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What Is the Most Foolproof Way to Send Money to Vietnam Without Paying Frustrating Fees?

By: Author Mary Smith

Posted on

Categories Fintech

Are You Searching for an Effortless Method to Transfer Money from Vietnam?

Sending money to Vietnam, or receiving funds from there, is a common need. You might be working abroad and supporting family back home. Or perhaps you do business with partners in Vietnam. Whatever your reason, you have several ways to move your money. You can use banks, online apps, or even digital currencies.

This guide will explain your main choices. We will look at how each one works to help you find the best and cheapest option for you.

Ways to Send and Receive Money

You have a few reliable methods for transferring money to and from Vietnam. Each has its own good and bad points. The right choice depends on how fast you need the money to arrive and how much you are sending.

Let’s explore the details of each option.

Bank Transfers

This is the classic way to send money. The funds move directly from one bank account to another using a secure network called SWIFT.

  • Best for: Sending large sums of money securely.
  • Keep in mind: It can take several days to complete. The fees are often higher than other methods. Your bank may also ask for paperwork to show where the money came from.

Online Money Transfer Services

For smaller amounts that need to arrive quickly, online platforms are a great choice. Services like Wise, Remitly, or PayPal allow you to send money from your bank account or card. All you typically need is the other person’s email or bank information.

  • Best for: Fast, convenient transfers of smaller amounts.
  • Keep in mind: These services convert the currency for you and usually have lower fees than banks. However, check to make sure the service you choose works with the recipient’s bank in Vietnam. Some platforms also have limits on how much you can send.

Cash Pickup Services

If you prefer using cash, services like Western Union or MoneyGram are a dependable option. You can pay online or at a local store, and the person in Vietnam can pick up the cash at a partner location.

  • Best for: Very fast transfers where the recipient needs physical cash.
  • Keep in mind: The money often arrives in just a few minutes. The main drawback is that the fees can be high, and the recipient must go to a specific location to collect the money.

Cryptocurrency Transfers

Using digital money like USDT, Bitcoin, or USDC is another modern way to move funds. The transfer happens on a secure digital system called a blockchain.

  • Best for: Extremely fast, low-cost transfers with no middlemen.
  • Keep in mind: Transfers are usually done in minutes. If both people use the same crypto platform, the transfer can be instant and free. Once the crypto arrives, the recipient can exchange it for Vietnamese Dong (VND) on a “peer-to-peer” (P2P) platform, where you trade directly with another person.

How to Use These Services: Simple Steps

Here is a step-by-step look at how to use some of these popular platforms.

Using Wise for Low-Cost Transfers

Wise is known for its clear fees and good exchange rates.

  1. Log in to your Wise account.
  2. Choose to send money, enter the amount, and add the recipient’s Vietnamese bank details.
  3. Check the rate and fee, then pay with your bank account or card. The money usually arrives in their bank within a day.

Using Remitly for Flexible Delivery

Remitly offers both bank deposits and cash pickups in Vietnam.

  1. Sign up or log in on the Remitly website or app.
  2. Select Vietnam as the country and choose how you want the money delivered.
  3. Enter the recipient’s information, pick your payment method, and confirm. Delivery can be in minutes or take up to a business day.

Using MoneyGram for Cash

MoneyGram is a good option for sending cash.

  1. Visit the MoneyGram website, app, or a local agent.
  2. Choose Vietnam as the destination and select either cash pickup or bank deposit.
  3. Provide the recipient’s details and pay. They can get the money in minutes.

The Best Way to Send Money from Vietnam

For sending money from Vietnam, cryptocurrency is often the most efficient choice. It avoids many of the usual banking limits and high costs.

A simple way to do this is through a P2P exchange. This is a marketplace where you can buy digital currency directly from other users. A safe holding system, known as escrow, protects your transaction by holding the seller’s crypto until your payment goes through. Many P2P platforms like Cryptomus support popular Vietnamese payment methods, including major banks and e-wallets like MoMo or ZaloPay.

Step-by-Step Guide to Buying Crypto on a P2P Exchange

  1. Get a Wallet: Sign up on a platform like Cryptomus to create your crypto wallet. Be sure to set up security features like two-factor authentication (2FA).
  2. Verify Your Identity: Complete the identity check, often called KYC. This is a standard safety step where you provide an ID.
  3. Find a Seller: Go to the P2P section and choose to “Buy.” Select a cryptocurrency (like USDT) and filter sellers by your preferred payment method.
  4. Make the Purchase: Enter the amount you wish to buy. The platform will lock the seller’s crypto in the safe holding system. Send your payment to the seller using the details they provide.
  5. Receive Your Crypto: Once you confirm you have paid, the seller will release the crypto, and it will appear in your wallet.

After buying the crypto, you can easily send it to another person’s wallet or use the P2P platform again to sell it for cash. Choosing the right money transfer method depends on your needs, but with these options, moving funds internationally is simpler than ever.