Revealing 6 ways to transfer and receive money from abroad to Vietnam

Event News March 29, 2024 02:15

The need to transfer and receive money from abroad to Vietnam is increasing. Let's learn about the 6 most popular international money transfer and receiving methods today at VietinBank and other organizations.

Visa Direct/Moneysend Service

Deployed since December 2023, applicable to all types of International Credit Cards, International Debit Visa/MasterCard of VietinBank in Vietnam. The advantage of this service is simple money transfer information, fast money receiving time. It only takes a maximum of 30 minutes for the money to be automatically credited to the VietinBank card you own.

Conditions for using the service:

• The sender's overseas bank offers Visa Direct/Moneysend.
• The recipient provides the full 16 digits on the VietinBank Visa/MasterCard card to the sender, no additional documents or procedures are required.
• Transfer fee from 0.25% depending on the bank the sender uses.
• Free money receiving at VietinBank.

See details here:

Remittance service

This is the most traditional form of remittance. To use this service, the sender needs to go to a bank abroad that is affiliated with banks in Vietnam and provide information about the beneficiary to complete the transfer procedure. The recipient can receive money directly at the VietinBank transaction counter or receive money from an account opened at a Vietnamese bank that has been declared by the sender.

The service fee at these organizations ranges from 4% - 6% depending on the policy of each organization. Maximum time to receive money: The recipient can receive it on the same day of transfer.

Western Union Money Transfer Service

With this service, the sender also needs to provide full information of the recipient, account number, bank name and Vietnamese bank branch code to the Western Union agent in the host country to make the transaction.

The recipient can receive money quickly by receiving money online or receiving it at any nearest VietinBank transaction counter. The maximum transfer time is 24 hours from the time the transfer order is confirmed. The transfer fee via Western Union is set at 3% of the transfer amount.

Using the SWIFT system

SWIFT is an electronic transaction channel connecting member banks, optimizing the environment, helping secure communication to make transactions faster and more secure without directly holding or trading assets. Transactions are made through a system of standardized transaction codes called SWIFT Code, with full information about the country, city, and bank branch.

To transfer money from abroad to Vietnam via the SWIFT system, the sender needs to go to banks participating in the SWIFT money transfer system, provide recipient information such as full name, bank account number, bank code (SWIFT Code, for example, VietinBank is ICBVVNVX) and follow the instructions of the transaction support staff. The recipient can receive money via account within 1 - 5 days.

Each transaction through this system will have different fees from 25 - 65 USD or higher if transferred through many intermediary banks.

Moneygram Service

Moneygram is one of the world's leading money transfer service providers. To make a transaction, you need to go directly to the agents of the Moneygram system. After making a money transfer, you will be provided with a transaction code. The recipient in Vietnam must provide this code when receiving the money.

Moneygram transfer fee is 4% of the transfer amount.

Time to receive money: Within 10 minutes after transfer.

Transfer money online via Paypal

This is a popular international money transfer/receiving tool. You can transfer money online by logging into Paypal/selecting the “Send Money” function and following the instructions. The transfer fee will range from $0.99 - $4.99 depending on your transaction amount.

Time to receive money: Money will arrive in the recipient's account within 2 - 4 business days.

There are many other money transfer and receiving services in the world, each with its own advantages and disadvantages. In general, it can be seen that newly launched services are enhanced with digitalization to help money senders and money recipients have simpler information, procedures and money transfer times than traditional services. Depending on the time and convenience, customers (KH) choose for themselves the easiest and safest way to transfer money for both the sender and the recipient.

Currently, VietinBank is providing transfer/receive services including: Visa Direct/Moneysend, remittance, Western Union and SWIFT.

Which of the above international money transfer and receiving methods are you using? Is it the most optimal method among the above methods? Hope you can choose the most optimal service for yourself after this article!

Phuc Thien