How to Send Money Internationally into Vietnam

Best Way to Send Money Into Vietnam from Overseas

Are you looking to send money into Vietnam from your bank account overseas? This article will show you how to transfer money into Vietnam with minimal fees and maximum efficiency. Read on to avoid paying unnecessary bank fees and foreign exchange charges when sending money into Vietnam from a foreign country.

International Money Transfers into Vietnam

Sending money internationally is always more complicated than sending within the country (domestically). If you are staying in Vietnam long term (more than a few months), we highly suggest getting a Vietnamese bank account. This will allow you to hold VND and send/receive money in VND using domestic transfers. The easiest bank to set up for foreigners is TiMO. Click here to get started and sign up for a TIMO account.

Still, even with a Vietnamese bank account, you'll need to get your money inside the country. This means you need an efficient way to send from your bank account in the US or somewhere else overseas, into VND and Vietnam itself. Now, you've probably heard of bank wires, and this is what your bank overseas will suggest. Bank wires unfortunately have very high fees, as much as $100 per transaction, and often another 3%+ in foreign transaction fees.

By the time you send $1000 USD with an international bank wire, the fee can end up being nearly $150! That is incredibly inefficient. Fortunately, there are better ways, and they are quite easy.

Here are the best ways to send money into Vietnam:

#1 - Transferwise

Transferwise (now known as Wise) allows you to send money internationally at very low rates. They are hooked up to local banking systems across the world, which lets them make two domestic transfers instead of one international transfer. This allows Transferwise to give some of the best rates for international money transfers.

Sign up using our referral code here and you'll get your first transfer free, up to $600 USD / $800 CAD. Literally free! The only downside to Transferwise is that you must send the money to a Vietnamese bank account. It can be to a friend or relative that you trust, it does not need to be sent to your own account. However, if you don't have a Vietnamese bank account that can receive the payment, you should not use this option.

The fee to send $1000 is about $15, which is hard to beat.

#2 - Bring Cash, Exchange at a Gold Shop

It's 2023, and cash is still king. Especially in Vietnam, you can get some great exchange rates using local Gold Shops around the city. These establishments offer the best rates on VND to foreign currency. The downside here is quite clear. You'll need to store all your cash, and if you run out of money, there's no way to restock. You'll need to use another transfer method after that.

The cost to exchange $1000 is about $10-20 depending on the Gold Shop. This is in comparison to the Google exchange rate. Gold Shops should never charge a fixed fee, they should only take commission on the exchange rate (1-2%).

#3 - Western Union

Western Union is another good method to send money internationally into Vietnam. It is usually at a higher fee (5%+), but if you do not have a bank account in Vietnam, it may be the easiest method to get money into the country. Western Union allows you to pick up a money transfer in person at a physical location. In Vietnam, there are hundreds of businesses which allow you to receive Western Union money transfers in cash. 

As mentioned, you do pay a fee for the convenience, but if you don't have a Vietnamese bank account, and you've run out of cash, this is how we'd suggest receiving VND inside Vietnam sent from overseas.

#4 - Cryptocurrency

Cryptocurrency is the most advanced / difficult money transfer method to send money into VND from overseas. However, it's often the most cost effective. In fact, you are often paid a premium to the Google exchange rate. You will need to buy cryptocurrency using a crypto exchange. We recommend Binance, since it also allows you to sell for VND. However, if you're from the US or Canada, Binance is not available, and you'll need to use something else like Coinbase or Kraken.

Once you have purchased cryptocurrency (we suggest USDT to minimize slippage), you can sell your cryptocurrency on a Vietnamese exchange and withdraw to your Vietnamese bank account. Once again, we suggest Binance for this step, but if Binance is not available to you, we suggest Remitano. Use our signup link to get your first transfer free.

Just to recap the process on how to send USD/EUR/CAD/etc. to VND using cryptocurrency:

Once again, this is not the easiest process. If you have never used cryptocurrency before, this is probably too complex for you. But if you are experienced with cryptocurrency, you will find this is the most cost-effective way to send money into Vietnam.

The fee to send money using cryptocurrency into Vietnam is regularly $0.00 (or better).

Transferring Large Amounts

If you are moving large amounts of funds into Vietnam, you should go through the official banking system. You need to make sure you follow the correct process. We only advise bringing large amounts of money into VND/Vietnam if you are planning to purchase Real Estate or other major investments. If your goal is simply to park your cash somewhere, it's better to do so in an overseas account, ideally one where you are earning interest or have it invested. 

If you wish to bring a large amount of money into Vietnam, be aware that the banks will need to see proof of how you received the funds. Ideally you want to show proof that you paid taxes on the money already, and you will need to communicate with the receiving bank in Vietnam and ask them exactly what type of documentation they require. This is important, because if you wish to withdraw the money from Vietnam again in the future, you will need to show proof that you brought the money into the country legally and with the appropriate documentation.

For more information on how to send money OUT of Vietnam, read our guide here. Just remember, it is much easier sending money INTO Vietnam versus OUT of Vietnam. There are a lot more hurdles bringing money outside the country, so be aware of this before bringing money into the country.