Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
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.
Compare money transfer services that send money to Vietnam
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.
What’s the best way to send money to Vietnam?
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.
- Digital money transfer services. Compare brands like InstaReM, Wise, OFX and Xoom to send money to Vietnam digitally.
- Cash transfers. Remitly, WorldRemit, Western Union, MoneyGram and similar services can deliver cash for pickup in Vietnam, often within a few minutes.
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 crunch the numbers: Sending $1,500 to Vietnam
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.
How to send money to Vietnam online
Sign up and send money with a digital money transfer specialist in four steps:
- Sign up for a free account. After you pick a provider, sign up for an account using your contact information, proof of ID and preferred payment method.
- Provide transfer details. Submit your recipient’s contact information and pick a delivery method. If transferring to a bank, you’ll need their Vietnamese bank account details.
- Confirm transfer details. Double-check your payment method, expected fees and destination.
- Save your receipt. Record your receipt’s confirmation number to track the progress of your transfer to Vietnam. Some money transfer providers send a text or email when your transfer is complete.
How to get the most out of your money transfer to Vietnam
Weigh costs and fees against convenience to learn how to compare money transfer providers that send to Vietnam to best meet your needs:
- Exchange rates. The CAD-VND relationship doesn’t fluctuate often, but using a service that allows you to lock-in exchange prices may help you save money down the line if the Vietnamese dong rises against the Canadian dollar.
- Transfer fees. Transferring money overseas nearly always requires fees, but they might be hidden in the exchange rate. When sending large amounts, it may be cheaper to pay a flat fee to secure a stronger CAD-VND exchange rate.
- Transfer limits. How much you can send varies by company, and different amounts can attract higher or lower fees. Shop around for the best deal on the number of Vietnamese dong you’re sending to Vietnam.
- Turnaround. Transferring money through a local bank can take a business week or longer. If you need the funds delivered quickly, seek out a digital specialist that offers instant transfers to Vietnam.
- Sending limits. Comparing prices for one large transfer instead of many small transfers is typically easier, so picking the service you use based on how much you’re sending is a valid strategy for saving money.
- Transfer methods. Whether you want money sent to an Vietnamese bank account or picked up as cash at a local agent, narrow down a company that matches your preferred delivery method.
Emergency cash transfer
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.
How to send money to Vietnam without a bank account
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.
Vietnam’s exchange rates explained
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
Documents needed for sending to and receiving money in Vietnam
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.
Documents to send money from Canada
To send money from Canada to Vietnam, you’ll need documentation and details that include:
- Identification. Most services require a driver’s license, passport or other government-issued ID. Some services allow you to send transfers without ID, but they may require your SIN.
- Payment method. Your service may accept credit or debit cards, cash, bank accounts or personal cheques.
- Recipient information. Submit your recipient’s name as it appears on their ID, along with their phone number, Vietnamese bank account and routing number.
Documents to receive money in Vietnam
To pick up money in person, documentation can include:
- Transfer number. The person sending you money can forward the transfer’s confirmation details — called a PIN, a MTCN, a reference number or a tracking number, depending on the company.
- Government-issued ID. A Vietnamese Passport, Vietnamese ID or similar official ID may be required to pick up your transfer..
- Amount sent. You may need to know how much was sent, usually within 10% of the total.
- Sender’s information. Take along your sender’s full name, the sending country and their address, if known.
What to watch out for
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.
Bottom line
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.
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