How can foreigners withdraw and transfer money in Vietnam?
How can foreigners withdraw and transfer money in Vietnam?
Vietnam – a friendly country with a dynamic economy and rapid development of tourism, attracts a large number of foreigners every year to travel, work and do business. The question “How can foreigners withdraw and transfer money in Vietnam?” is often asked when people tend to spend money here. Let’s find out with HOUSING SAIGON right away through the following article.
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Ways to transfer money from abroad to Vietnam
The need to transfer money from abroad to Vietnam is increasing to pay for living expenses or invest in business. Let follow the suggestions below:
Quick transfer money with Western Union
Founded in the United States, Western Union is a global quick money transfer business that operates in more than 200 countries and territories. Using the Western Union money transfer service allows you to receive money at any bank location in as little as five to one hour.
Your ID card (CMND) or citizen identity card (CCCD) and the details of your deposit receipt are all that are required when you make a purchase. Currently, Western Union has partnerships with 49 Vietnamese banks. All banks are partners of the international money transfer service offered by Western Union.
Fast money transfer utility in international market
Quick transfer money with Paypal
Convenience, excellent security, affordable transaction fees, and simple financial management are just a few of the many exceptional advantages that PayPal money transfers provide. For anyone who needs to swiftly and safely transfer money online or conduct international transactions, this is one of the best choices. You must have a Paypal account in order to accomplish that.
You must link a bank account or credit card (Visa, MasterCard, or debit card) in order to move funds into and out of your PayPal account. This is an important step for you to be able to make transactions online.
PayPal will incur a fee of around 1% of the withdrawal amount, up to a maximum of $10, if you select the express withdrawal option, which involves taking money out of your bank account right away.
Quick transfer money with Moneygram
Moneygram, the world’s second-largest money transfer service provider, is widely trusted and preferred. Users can pay using a variety of methods, including cash, online credit cards, online mastercards, debit cards, and more, using Moneygram’s domestic and international money transfer services, phone card top-ups, and payment services for water and energy bills.
Moneygram – The world’s 2nd most popular money transfer platform
Quick Receiving remittances from abroad
You can receive them through the following other channels below:
- Receive remittances through the SWIFT system: receive by account, valid identification documents (ID card, Citizen ID card, Passport…)
- Receive remittances from the Taiwanese market through SinoPac Bank, Chang Hwa Bank, MSA
- Receive remittances from the Korean market through Kookmin Bank, NongHyup Bank
- Receive remittances from the Japanese market through Dcom, Digital Wallet
Withdraw money via international credit or debit card
Most major banks in Vietnam have ATMs that support international cards such as Visa, MasterCard, American Express, JCB,… Here is a list of the best banks in Vietnam for foreigners to withdraw money quickly:
- Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank)
- Vietnam Joint Stock Commercial Bank for Foreign Trade (Vietcombank)
- Military Joint Stock Commercial Bank (MB Bank)
- Vietnam Joint Stock Commercial Bank for Investment and Development (BIDV)
- Vietnam Technological and Commercial Joint Stock Bank (Techcombank)
- Vietnam International Bank (VIB)
A foreign person must make sure of what is required in order to create a bank account in Vietnam: Having a passport that is currently valid, possessing an entrance visa or documentation demonstrating their exemption from one
You may convert foreign currencies into Vietnamese Dong for short-term use at banks, money changers, or airports. Nevertheless, the conversion rate at money changers isn’t always as good as it is at banks.
International credit is the top choice when you want to settle down permanently in Vietnam.
Some notes when withdrawing and transferring money in Vietnam
Note the following points will help you trade more easily in Vietnam:
Transaction fees when transferring or withdrawing money
Transaction fees are mandatory fees to withdraw and transfer money in Vietnam. Foreigners should check and find out carefully about the withdrawal fees here. Different banks and money transfer services will apply different withdrawal and transfer fees. Please learn carefully before choosing the appropriate service.
Documentation and Legal Needs
Regulations may be in need when the foreigners withdraw and transfer money in Vietnam, particularly when sending substantial sums. There are restrictions on the amount of money that may be transferred inside of Vietnam without being reported by the authorities. Additional documents, such as proof of income or the reason for the transfer, could be required in order to comply with Vietnamese financial rules.
HOUSING SAIGON’s article has helped you find the best options for you to withdraw and transfer money. Hope you will have memorable experiences when visiting Vietnam. Don’t forget to follow other useful articles at HOUSING SAIGON right away!
