Introduction
Finding the cheapest way to send money to Vietnam isn’t just about saving dollars—it’s about maximizing support for loved ones or business partners. With over $18 billion in annual remittances flowing into Vietnam, fees and exchange rates can significantly impact your transfer. This guide reveals the most cost-effective methods, comparing hidden charges, speed, and reliability so you can send more for less.
Factors to Consider When Sending Money to Vietnam
Before choosing a service, evaluate these critical aspects:
- Transfer Fees: Flat fees or percentage-based charges per transaction.
- Exchange Rates: Providers often add 1-5% markup to mid-market rates. Even small differences add up.
- Transfer Speed: Bank wires take 2-5 days; digital services offer minutes-to-hours delivery.
- Delivery Options: Bank deposits, cash pickup (over 20,000 locations in Vietnam), or mobile wallets.
- Transfer Limits: Some apps cap at $1,000/month; others allow $50,000+.
Top 5 Cheapest Ways to Send Money to Vietnam
Based on fees, exchange rates, and user reviews:
- Wise (formerly TransferWise)
Uses real mid-market rates + low transparent fee (0.5-1.5%). Best for transfers above $200. Funds arrive in VND within 1 day. No receiver fees. - Revolut
Free transfers during weekdays with Premium/Metal plans. Exchange rate markup on weekends. Ideal for frequent senders with higher-tier accounts. - WorldRemit
$0 fees for first transfer + competitive rates. Offers cash pickup at Vietcombank/Agribank. Delivers in minutes. Small $3.99 fee after initial offer. - Xoom (a PayPal Service)
Fee-free bank deposits to major Vietnamese banks. Cash pickup fees start at $2.99. Fixed exchange rates with speedy delivery. - Traditional Banks (e.g., Citibank, HSBC)
Higher fees ($15-$45) but ideal for large, secure transfers. Negotiate rates for transfers over $10,000. Slower (2-5 business days).
Step-by-Step Guide to Sending Money via Wise
Follow these steps for low-cost transfers:
- Create a free Wise account online or via app
- Select “Send Money” and choose Vietnam as destination
- Enter amount in USD (or your currency) – see real-time VND conversion
- Choose recipient delivery: Bank deposit (provide account details) or cash pickup
- Pay via bank transfer (cheapest) or debit/credit card (slightly higher fee)
- Track transfer status; funds typically arrive within 24 hours
Tips to Save Even More on Transfers to Vietnam
Maximize value with these strategies:
- Time Your Transfer: Avoid weekends/holidays when exchange markups spike.
- Leverage Promotions: New-user offers like WorldRemit’s fee-free first transfer save 100%.
- Bundle Larger Transfers: Send $1,000 once instead of $200 x5 – flat fees hurt small transfers most.
- Compare Real Rates: Check tools like Wise’s fee calculator before committing.
- Bypass Double Fees: Ensure recipient isn’t charged for bank deposits – choose “fee-free” services.
Frequently Asked Questions (FAQ)
Q1: What’s the absolute cheapest service for small transfers to Vietnam?
A: WorldRemit or Xoom for amounts under $100 due to low fixed fees. Avoid banks with $30+ charges.
Q2: Are there hidden fees when sending money to Vietnam?
A: Yes! Watch for: correspondent bank fees (up to $20), recipient bank charges, and poor exchange rates. Always check the “total received” amount.
Q3: How long do transfers to Vietnam take?
A: Digital services (Wise, WorldRemit): Minutes to 24 hours. Banks: 2-5 business days. Cash pickup is fastest (under 10 minutes with Xoom).
Q4: Can I send money to Vietnamese mobile wallets?
A: Yes! Services like Wise support deposits to MoMo and ZaloPay. Fees are often lower than bank transfers.
Q5: Is it safe to use online money transfer apps?
A> Reputable providers like Wise and WorldRemit use bank-level encryption and are licensed globally. Avoid sending via social media or unregulated platforms.
