Send money to Vietnam

In 2020, Vietnam received about 17.2 billion USD in personal international money transfers (IMT) , says the World Bank.

There are many reasons why people might send money to Vietnam, including:

  • Purchasing goods and services for your business
  • Paying wages or royalties
  • Emergency transfer of funds to a relative for medical reasons
  • Buying investment property 
  • Cash gifts for friends or family

If you’re looking to transfer money to Vietnamese dong for your next holiday, then you need to visit our Mozo travel money section. There you’ll discover some helpful tips when it comes to traveling abroad as well as the best travel cards and exchange rates.

How do I transfer money to Vietnam?

If you’re wanting to send money to Vietnam then you’ll have a few options, but there are really two main players: banks or specialist foreign exchange providers.

Financial Provider TypeProsCons
Banks
A safe environment most of us keep our money.
Familiar names and brands you already use and trust.Higher transfer fees than other IMT providers.

Exchange rates offered are not the same as the ones you see on Google
Specialist FX

Foreign Exchange Specialists transfer funds and exchange foreign currencies everyday. Companies like SendFX, TorFX and OFX or the winners of the Mozo Expert Choice Awards all tend to offer better rates than your average bank.
Fast and safe international money transfer, who charge less than other providers.

Super flexible - you can usually transfer funds 24/7.
Some providers have high minimum transfers.

Also no physical branches available, so you’ll need to be comfortable with transferring your money online or over the phone.

What to look for when comparing IMT providers

It may be a bit overwhelming at the start, especially when there’s many international money transfer providers out there. Using Mozo’s international money transfers comparison table will help but there are a few key features you need to keep in mind.

  • Limits: Some IMT providers require you to transfer a minimum amount. But if their minimum is $10,000 and all you want to transfer is $100, then you really need to know who you can use.
  • Rates: Hard to believe, but the smallest difference between rates is really important. Especially when transferring a large amount, the teeniest difference between rates can save you hundreds or thousands, depending on the amount.
  • Transfer speed: It’s good to know that you can transfer money immediately. But it doesn't mean that your recipient can use the funds straight away. Sometimes it takes 3-5 business days for the funds to become available. Any urgent transfers will need a little bit of planning.
  • Fees: Some IMT providers will charge anything from zero to $30 or more to initiate your money transfer. Take a little time to research where you can save the most money and who might waive any potential fees. Fees to be wary of include: a transfer fee, a sending and receiving fee, a cancellation fee and an amending fee.
  • Online vs phone or in person: We’ve tried and tested all methods and can let you in on a secret. Transferring Australian dollars to Vietnam online is going to save you a lot in the long run.

How to transfer money to Vietnam

Transferring funds to Vietnam is a fairly easy and hassle free process that can be done from the comfort of your own home. Regardless of which foreign exchange specialist you use, the method is pretty much the same.

  • Full name and address of the recipient’s bank
  • Recipient's name, address and account name
  • Account number or International Bank Account Number (IBAN)
  • SWIFT/BIC code of your personal account you're transferring funds from
  • Amount you would like to send.

Is wiring money to Vietnam risky?

There could be a risk. But not  because it's Vietnam, but because it’s the internet. And if your sensitive information is not protected, then it doesn’t matter what you do online, your activity can be exposed and compromised. However, To ensure your IMT is as safe as possible you can:

  • Install the latest anti-virus software
  • Download the latest updates your PC or mobile
  • Create strong passwords and opt for two-factor authentication where possible
  • Choose a reputable money transfer provider (All money transfer providers on the Mozo site are ASIC-regulated).

Can I make a one-off transfer to Vietnam?

Of course! Just remember, the amount you can send in one go will vary from provider to provider. For example, the big banks typically allow their customers to transfer up to a certain limit, while many IMT specialists offer more flexible transfer limits from $50-$10,000 all the way up to the millions. That makes IMT specialists a good option if you’re going to Vietnam for exchange or work and plan to send a big portion of your savings over. 

Ready to weigh up your exchange rate options for transfers from Aussie dollars to Vietnamese dong? Head over to our international money transfers hub for even more deals.