9Remit: Overseas remittance solution in Vietnam

1. Vietnam remittance market in 2024

Vietnam continues to be one of the top remittance-receiving countries in the world. In 2024, the total inbound remittances are projected to surpass USD 16 billion, making it a critical source of foreign income for millions of families and a vital contributor to the country’s GDP. At the same time, the demand for outbound remittances abroad (for education, investment, or family support) is also growing rapidly due to globalization, international migration, and rising middle-class incomes.

Ho Chi Minh City alone accounts for about 60% of this volume, receiving around $9.6 billion, with the majority of funds transferred through remittance companies rather than traditional banks. The largest share of remittances comes from Asia, followed by Oceania and the Americas, reflecting the global Vietnamese diaspora’s distribution. This significant capital inflow serves as a stable source of foreign currency, fuels consumption, and supports local investment, making the remittance market a cornerstone of Vietnam's financial resilience.

This strong inflow highlights the critical need for reliable, fast, and cost-effective overseas remittance services that cater to both personal and business needs in Vietnam.

2. 9 Remit: Overseas remittance solution in Vietnam

9Remit is a cross-border remittance service developed by 9Pay, a licensed and leading fintech payment intermediary in Vietnam authorized by the State Bank of Vietnam. Designed to serve both individuals and bsinesses, 9 Remit simplifies the process of sending and receiving money internationally while ensuring full compliance with Vietnamese and global financial regulations.

How 9Remit supports international settlements in Vietnam?

By partnering with major foreign remittance companies and integrating with Vietnam’s domestic payment systems, 9Remit ensures seamless transactions for overseas Vietnamese, expatriates, and businesses. Supports multiple currencies and payment methods, allowing for fast and secure processing of financial transactions for overseas customers who are business owners or financial institutions, international payment intermediaries.

3. Advantages of 9Remit remittance services

9Remit is engineered to solve the common pain points of cross-border payments. Choosing 9Remit comes with several benefits that make it a preferred solution for cross-border remittance from and to Vietnam:

Regulatory compliance

As a licensed and regulated entity, 9Pay adheres to the highest standards of security and compliance, including PCI DSS, 3D-Secure, and TLS encryption. The platform employs advanced fraud detection systems and adheres strictly to Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations, providing complete peace of mind that your funds are handled securely and legally.

Fast and Transparent processing

Time is money, especially in global transactions. 9Remit’s digital-first approach and direct integration with local bank networks ensure that funds are delivered at lightning speed, often within minutes for domestic and international remittance services.

Competitive exchange rates

9Remit offers transparent, competitive exchange rates compared to traditional banks, updated in real time, ensuring the sender knows exactly how much the recipient will receive without any hidden costs or unfavorable surcharges. This maximizes the value of each transfer.

User-Friendly digital experience

Users gain access to a dedicated dashboard for real-time tracking of transaction status, automated reconciliation, and comprehensive reports. This level of visibility is invaluable for businesses needing to manage and account for international financial flows accurately.

4. How Does 9Remit Work?

9Pay's 9Remit solution is designed to provide a seamless experience for your international payment needs that is both simple and secure. Here is a step-by-step overview of the process:

• Step 1: Register for 9Remit service

Begin by signing up for 9Remit service through one of the following convenient channels:

• Website: 9Pay.vn

• Hotline: 1900 88 68 32

• Email: business@9pay.vn

Our team is ready to assist you with the registration and answer any initial questions.

• Step 2: Personalized consultation

You will receive one-on-one expert consultation covering:

- Detailed explanation of our remittance services

- Transparent fee structure and current exchange rates

- Clarification of your money transfer purpose, with tailored advice on the required documentation

- Guidance on applicable taxes, if any

- This ensures your transaction complies fully with regulations and suits your specific needs.

• Step 3: Account setup and Transaction execution

Set up a payment account steps:

1. Sign the service agreement

2. Create the beneficiary’s payment account

3. Confirm the purpose of the transfer and upload necessary supporting documents

4. Lock in the exchange rate on the payment date

After these steps, your transaction will be processed quickly and securely through our payment bank to the beneficiary's account in their country.

• Step 4: Real-Time Transaction Tracking

9Remit provides a dedicated platform where you can monitor your transfer status in real time. This transparency allows you to stay informed throughout the entire process.

9Remit provides a transaction execution platform that supports real-time transaction status tracking through 9Remit's system.

After the money transfer is successfully executed, 9Remit will provide proof of money transfer to the partner via 9Remit's system or email.

With 9Remit, international payments become effortless, secure, and fully transparent, giving you peace of mind every step of the way.

5. FAQs

What is the maximum amount for outward or inward remittance?

9Remit supports unlimited transaction volumes for both outward and inward remittances, suitable for personal and business transfers of any size, fully compliant with Vietnamese regulations.

How can I check the status of my outward overseas remittance?

Users can track their money transfer status in real-time through 9Remit's platform. Additionally, 9Pay offers customer support to provide updates and assistance.

Is 9Remit a licensed international payment provider in Vietnam?

Yes, 9Remit is a licensed international payment provider in Vietnam. It is a cross-border remittance service developed by 9Pay, which is officially licensed by the State Bank of Vietnam as a payment intermediary service provider. 9Pay holds the license number 60/GP-NHNN issued on August 13, 2020, authorizing it to offer services including e-wallets, payment gateways, and collection/disbursement solutions.

How long does it take for the Beneficiary account to receive the funds?

Leveraging advanced technology and strong partnerships, 9Remit enables near-instantaneous transfers (T+0), allowing the beneficiary to access the money quickly. If you use traditional methods, bank transfers can take 2-5 business days with relatively high fees.

In a fast-changing digital economy, cross-border remittance services need to be secure, compliant, fast, and user-friendly. 9 Remit by 9Pay delivers all these qualities, making it one of the most reliable and efficient remittance platforms in Vietnam.