How to Send Money From USA to Vietnam

Sending money internationally is a regular necessity. This guide demystifies sending money from the United States to Vietnam, clarifying options and considerations.

Common Transfer Methods

Several avenues exist for sending money from the United States to Vietnam, each with distinct characteristics: speed, cost, and accessibility. Traditional bank transfers, or wire transfers, are a long-standing, secure method suitable for larger sums. However, they involve higher fixed fees and can take several business days, sometimes up to five days.

Online money transfer services offer lower costs and faster delivery. Companies like Wise, Remitly, WorldRemit, and Paysend operate digitally, providing competitive exchange rates and user-friendly interfaces. Transfers often process within minutes or hours, especially for direct bank deposits or mobile wallets. Fee structures vary.

Traditional money transfer operators, like Western Union and MoneyGram, maintain extensive global agent networks. They facilitate online transfers and cash pickups at physical locations, benefiting recipients without bank accounts. While offering rapid delivery, their overall costs may be less favorable.

Other options include direct transfers to mobile wallets like MoMo or ZaloPay, widely used in Vietnam. Some services also allow direct transfers to international debit or credit cards. Cryptocurrency transfers are less common due to volatility and regulatory complexities.

Information Needed for Transfer

Before initiating any money transfer from the United States to Vietnam, gather specific information and documentation. Senders must provide their full legal name, current address, and contact details. Financial institutions require identification (driver’s license or passport) and often a Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) for anti-money laundering (AML) compliance and IRS reporting.

The recipient’s precise details in Vietnam are equally important. Their full legal name must match their official identification or bank account to prevent delays. A complete physical address and reliable contact phone number are essential for successful delivery. Accuracy is paramount for secure and efficient fund processing.

For transfers to a bank account, specific banking information is required: the bank’s full name, address, and the recipient’s account number. The SWIFT/BIC code, a unique identification for financial institutions, ensures correct routing. Incorrect banking details can lead to delays or loss of funds.

For cash pickup, the sender does not need the recipient’s bank details. The recipient requires a transaction reference number or PIN from the sender, along with valid government-issued photo identification, to collect funds. Senders should also be aware of varying transaction limits.

Steps to Send Money

To send money from the United States to Vietnam, first select a service provider. For online platforms, create an account or log in. Alternatively, visit a physical agent location.

Once logged in or at an agent, specify transfer details. Indicate the United States as sending country and Vietnam as receiving country. Input the desired U.S. dollar amount; the system displays the converted Vietnamese Dong.

Next, accurately enter the recipient’s information: full legal name, physical address, and chosen payout method. For direct deposits, provide their bank account number and SWIFT/BIC code. For cash pickup, select a location. For mobile wallet transfers, the recipient’s registered mobile number is required.

Before finalizing, a summary page appears for review. This shows the transfer amount, fees, exchange rate, and the final amount the beneficiary will receive. Reviewing this verifies accuracy and total cost.

Payment is made using the selected method. Options include linking a bank account (ACH), using a debit card, or a credit card (which may incur additional fees). At physical locations, cash payment is also an option.

Upon successful payment, the sender receives a confirmation with a tracking number. This number is essential for monitoring the transfer’s status and should be shared with the recipient. The recipient will need this tracking number for cash pickup to claim funds.

Fees and Exchange Rates

Sending money from the United States to Vietnam involves more than the advertised transfer fee. Service providers employ various fee structures, including flat or percentage-based fees. Traditional banks often impose higher fixed fees for international wire transfers, while online services may offer lower charges. Intermediary banks can levy their own fees, potentially deducting from the principal amount.

Understanding exchange rates is key to assessing transfer cost. The interbank rate, or mid-market rate, represents the real value of one currency against another, free from markups. This is the rate large financial institutions use. Money transfer services and banks rarely offer this rate; instead, they apply a retail rate with a markup.

This markup, often a percentage of the converted amount, constitutes a significant portion of the provider’s profit and the sender’s cost. To determine the actual cost, consider both explicit fees and the implicit cost embedded in the exchange rate markup. The total cost is the sum of the transfer fee and the exchange rate margin, directly impacting the final amount received.

A seemingly low transfer fee can be offset by a less favorable exchange rate, resulting in less money arriving in Vietnam. Conversely, a higher fee might be acceptable if accompanied by a very competitive exchange rate.

Comparing different services requires focusing on the total amount the recipient will receive, not just the stated transfer fee. Online comparison tools can help evaluate providers by displaying fees and real-time exchange rates, allowing senders to identify the most cost-efficient option. Since exchange rates fluctuate, checking rates before initiating a transfer ensures the most accurate cost assessment.

Recipient’s Role in Vietnam

The recipient in Vietnam plays an active role in receiving transferred funds, depending on the delivery method. For bank deposits, funds are typically credited directly to their bank account within hours or a couple of business days. Recipients should regularly check their bank statements or mobile banking application to confirm fund arrival.

If cash pickup is selected, the recipient must visit a designated agent location. They are required to present valid government-issued photo identification and the transaction reference number. The name on their ID must match the name given by the sender for successful collection.

Some money transfer services offer home delivery, where a courier brings cash to the recipient’s specified address. The recipient will be contacted to arrange a convenient time and must show valid identification upon receipt.

Effective communication between sender and recipient is important for a smooth transfer. The sender should promptly share all relevant details, including the service used, exact amount sent, and any tracking or reference numbers. This ensures the recipient is informed and can anticipate fund arrival.

If money does not arrive within the expected timeframe, the recipient should first verify all provided information and the tracking number with the sender. If unresolved, either the sender or recipient should contact the money transfer service or receiving bank directly. Providing all transaction details will facilitate investigation.