If you need to send money to Vietnam, but don’t have a ton of time to compare money transfer services individually, we’re here to lend a helping hand. This handy comparison guide is designed to help you figure out which money transfer service offers the most competitive exchange rates and lowest fees while being the best fit for your needs.
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Use our comparison table to see how much your transfer to Vietnam could cost by entering how much you want to send and clicking Calculate. After deciding which option is best for you, click Go to site to start your transfer.
Finding the best way to send money to Vietnam depends on whether you want to deliver money to a bank account or to be picked up as cash. Digital money transfer services can cheaply deliver money to bank accounts, while cash transfers are often faster but more expensive.
You’ll most likely want to avoid using your bank or a service like PayPal as you’ll pay higher fees and be offered weaker exchange rates than when using a digital money transfer service.
Let’s say you need to send $1,500 to family in Vietnam. Here’s what you might face as far as fees and exchange rates as of October 2, 2020.
| Digital money transfer service | Cash transfer | Bank transfer | |
|---|---|---|---|
| Fee | $0 | $3.99 | $50 + additional correspondent bank fees |
| Exchange rate | 1 CAD = 17,057.1343 VND | 1 CAD = 16,686.4027 VND | 1 CAD = 15,403.2117 VND |
| Transfer speed | 1-2 day | Minutes | 2-5 days |
| Amount received | VND 25,585,701 | VND 24,963,025 | VND 22,334,657 |
| Verdict |
|
|
|
The bank option ends up being both the slowest and gets the smallest amount of money to your recipient in Vietnam. If you go with the digital money transfer service, your recipient ends up with around VND 3.2 million more than the bank offers.
Sign up and send money with a digital money transfer specialist in four steps:
Weigh costs and fees against convenience to learn how to compare money transfer providers that send to Vietnam to best meet your needs:
When urgency trumps cost to get your money to Vietnam quickly, look for money transfer companies that support cash pickup in minutes. You can pay with a credit or debit card for fast pickup, but fees are higher than other methods.
Cash transfer services can help you if you don’t have a bank account, look for a local company that supports storefronts for cash payments. These services include agent locations in other countries that allow your recipient to pick up cash without a bank account.
The exchange rate determines how much one country’s currency is worth in another country’s currency. When a country’s currency is strong, it yields more money when exchanging it in a country with a weaker currency. Vietnam’s exchange rate is somewhat fixed compared to the Canadian dollar. Because both are relatively stable, the CAD-VND relationship typically doesn’t make sharp movements. Factors that influence the exchange rate include interest rates, economic stability and inflation.
Track how the Vietnamese dong trades against the Canadian dollar in our historical rate chart.
Today’s exchange rate CAD to VND
To send money to Vietnam from Canada, you’ll need government-issued ID and other documents, while documents needed to pick up money in Vietnam may be different by company.
To send money from Canada to Vietnam, you’ll need documentation and details that include:
To pick up money in person, documentation can include:
Sending money to Vietnamese relatives or family members in Vietnam may be subject to taxes on the money transfer, but it depends on a lot of variables. In general, any large transfers being sent from Canada to Vietnam should be filed with the CRA to avoid any penalties.
Sending your hard-earned money to Vietnam shouldn’t cost a fortune. Compare money transfer companies that specialize in foreign transactions for the strongest rates, lowest fees and flexible delivery. For transfers to other countries, rely on our country specific guides the next time you need to make a transfer.
Zero fees on your first THREE money transfers
Trade commission-free with this large Canadian bank. Plus, it’s good for beginners and pros alike.
SPONSORED: How you can save when sending money abroad for festive occasions with Simplii Financial.
Payday loans are considered easy to get, but they’re also expensive. Before you apply, here’s what you need to know.
Find out where you can apply for payday loans with government benefits.
Learn how to buy Solana (SOL) with this step-by-step guide and compare various supported cryptocurrency exchanges.
Learn how to easily sell Solana (SOL) by following our step-by-step guide and compare 10+ crypto exchanges. Get started today.
Compare the best personal loans in Canada to finance your next purchase and keep more money in your pocket.
Get financing for your business from this US-based company.
Looking for alternatives to Revolut? These challenger banks and financial apps may be just what you need.
Enjoy unlimited free transactions and zero monthly account fees with this basic chequing account.
