There are many ways to transfer money to Vietnam. Due to the country’s high migrant remittances, international money transfer services such as MoneyGram, iKobo, PayPal, and banks, have made it possible to send money to Vietnam using reliable, fast and efficient methods.
Transfer Money to Vietnam with MoneyGram
MoneyGram has 203,000 locations in 190 countries, including Vietnam. For money transfers to Vietnam, bring the desired amount and ID to a local MoneyGram agent. All transfers need to be accompanied by a MoneyGram form, available at the agency. MoneyGram’s service fees vary depending on transfer amounts. As of 2010, MoneyGram charges a fee of 16 USD for every transfer of 1000 USD to Vietnam.
Obtain a reference number from the agent and give this number to the receiving party in Vietnam. The money will be available for the receiver to pick up ten minutes after the transfer is finalized. MoneyGram partners with a number of local Vietnamese banks throughout the country and uses them as MoneyGram locations, making its transfer services accessible. Instructions on overseas money transfers are available in Vietnamese, English as well as other languages on the MoneyGram site. Western Union, another company that specializes in money transfers, offers similar services to those of MoneyGram.
Wire Money Overseas to Vietnam with Banks
Many banks handle personal and business overseas money transfers to Vietnam. James Charles noted in the January 11, 2010, Times Online article “How to Transfer Money Abroad,” that the sender needs to have both his and the recipient’s BIC number (Bank Identifier Code) and IBAN (International Bank Account Number), in order for transfers to work.
If you plan to use a bank to wire money to Vietnam, make sure to ask about services and fees, as these differ from bank to bank. For instance, Wells Fargo operates a money transfer service called Express Send, in partnership with the Vietnam Bank for Industry and Trade (VietinBank). The transaction fee for Express Send is 8 USD if the money comes from a Wells Fargo bank account and 10 USD for non-account funds. You can send up to 3000 USD a day with Express Send and transfer requests can be done on phone at 1–800–556–0605. Service is available in both English and Vietnamese.
Send Funds to Vienam Online
If you don’t want to use MoneyGram, Western Union or a bank, you can choose to send money to Vietnam using an online service, such as PayPal or iKobo. Setting up a PayPal account is quick and requires a valid email address. You can put money into your PayPal account and transfer it to the recipient’s account in Vietnam. As always, make sure to do a thorough research on services and fees before sending money.
Another popular online money transfer service is iKobo. Established in 2001, iKobo uses a network of VISA merchants and ATMs to facilitate transfers. According to the iKobo site, consumers can send money to the recipients using bank accounts, credit/debit cards on-line. The fund goes into a Visa® Prepaid Card, which recipients can access at a VISA-managed site.
Sources:
1. James Charles, “How to Transfer Money Abroad,” Times Online, January 11, 2010, accessed August 20, 2010.
2 “ How to Send Money,” MoneyGram
3. “ Global Remittances to Vietnam,” Wells Fargo
4. “The iKobo Name,” iKobo
