Whether you are helping out family in Hanoi or investing in a start-up in Ho Chi Minh City, when you are ready to send money to Vietnam you don’t want to be slowed down by an expensive and complicated process. Sending money to Vietnam can be easy and affordable if you shop around for the best deal from a variety of transfer service providers.
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Sending money to Vietnam
How do international money transfers work?
An international money transfer allows you to send money to a recipient overseas. Generally, a transfer involves you providing funds to a bank or an independent transfer provider, which then sends the money to your recipient in another country — in this case, Vietnam. This can be done in person, over the phone, through a mobile app or online. You can use cash, a credit or debit card, or transfer funds from your bank account, which will then either be deposited into your recipient’s bank account or mobile wallet, or made available as cash for them to pick up at a location in their country.
Banks versus money transfer companies
We use our banks to take care of all our other financial needs, so surely we should use them when we need to send an international money transfer, right? Not necessarily. While most New Zealand banks offer money transfer services, they usually present less competitive exchange rates coupled with high transfer fees.
Another option you should explore is to send money to Vietnam with a money transfer company. These providers, such as World First and OFX, specialise in handling overseas money transfers, combining competitive exchange rates and lower fee structures. Some providers will waive the fee altogether if you transfer more than a set amount, making it more affordable to send funds overseas.
Example: Henry sends money to Vietnam
Henry needs to send $1,000 to his parents in Hanoi, but when he asks his bank to send the funds he is disappointed by the exchange rate it offers. He decides to compare the services of two money transfer providers. The details of his comparison are shown in the table below.
Money transfer company 1
Money transfer company 2
$1 NZD = VND 15,318
$1 NZD = VND 15,951
Bank account deposit
Bank account deposit
4 business days
4 business days
Amount received (in VND)
As you can see, Henry’s parents will receive VND 663,002 more if he sends his funds with the second transfer company.
How to compare transfer companies when transferring money to Vietnam
Exchange rates. The higher the exchange rate you can get, the more money will make it into your recipient’s pocket. Just be aware that some companies that offer high exchange rates also charge high transfer fees.
Fees. You’ll need to fork over cash in order to get your funds transferred, but some companies will let you avoid a transfer fee if you send a large amount.
Transfer methods. Online, over the phone, at a branch and through a mobile app are some of the transfer methods available from different companies.
Transfer options. While some companies only offer one-time transfers, others will allow you to set up recurring payments and make forward contracts, which allow you to lock in an ideal exchange rate now and transfer the money later.
Turnaround time. Processing times can be as quick as a few minutes or as long as several business days, so this may be important if you want your funds to arrive as soon as possible.
Minimum amount. Check the fine print provided by each provider to see if they set a minimum transfer limit. A high minimum limit can restrict your options if you just need to transfer a small sum.
Pick-up methods. Services range from bank account deposits to cash pick-up and even home delivery.
Customer service. Will assistance be easily accessible if you require help with a transaction?
The exchange rate determines how much one country’s currency is worth in another currency. When a country’s currency is strong, it will yield more money when exchanging it in a country with a weak currency. For example, in November 2018, one New Zealand dollar was worth approximately 15,890 Vietnamese dong. Like most countries, Vietnam’s exchange rate is flexible, which means it can change from moment to moment based on factors such as interest rates, economic stability and inflation. Today’s exchange rate NZD to VND
How to send money to Vietnam from New Zealand
Bank transfers. Approach your bank for details on how to send a secure wire transfer to a bank account in Vietnam.
Online money transfer providers. Online transfer companies offer a cheap, convenient and safe way to send funds to Vietnamese bank accounts.
Money transfer companies with cash pick-up options. Companies like Western Union allow your recipient to collect the cash you send from agents across Vietnam.
PayPal. PayPal offers a simple and convenient online money transfer solution.
Cheque. You may also wish to obtain an international cheque from your bank to send overseas.
How to send money to Vietnam
Choose one of the transfer providers who send money to Vietnam
Register with your provider on their website supplying your name, address, contact information and date of birth. A valid photo ID will also be required.
Provide your recipient’s name, address and contact details. Depending on the transfer method you may also have to supply their bank account information.
Enter the amount you want to transfer, complete your transaction and save your tracking or receipt number to follow up on the progress of your transfer.
Urgent transfers typically attract poor exchange rates and higher fees than normal transfers, so make sure you’re fully aware of how much the transfer will cost you before you send it. Not only will it mean more money makes it to your recipient, but you can also increase your cost savings.
Adrienne Fuller is the head of publishing at Finder US. With a decade of experience creating guides in finance and education, she aims to deliver the accurate and transparent information she wishes she had when she made some of life's important financial decisions. For the past 3 years she has been the publisher of money transfers, helping readers save when they send money all over the globe. She has a BA from Colorado College and loves to hike with her two Catahoula dogs around her home in San Diego.
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