Sending Money Overseas from Vietnam: What Services Should You Use?

send transfer money overseas vietnam

As an expat living in Vietnam, many of us want to send money to our home country. And there are many ways you can unlock the process. People come to me and ask if there is the most optimal way in which they can pay a cheap fee and finish the process as quickly as possible. The answer is yes and no. Yes, you can both finish the money-transfer process in a short time and pay a low fee. However, you may get robbed if you use the wrong service. Things that seem so hard to be true always come with a price. 

However, I’ve considered both the fee, the time, and the legal aspect of transferring money overseas and made a list of services that you could choose from. The criteria of these 3 are: 

  • They have lower fees compared to others
  • They have a short and expat-friendly process
  • They are legal

Moreover, I will also mention the methods that are less recommended. 

Let’s begin.

The legislation in Vietnam

The law is crystal clear on this point: foreigners who reside in Vietnam have the right to withdraw money as soon as it has been earned legitimately. In other words, you have already paid your taxes on them. Even if some people will try to convince you otherwise, you must follow your tax obligations and pay the required taxes once this money has been received in Vietnam as the result of the work you provided. If this applies to you, get in touch with an accountant who specializes in personal tax returns so they can help you get a PIT (the equivalent of a social security number), figure out how much tax is owed, and negotiate a settlement. After making these statements, you will have all the documents ready to work with the Vietnamese tax authorities and are ready to return to your home country. 

Banks in Vietnam transfer money overseas

As banks are under the control of the government, as well as I prioritize legality, they are well-recommended to transfer money internationally.

  • Vietcombank

Vietcombank has partnered with MoneyGram to provide a 10-minute international money transfer service. Vietcombank has a network of up to 400 transaction locations across the nation, and 275,000 MoneyGram agents can handle money transfers in up to 196 regions.


Customers who can transfer money abroad in Vietnam include:

Vietnamese citizens: Transfer money for study, medical treatment, travel, business trip, visitation, allowance for relatives, inheritance money transfer, money transfer in case of settlement, fee payment…

Foreign citizens or Vietnamese citizens residing abroad for more than 12 months: Having foreign currency on account of lawful foreign currency revenue transferred/carried abroad.

How to transfer money:

  • Step 1:

Senders go to any transaction point of Vietcombank and bring identification documents and other documents proving the purpose of the money transfer.

  • Step 2:

Fill in all the information on the “FUND TRANSFER SHEET”, including:

– Overseas banking (Name, Swift code);

– Recipient (full name, account number, address, phone number).

  • Step 3:

Send back to Vietcombank staff:

– Remittance slip filled in with relevant information;

– Amount to be transferred;

– Transfer fee.

  • Step 4:

Receive deposit confirmation receipt from Vietcombank.

How to receive money:

After the money is transferred to the recipient’s bank, the bank will notify the recipient to receive the money or transfer it directly to the recipient’s account as designated by the sender in Vietnam.

  • ACB

ACB is also a renowned bank in Vietnam, with years of experience serving domestic and international services.

With a network of nearly 750 agents that have direct relationships with banks around the world, ACB has fast and safe service when transferring money to customers.

Remittance records:

– Original ID card/CCCD/Passport.

– Proof of personal relationship: Birth certificate, household registration.

– Documents proving the purpose of remittance abroad.

– Provide recipient information: Full name, account number, name and receiving bank, swift code

  • Shinhan

Shinhan is well-known for being a foreign-friendly bank for expats in Vietnam. Most of the banks of Shinhan that I have been to have staff that speaks intermediate English, which would be enough during the casual procedure. 

Service scope:

Service to receive money from abroad

Overseas remittance service for the following purposes:

  • International payments;
  • Payment of fees, foreign services
  • Studying and getting medical treatment abroad;
  • Work, travel, visit relatives abroad
  • Support for relatives abroad;
  • Transfer of inheritance money abroad to the heirs;
  • Remittance in case of settlement abroad;
  • Purpose of transferring money for other legitimate needs
  • HSBC

This is also a great bank for international transfers.

  • Standard Chartered

Standard Chartered is also a great bank for similar services.

Banks may seem like an ideal option, but it’s troubling regarding the paperwork. That’s why we have another option for you.

Cryptocurrency in Vietnam

To some people, crypto may not seem like a good option, as news relating to the crash of some coins brought up a huge concern among people. 

However, we’re not talking about buying coins that fluctuate greatly in price. For a money-transfer purpose, those won’t be the go-to. Instead, stablecoin is the solution.

crypto currencies vietnam

Regulations for crypto in Vietnam are vague, meaning that crypto is not prohibited but is also not allowed. So you can trade crypto through cryptocurrency platforms like Binance or BitcoinVN, which are not under the control of the government. 

These sites have been around for a while, and are trusted by many investors in and outside of the country. They’re transparent with the relevant information you can collect on their official websites.

Exchanging currency in crypto requires no paperwork at all. All you need to do is complete a few registration steps on the website (with accurate personal information) and you’re ready to go. 

Alternative options to transfer money

You can also use a local exchange or an OTC service to get the thing done. To understand these 2 options, check this video about transferring money overseas from Vietnam.

This video provides :

  • How to convert currencies in Vietnam
  • Vietnam money transfer restrictions
  • Solutions to transfer money overseas from Vietnam

Less-recommended options

There are also a few other ways you transfer money from Vietnam. However, the fees for these services are usually higher than others. Moreover, one of them is not yet available in Vietnam.

  • Wise

Wise is a great way to transfer money. However, Wise is not yet available for Vietnam, and the last time I checked the fee was around 3 – 4%. It might have reduced recently so feel free to check on different sources.

non recommended solutions

Since it’s a great service and I use it to transfer money from France to Vietnam, hopefully, it will be available for Vietnam in the future.

  • Paypal

Paypal is also well-known and very legit. The process of Paypal is much simpler compared to other services out there. 

  • connect your Vietnamese bank account to your Paypal Vietnam account. Typically, this account will have VND as its currency (Vietnam Dong)
  • Have a PayPal account in a foreign country, such as France, Belgium, Switzerland, or any other nation; the account will be in that nation’s currency: Dollars, Euros, etc.

However, service fees are also higher than many. 

  • Western Union

Most Vietnamese banks are home to offices of this multinational corporation. You can send and receive money regardless of where you are in Vietnam. If you need to deal with an emergency, this can be quite useful. The transfer is quick and will only take a few minutes after the branches are opened in the sending and receiving countries.

Cost remains the issue with this solution and they will ask more and more for the origin of funds and paperworks. In the opinion of foreigners residing in Vietnam, the cost is once more around 6-7 percent.

High fees don’t make these bad options. They are legitimate and well-known, with legal business registration.

Guidelines and how to get started

Sending money overseas from Vietnam can be an endless issue that can cause a lot of struggles for expatriates who wish to invest overseas or just because they are planning to relocate to a different country.

To learn more, this article gives you the best solutions, all non recommended ones and alternatives that you can consider if you wish to proceed to such a transfer. You will understand some guidelines and how to get started.

Using crypto currencies in Vietnam is legal but the scope is regulated and you may still be careful with the providers you are using and doing your due diligence before proceeding accordingly. Movetoasia, as a hub for investors and business owners in Vietnam provides help and guidance in such money transfer, don’t hesitate to contact them if you need any support.

Disclaimer: This article contains sponsored marketing content. It is intended for promotional purposes and should not be considered as an endorsement or recommendation by our website. Readers are encouraged to conduct their own research and exercise their own judgment before making any decisions based on the information provided in this article.


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