

  1. Competitive Exchange Rates: RemitBee offers competitive exchange rates that others can't compete with. Sending money with RemitBee maximizes its value when converted into Vietnamese Dong (VND).

  2. Low Fees: RemitBee charges transparent and affordable fees, making it cost-effective for small and large transfers. They also frequently offer promotions and discounts to save users even more money. Plus, you can send money for free when you remit over 500 CAD!

  3. Fast and Convenient: Transfers with RemitBee are usually processed quickly, and the recipient can receive the funds within minutes or hours, depending on the chosen delivery method.

  4. Multiple Delivery Options: RemitBee provides various delivery options, including bank deposits, cash pickups, and mobile top-ups, allowing you to choose the most suitable method for your recipient's needs.

  5. User-Friendly Platform: The RemitBee platform is designed to be user-friendly, making it easy for experienced and first-time users to initiate transfers effortlessly.

Sign up for RemitBee

Money Transfer Operators (MTOs)

Money Transfer Operators like Western Union, MoneyGram, and Ria provide convenient options for sending money to Vietnam. They have a vast network of agent locations, making it accessible for recipients to collect funds.

Here's how MTOs work:

  1. Visit a local agent location or use their online platform.
  2. Fill out the necessary forms and the recipient's details with your information.
  3. Pay the transfer amount and fees.
  4. Receive a tracking number (MTCN) that the recipient will use to collect the funds.
  5. Share the MTCN with the recipient.

Advantages:

  • Convenient with a large number of agent locations.
  • Quick transfer times for cash pickup options.
  • Allows recipients without bank accounts to receive money.

Disadvantages:

  • Higher fees compared to other methods.
  • Less competitive exchange rates.
  • Limited transfer options for larger sums of money.

Mobile Payment Apps

Mobile payment apps like Momo, ZaloPay, and AirPay are gaining popularity in Vietnam. These apps allow users to send and receive money conveniently using their smartphones.

To use mobile payment apps for international transfers:

  1. Both you and the recipient must have the same mobile payment app.
  2. Load money into your mobile wallet.
  3. Initiate a transfer to the recipient's mobile wallet using their registered phone number.
  4. Confirm the transfer, and the recipient will receive the funds instantly in their wallet.

Advantages:

  • Fast and convenient for recipients with mobile wallets.
  • Suitable for smaller amounts.
  • Increasingly popular in Vietnam.

Disadvantages:

  • Limited to recipients with compatible mobile payment apps.
  • Exchange rates may not be as competitive for larger transfers.

Wire Bank Transfers

International bank transfers, or wire transfers, are a conventional and secure way to send money to Vietnam.

Here's how it works:

  1. Visit your local bank or use online banking.
  2. Give the recipient's bank account information, such as their name, account number, and the bank's SWIFT/BIC code.
  3. Pay the associated fees for the transfer, which vary depending on your bank and the transfer amount.
  4. Wait for the funds to be transferred, typically taking a few business days.

Advantages:

  • High level of security.
  • Suitable for large sums of money.
  • Direct transfer to the recipient's bank account.

Disadvantages:

  • High fees, including both sender and recipient charges.
  • Unfavorable exchange rates offered by banks.
  • Slower transfer times compared to other methods.

Conclusion

When choosing the best way to send money to Vietnam, it's crucial to consider various factors, including cost, speed, convenience, and the recipient's specific needs. While each method has advantages and disadvantages, RemitBee is the top choice for its competitive exchange rates, low fees, convenience, and reliability. With RemitBee, you can ensure that your loved ones or business associates in Vietnam receive the maximum value from your transfer while enjoying a hassle-free experience.

Sign up with RemitBee.