A Guide to the Cheapest Way to Send Money to Vietnam

A Guide to the Cheapest Way to Send Money to Vietnam

Sending money to Vietnam may have been a challenge 10 to 15 years ago, but with the rise of online money transfer services, transferring money into the country has become quite easy.

With all the choices currently available, the only challenge now is picking a service that gets you the best exchange rates and lowest transfer fees.

Luckily for you, services like Monito do all the legwork and lists out the money transfer services that fit the criteria above, saving you both time and money.

If you want to do all the legwork yourself, then continue reading.

In this guide, we’ll show you the fastest, cheapest, and most reliable way to send money to Vietnam while getting the best exchange rates and transfer fees while avoiding hidden charges.

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What to Watch Out For

If you’re looking to send money to Vietnam, the first thing that you need to take notice of is the exchange rates, transfer fees, transfer speed, and security.

Transfer Fees

When transferring money into the country, you have to pay one of these three types of transfer fees:

  • Fixed Fees
  • Percentage Fees
  • Combination of both

Fixed Fees

Mostly, you will be paying a fixed fee along with what the service provider charges. The fixed fee varies based on the currency you choose.

For example, if you send USD$1,000 to Vietnam, Wise will charge you a fixed fee of USD$2.48 and USD$6.66 as variable fees if you use a wire transfer.

Similarly, if you send AUD$1,000, a fixed fee of AUD$3.16 and AUD$6.85 as variable fee will be charged.

Percentage Fees

Percentage fees are calculated based on a percentage of the total transfer amount. Hence, if you plan to send a large sum of money, the fee will also be on the higher side.

While sending money overseas, receiving banks normally charge you around 0.125 percent while online money transfer agencies like Wise charge you anywhere from around 0.2 percent to 0.4 percent of the total amount transferred if you transfer by credit card.

Combination of Fixed and Percentage Fees

There are various money transfer services and banks that use a combination of both the fixed fee and the percentage fee.

As shown in the picture above, you can see that Wise charges both a fixed and a percentage fee for an online money transfer to Vietnam.

Remember, lower transfer fees doesn’t guarantee less fees, because you still have to check the exchange rates as well, which we’ll get into in the section.

Exchange Rates

Before you send money to Vietnam, you need to take note of the exchange rates on offer on the various transfer options.

Online transfer agencies won’t openly declare the exchange rates. Like the surcharge fees you pay for your airline ticket, the exchange rate is an additional fee you pay for sending money across border, apart from your transfer fees.


Wise, however, is one of the few online money transfer services that doesn’t charge an exchange rate fee.

Banks in Vietnam like HSBC, on the other hand, can charge an exchange rate fee of roughly 0.2 percent.

Watch out for online transfer agencies that claim they don’t charge any additional fees, as they normally added them into their exchange rates.

Before you send money to Vietnam, check the mid-market rates at XE.com and select a service accordingly that suits your requirements.

Transfer Speeds

If you’re in a hurry, then you need to choose a service that comes with better transfer speeds.

Speeds vary based on the transfer option you choose.

Generally, sending money through banks may take one to three business days, while online transfer services like Wise or Xendpay can get your money delivered in less than 24 hours.

Fund Security

Apart from the best exchange rates and transfer speeds, you also need to consider the safety of your money.

Hence, it’s always recommended to chooses a service that complies with local and international money transfer standards and provides ample security.

Transfer Options

There are various options available to send money to Vietnam including:

  • Online money transfers
  • Bank transfers
  • PayPal
  • Western Union
  • Foreign currency checks
  • Forex companies
  • Crypto transfers

Generally, the transfer speed, exchange rates, and convenience vary between these transfer options.

Online Money Transfer Services

People looking for the fastest method to send money to Vietnam usually choose online money transfer services.

Listed below are two of the most popular online money transfer services available.


Xendpay offers fair and fast services at slightly less than mid-market exchange rates. It also promises same day payment on certain currencies.

Xendpay provides support to almost 51 currencies including Vietnam Dong.

Service Highlights:

  • Competitive rates
  • Premium Support
  • 24/7 online payments
  • Compare rates with other services
  • Supports 51 currencies
  • Authorized by HMRC and FCA

Exchange Rates

With Xendpay, exchange rates may vary depending upon the country and the currencies involved.

Although Xendpay charges exchange rate fees, the service is generally cheaper than traditional banks when making transfers under USD$10,000.

Transfer Fees

No matter what transfer option you choose, you’ll pay transfer fees when sending money across borders – and Xendpay is no different.

Generally, banks charge a higher fee when compared to online transfer agencies like Xendpay.

Xendpay lets you to decide whether you want to pay a nominal amount or pay nothing at all for the first £2,000 you transfer.

You can get a detailed breakdown of the charges including transfer fees and exchange rates from Xendpay’s online calculator and decide accordingly.

Transfer Speeds

Xendpay is one of the quickest online money transfer services and guarantees payment of money in less than 24 hours in most cases.

However, based on the currency and the country you choose, transfer speeds might vary.

Transfers done during weekend will be processed only on the next business day. In general, sending money to Vietnam normally takes around one to two business days.

Ease of Use

Making online money transfers through Xendpay is easy and quick.

To send money to Vietnam, create an account with Xendpay, choose your recipient, the sending and receiving currency, amount to be sent, and the online calculator displays the transfer fees, exchange rates, and expected delivery time.

To find out more about opening an account with Xendpay, check out our in-depth review of Xendpay.

Apart from English, Xendpay also provides support in four other languages, including German, Spanish, French and Polish.


Wise’s primary goal is to offer you excellent service at affordable rates when sending money overseas.


  • Excellent customer service
  • Exchange rate locking
  • Up to 750 currencies supported
  • Free business account and debit card
  • Transparent rates
  • No hidden charges
  • Over 10 million customers
  • FCA regulated

Exchange Rates

One of the major advantages with Wise over other transfer services is that they offered transparent exchange rates.

You can get a clear idea about the exchange rates and transfer fees on your transaction before following through with it.

Wise only charges mid-market rates as exchange rates. Hence, you can be guaranteed that no additional fees are charged in the name of exchange rates.

Transfer Fees

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The transfer fees charged by Wise are very nominal when compared to other transfer services like forex agencies and banks.

Whether you send USD$100 or USD$1,000, Wise only charges transfer fees between 0.7 percent to 1.2 percent in total.

You can reduce transfer fees even more by opening a borderless account to send money to Vietnam.

To find out more about borderless accounts, read our in-depth review about opening a Wise borderless account.

Transfer Speeds

Wise is reputed for its transfer speeds, as it far quicker than most of the other online transfer agencies.

If you send USD$1,000 to Vietnam, for instance, it will get delivered in just one to two days. If you opt for bank transfers, it will take more than two to three days.

Debit and credit card transfers will happen in less than an hour, whereas wire transfers will happen within 24 hours.

To find out more about the rates and speed, check out Wise’s online calculator.

Ease of Use

Similar to Xendpay, Wise also comes packed with a lot of features and an easy-to-use interface.

It also supports around 13 different languages, including English, French, Spanish, Polish, Dutch, Turkish, and more.

The help center provides all the answers to your questions, like how to send money, how to activate your Wise card, how to cancel transfers, and how to send batch payments.


Apart from Xendpay and Wise, there are other money transfer options available like:

International Bank Transfers

Generally, some people prefer international bank transfer for sending money to Vietnam.

Banks are preferred because they have been in existence for many years and earned the trust of the people.

Moreover, people also got used to the method and many still think it’s the safest option.

But the reality is that international bank transfer rates are very high when compared with other transfer options available.

You will end up paying up to 5 percent more in the name of exchange rate fees and transfer fees.

Moreover, banks won’t disclose the total charges to be deducted in your transaction.

Hence, unless you’re sending a huge sum of money, or you want credit advice for accounting purposes, bank transfers are not recommended.

Sending Banks

If you do send money to Vietnam, remember that the fee structure varies from bank to bank.

While banks tell you about the transfer fees during your transaction, they won’t disclose the exchange rates.

Transfer fees for sending money will range from 4 percent to 5 percent, whereas exchange rate fees will come to 2 percent to 3 percent of the total amount to be sent.

Banks say that since the exchange rates may vary, they cannot disclose the exact rate. But this is a not a fact, because the online transfer agencies can easily provide you a complete breakdown of all the charges.

Check the mid-market rates with the exchange rates provided by banks and select the bank that offers a rate that is closest to the mid-market rates.

This will save you a considerable amount if you send a large sum of money to Vietnam.

Usually, banks charge you some additional fees as conversion charges. For example, when you send money in foreign currency and ask the sending bank to convert it to VND.

Hence, it’s always a better option to ask the receiving bank to do the conversion rather than the sending banks, as the rates will be much lower with the receiving banks.

Receiving Banks

Similar to sending banks, receiving banks also have their own fee structures. In Vietnam, the fee structure varies from bank to bank.

Getting quotes about the exchange rates from both the sending and receiving banks is quite tough, because they operate using the prevalent rates.

Based on our analysis of Vietnam banks, VietComBank offers the lowest fees at 0.05 percent on incoming transfers along with decent exchange rates when receiving international transfers of foreign currency.

Foreign Currency Checks

While international bank transfers are considered a safe and trusted option, the exchange rates are much higher than other transfer options.

Moreover, forex agency rates are lower than banks, but still high compared to online money transfer services.

Hence, people looking for lower rates sometimes go for foreign currency checks.

Compared to other transfer options, sending money in the form of a foreign currency check could be beneficial because the conversion will be done at the receiver’s bank only.

Before sending foreign currency checks, however, ensure that the check is valid in that particular country, as some local checks are not.

Also, when compared with other transfer options, foreign currency check transfers are the slowest.

Forex Companies

Forex money transfers are another method you can use to send money to Vietnam.

While some forex agencies claim to charge lower exchange rates for money transfers, the transfer fees are much higher to compensate.

Hence, if you’re opting for a forex transfer, ask about both the exchange rates fees and the transfer fees before sending money.

What is a Forex Company?

A forex company is a non-banking firm that provides foreign exchange services and international money transfers.

People can easily buy and sell foreign currencies using forex companies.

Moreover, people mainly opt for forex companies when they need to transfer large sums of money.

Why Should You Use Forex Companies to Send Money Overseas?

Forex companies may not be the cheapest way to send money to Vietnam, but they can come in handy in emergencies.

What Are the Disadvantages of Using Forex Companies?

One of the main drawbacks with forex companies is that their process is not as transparent as online money transfer service providers.

Examples of Forex Companies

Listed below are a few examples of forex companies.

Western Union

If you’re looking for a quick way to send money to Vietnam, then Western Union is a good choice.

With Western Union, your money gets delivered in just a couple of minutes.

However, when compared with other money transfer services, Western Union’s exchange rates are much higher. But these rates are only higher when you opt for instant money transfers.

If you choose regular transfers, on the other hand, the rates may come down to 3 percent or 4 percent as opposed to 7 percent with instant transfers.

Western Union has more than 8,000 locations in Vietnam and you can use it to send money through:

  • Their mobile application
  • The nearest Western Union branch
  • Their web site


PayPal is another option for sending money overseas.


It’s one of the best online money transfer methods if you’re looking to send small amounts of money.

For personal transactions, PayPal only charges you around 0.5 percent to 1 percent, but this doesn’t include the exchange rates.

As long as you send USD to a PayPal account, there’s not much of a problem. However, if you send payment in a currency other than the recipient local currency, then PayPal charges you an additional 2.5 percent to 4 percent as a conversion fee.

One disadvantage to PayPal is that you can only send money to people who also have a PayPal account.


The State Bank of Vietnam has announced that cryptocurrency transactions are illegal in the country.

But when Bitcoin became popular in the beginning, Vietnam was one of the few countries to embrace it and almost 80 percent of all bitcoin transactions were from Vietnam, Japan, Korea, and Taiwan.

Even in 2017 the government of Vietnam announced the legal use of cryptocurrency as a mode of payment.

But as many investors and companies dealing with cryptocurrencies went bust, the government banned the use of the digital money as a legal form of payment.

Country-Specific Recommendations

If you’re looking for information on rates and fees for sending money from a particular country, we’ve got you covered in the sections below.

Please note that money transfer service providers may change their exchange rates and transfer fees over time.

Use Monito to get the best rates.

Sending Money from the USA to Vietnam

Looking for the best method to transfer money from the U.S. to Vietnam?

Check the comparison table below to compare the transfer fees, exchange rates, and transfer speeds for transfers of USD$1,000 to Vietnam using Wise, OFX, Remitly, and WorldRemit.

ProviderTransfer FeeExchange RateAmount Received (VND)Speed
WiseUSD$14.9923,060.00₫22,714,330.601-2 days
OFX22,393.09₫22,393,097.101-3 days
Remitly22,710.00₫22,710,000.000-2 days
WorldRemitUSD$4.9922,220.49₫22,109,611.031-2 days
Xendpay22832.10₫22,832,103.001-2 days

Sending Money from the UK to Vietnam

Looking for the best method to transfer money from the UK to Vietnam?

Check the comparison table below to compare the transfer fees, exchange rates, and transfer speeds for transfers of GBP1,000 to Vietnam using Wise, OFX, Remitly, and WorldRemit.

ProviderTransfer FeeExchange RateAmount ReceivedSpeed
WiseGBP7.8032,658.70₫32,403,962.141-2 days
OFX31,713.10₫31,713,104.201-3 days
Remitly32,575.21₫32,575,210.000-2 days
WorldRemitGBP6.9931,668.85₫19,365,161.761-2 days
Xendpay32329.40₫31,574,169.381-2 days

Sending Money from Singapore to Vietnam

Looking for the best method to transfer money from the Singapore to Vietnam?

Check the comparison table below to compare the transfer fees, exchange rates, and transfer speeds for transfers of SGD$1,000 to Vietnam using Wise, OFX, Remitly, and WorldRemit.

ProviderTransfer FeeExchange RateAmount ReceivedSpeed
WiseSGD$10.1117,395.20₫17,219,334.531-2 days
WorldRemitSGD$3.0017,073.47₫17,022,255.801-2 days
OFX16,889.99₫16,889,998.001-3 days
Remitly17,271.50₫17,271,500.000-2 days
Xendpay17223.38₫17,223,382.001-2 days

Sending Money from Australia to Vietnam

Looking for the best method to transfer money from the Australia to Vietnam?

Check the comparison table below to compare the transfer fees, exchange rates, and transfer speeds for transfers of AUD$1,000 to Vietnam using Wise, OFX, Remitly, and WorldRemit.

ProviderTransfer FeeExchange RateAmount ReceivedSpeed
Remitly18,059.44₫18,059,440.000-2 days
WiseAUD$10.4618,069.80₫17,880,789.891-2 days
OFX17,546.55₫17,546,559.101-3 days
WorldRemitAUD$9.9917,510.57₫17,335,649.251-2 days
Xendpay17892.64₫17,892,644.001-2 days

Now, on to You

Most people are of the opinion that bank transfers are the best option when it comes to sending money to Vietnam.

But if you start comparing the exchange rates between banks and other online money transfer services, you’ll discover that that’s not always the case.

Online money transfer services can save you a lot of money, as they offer favorable exchange rates. When it comes to online money transfers, you cannot rule out Wise and Xendpay.

But again, always be sure to check Monito for the best rates possible.

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