Way money transfer from Singapore to Vietnam is not difficult. We can apply two ways to transfer money via bank or transfer via Western Union.
Singapore is a country chosen by many Vietnamese as a destination for labor export. Vietnamese youth also choose this lion island country to study and develop their career. Followed by the need for money transfer transactions between the two countries. Money transfer not only needs to be safe, but also needs to respond quickly. So How long does it take to transfer money from Singapore to Vietnam?? Which way to transfer money is safe and fast? Let’s find out the answer in the article below.
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Instructions on how to transfer money from Singapore to Vietnam
Currently there are 2 How to send money from Singapore to Vietnam? It’s popular and people still use it. It is money transfer via bank in Singapore or send via Western Union service. Below Bankcuatoi will guide both ways.
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Other ways to send money internationally:
Option 1: Transfer money from Singapore bank to Vietnam bank
Vietnam and Singapore are both developing countries. And the banking sector is the top concern of the governments of the two countries. Major banks in Singapore and Vietnam both provide international money transfer and receipt services.
So you can go to any bank in Singapore (belonging to the Singapore state banking system) to transfer money to Vietnam. This is also the safest way to transfer money. If there is a problem during the transaction, the bank will authenticate through the remittance receipt and assist you in receiving the money transferred.
How to transfer money via bank:
First, bring your ID and the amount you need to transfer to your local bank counter in Singapore.
Then you present your identity document (passport/ID card) for the staff to check and then receive an international money transfer slip from the bank. Fill out all information on the form. If you do not understand a part, ask the staff immediately. There will be 2 cases:
- If the recipient in Vietnam has a bank account, you will enter their account number. The money will be transferred directly to the beneficiary’s bank account. The beneficiary then goes to a bank or atm in Vietnam to withdraw the money or use it for other purposes.
- If the recipient does not have a bank account. You must transfer money to an intermediary bank in Vietnam. The bank will then help contact the recipient. And the recipient goes to the counter of this intermediary bank to receive cash.
When filling in the recipient’s information or the intermediary bank, it is necessary to fill in as detailed and accurate as possible. That way, you won’t have to worry about your deposit being lost or to the wrong address.
Currently, some banks in Vietnam only allow cash receipts in VND but not foreign currencies. Therefore, you need to convert foreign currency from Singapore currency to Vietnamese currency according to the exchange rate at the time of money transfer. Otherwise, you have to open a foreign currency account to transfer and receive money more conveniently. How to open a foreign currency account, the bank staff will provide detailed instructions. You will have to pay a small fee to open an account.
Method 2: Transfer money from Singapore to Vietnam via Western Union
In addition to transferring money through banks, people living in Singapore can also transfer money to Vietnam by going to agent of Western Union to transfer money. This is also the most popular method chosen by many people.
Western Union is an international express money transfer company legally operating in many countries around the world. Including Singapore and Vietnam. Transfer money this way, the time to receive money is very fast. However, the money transfer fee will be slightly higher than the money transfer at the bank.
Transfer money via western union you also need to bring money and identification documents to the counter of this company for money transfer procedures. In addition to the transfer fee, you need to bring the transfer fee as well. The staff will also give you a money order slip for you to fill out. After filling out, you return the form with the amount to be transferred and the money transfer fee.
The staff will give you a secret 10-digit code. You only notify this sequence of numbers to the recipient. When the recipient goes to a Western Union agent in Vietnam, he needs to read this code correctly to receive the money. In addition to Western Union, Money Gram fast money transfer company also operates similarly and is chosen by many people to transfer money to Vietnam. You can choose Money Gram if it is convenient to move.
Additional hints: If you own an international Visa card, you can send money directly from your Visa card to the recipient’s Visa card in Vietnam. The deposit operation is similar to the way of sending money with other regular ATM cards.
Fees for money transfer from Singapore to Vietnam
One thing you should pay attention to before that is money transfer fee from Singapore to Vietnam. In addition to the deposit payable, the customer also has to pay a deposit fee.
Case 1: Transfer money through banks
Refer to the fee for transferring/receiving money at Vietnamese banks:
|Vietcombank||0.05% amount||2 USD||70 USD|
|VietinBank||0.03% of the amount||2 USD|
|Agribank||0.05% amount||2 USD||50 USD|
|Techcombank||0.05% amount||2 USD||200 USD|
|VPBank||0.03% of the amount||2 USD|
Case 2: Fast money transfer via Western Union or Money Gram
Western union and Money Gram work in a similar way. But the transfer fee is different. Below we leave a link to the page to see the money transfer fees of these two companies for your reference. You just need to enter the amount to be transferred and then click Ok and the system will automatically calculate the amount of fee to pay.
- For Western Union money transfer service: https://www.westernunion.com/vn/en/home.html. Next, select the Send Money item so that the system will calculate the money transfer fee.
- For Money Gram service: https://secure.moneygram.com/mgo/us/en/. Continue to select the Estimate Fee item. Then enter the amount to be transferred to calculate the corresponding transfer fee.
How long does it take to transfer money from Singapore to Vietnam?
- If you transfer money from Singapore to Vietnam via bank, the time for the recipient to receive the money is about 2 days to 3 days.
- If you transfer money from Singapore to Vietnam via Western Union or Money Gram, it is much faster. Only after about 30 minutes Since the transaction in Singapore is completed, the recipient in Vietnam can go to the agents of Western Union, Money Gram to receive money already.
The above time is calculated in the case of a smooth transaction without any problems or problems. If after 3 days, relatives in Vietnam still have not received the money, they need to report it to the money transfer unit immediately to review the transaction and fix the problem.
This article will guide you on how money transfer from Singapore to Vietnam. With these ways we hope to help everyone. If you have any questions during the transfer process, you can comment below the article. Or ask the private staff directly at the place where you transfer money. Good luck.