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When you need to get money to a loved one overseas, the last thing you want to have to deal with is navigating a potentially complicated and expensive process. Sending money from the United Kingdom to Vietnam doesn’t have to be expensive. Compare the transfer fees and exchange rates of the many options available to you to get the most Vietnamese dongs for your pounds.If you need to send money to Vietnam from the UK, you have plenty of options to choose from. All you have to do is shop around for a safe, secure and affordable transfer method.
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.
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 major UK 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 OFX and Xoom, 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.
Henry needs to send £1,000 to his parents in Hanoi, Vietnam, 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|
|Exchange rate||£1 GBP = $28,030.72 VND||£1 GBP = $28,345.68 VND|
|Transfer method||Bank account deposit||Bank account deposit|
|Processing time||4 business days||4 business days|
|Amount received (in VND)||$28,030,720 VND||$28,345,680 VND|
As you can see, Henry’s parents will receive $314,960 dongs more if he sends his funds with the second transfer company.
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 December 2016, the pound was worth approximately 26 Mexican pesos. However, most countries’ exchange rates are flexible, which means it can change from moment to moment. Factors that influence the exchange rate include interest rates, economic stability and inflation.
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.Back to top
If you need to pick up a cash transfer from an agent in Vietnam, take note of these simple safety tips.
Depending on the money transfer provider you choose, you may need to register for an account before you can send your funds overseas. This will usually mean having to provide:
Most companies will give you a transaction reference number or receipt, which you can use to monitor the progress of your funds as they make their way to your recipient.
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