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How to send money to Vietnam

The safest and most cost-effective ways of sending money to friends and family in Vietnam.

Updated . What changed?

Fact checked

The best way to send money to Vietnam comes down to how much you’re sending and your payment method. It can be both easy and affordable if you shop around for the best deal from a variety of transfer service providers.

Send money to Vietnam with TransferWise

Make your dollar go further by getting the real exchange rate on all transfers with TransferWise.

  • Government regulated
  • Supports 45+ currencies
  • Uses the mid-market rate
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Compare money transfer services to Vietnam

Name Product Minimum Transfer Transfer Time Transfer Fee
TransferWise - Ireland
EUR 1
1-2 days
Varies
Azimo - Ireland
GBP 10
Instant
Varies
WorldRemit - Ireland
EUR 1
Same day
Varies
Remitly - Ireland
EUR 0
1-5 days
EUR 2.99
Skrill - Ireland
EUR 50
1 day
None
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Compare up to 4 providers

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.

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 30 September 2020.

Digital money transfer service Cash transfer Bank transfer
Fee €0 €2.99 €20 + additional correspondent bank fees
Exchange rate 1 EUR = 27,137 VND 1 EUR = 27,055 VND 1 EUR = 26,642 VND
Transfer speed 1-2 day Minutes 2-5 days
Amount received VND 40,625,812 VND 40,529,429 VND 39,962,991
Verdict
  • Best value
  • Fastest
  • Slowest and most expensive

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 cash transfer service, your recipient ends up with more than VND 662,821 more than the bank offers.

How to send money to Vietnam online

Sign up and send money to Vietnam 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 providers that send money to Vietnam to best meet your needs:

  • Exchange rates. The EUR-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 euro.
  • 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 EUR-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, look for 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.

How to make an emergency cash transfer

When you need to send 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

If you don’t have a bank account, you can still use cash transfer services to send money to Vietnam. Similarly, a recipient can get the money with a cash transfer if they don’t have a bank account. These services are widely available around the world and although they’ll typically not be the cheapest available, they can be fast and convenient.

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. Factors that influence the exchange rate include interest rates, economic stability and inflation.

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Updated: 28 Nov 2020 05:01:44 UTC

Documents needed for sending to and receiving money in Vietnam

To send money to Vietnam from Ireland, 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 Ireland

To send money to Vietnam from Ireland, you’ll need documentation and details that include:

  • Identification. Most services require a driver’s licence, passport or other government-issued ID.
  • 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.

Bottom line

Sending your hard-earned money to Vietnam shouldn’t cost a fortune. Compare money transfer companies that specialise 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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