Currently, there are many Vietnamese people living and working abroad. So for the money transfer to Vietnam and fee for transferring money from abroad to Vietnam interested by a lot of people. If you want to learn more information about money transfer fees from abroad, you can refer to the article below.
Table of Contents
The most popular way to transfer money from abroad to Vietnam
The following are the most popular and safe ways to transfer money from abroad to Vietnam.
Transfer money to Vietnam through banks
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Currently, banks in different countries are linked together to form a global linkage system. You can absolutely go to the banks in your locality to transfer money to Vietnam. It is best to choose state banks or large, reputable banks.
When going to the bank to transfer money, you need to bring your ID card or passport for authentication. Depending on the country you are living in, choose the currency to send to Vietnam. For example: USD, Japanese Yen, Australian Dollar, Euro… When the money returns to Vietnam, the bank will convert foreign currency according to the exchange rate at the time of receiving the money. Then pay the beneficiary in VND.
After the staff checks your ID/Passport, you will be given an international money order slip to fill out. While filling out, special attention should be paid to the recipient’s information to avoid losing the deposit. Include Full name, ID number, permanent address, phone number, recipient’s email. And the information of the receiving bank: Bank name, Branch name in English, address of the receiving bank branch.
Complete the form you sign and return it to the staff. Submit the amount to be transferred, then choose a fee payment method and you’re done. Get the money transfer receipt and leave.
Transfer money using Western Union fast money transfer service
Western Union international fast money transfer service is available in all different countries around the world. So no matter which country you are in, you can always find a Western Union transaction point to transfer money.
The steps to transfer money via Western Union are not different from money transfer at the bank. Only more special is that after completing the money transfer procedure, you will be given a secret money transfer code of 10 numbers by the staff. This code you are provided to only the recipient. In addition, it is not disclosed to anyone else. After 30 minutes, the recipient in Vietnam can go to a Western Union agent in Vietnam to receive the money. When you go, bring your ID card for the staff to check. In addition to presenting the ID card, the recipient must also read the correct secret money transfer code to receive the money.
Should read: Limit of money transfer from abroad to Vietnam
In addition to the above two ways, many people also choose to transfer money through the black market. But keep in mind that this is an illegal money transfer market. People who often transact in this way still call it “underground money transfer”. So it has a lot of potential risks. Unfortunately, if you get scammed, you will definitely lose the money transferred. Laws in other countries do not intervene to help you get your money back.
I advise people to choose only 1 of 2 popular and legal ways. That is money transfer via bank and money transfer via Western Union service only. When transferring money you should pay attention to fee for transferring money from abroad to Vietnam. This is the amount we will have to pay to the remittance receiver.
How much is the fee to transfer money from abroad to Vietnam?
Fee for transferring money from abroad to Vietnam will be divided into 2 different levels.
Fee for transferring money from abroad to Vietnam via bank
In fact, it is not possible to give all the data about fee for transferring money from abroad to Vietnam via the bank. Because the fee depends on the regulations of the state bank of each country and the policy of the bank you choose to transfer money. Even in the same locality, two different banks have different remittance fees. But usually they all have a reasonable average fee. This fee is lower than Western Union money transfer fee.
In addition, when transferring money via bank, you are also allowed to choose different payment methods that are quite flexible:
- Pay 1 time fee: The transferor pays the fee immediately after completing the remittance procedures at the bank.
- One-time fee: The recipient pays the full fee upon arrival at the bank in Vietnam to receive the money.
- Each party pays half: The sender and the receiver are each responsible for paying half of the fee.
Fee for transferring money from abroad to Vietnam via Western Union
Compared to transferring money via bank, money transfer via Western Union is more expensive. But in return this is a fast money transfer service. So after only about 30 minutes, relatives in Vietnam can receive the money. Fee for transferring money from abroad to Vietnam via Western Union in 0.3% transfer amount.
This fee will be subject to change because some countries will have different regulations on this fee. Western Union money transfer fee is only paid once. To be paid by the sender after completing the remittance procedure.
There are also many other ways to transfer money. But it is not applicable in all countries. Therefore, I only introduce to readers the 2 most popular ways to transfer money from abroad to Vietnam. It can be applied in any country and there are two ways to transfer money.
The above article provides you with the fee for transferring money from abroad to Vietnam? Is it expensive? Learn about some of the most popular methods of transferring money from abroad to Vietnam. Hope the above information will be helpful to everyone. Thank you for following and referring to the article of bankcuatoi.com.