The best international money transfer company to Vietnam

Vietnam's remittance market has grown strongly in recent years, thanks to money from foreign investors and remittances from Vietnamese people living and working abroad. The need to find a unit that provides international money transfer services, supporting both individuals and businesses is of great concern.

With various options available, choosing the right international money transfer company can be daunting. Don't worry, this guide will equip you with the knowledge to choose the best international money transfer company for your needs.

1. International remittance market in Vietnam

Vietnam's remittance market has seen significant growth in recent years, driven by the increasing number of foreign investors and remittances from overseas Vietnamese sending money home.

It is forecast that in 2024, the amount of remittances transferred will increase by about 20% compared to 2023. According to data from the Department of Foreign Investment (Ministry of Planning and Investment), registered FDI capital in Vietnam for the whole year 2023 reached nearly 36,61 Billion USD, an increase of 32.1% compared to 2022. The amount of remittances reached a record of 19 Billion USD (2022 statistics), putting Vietnam in the top 10 countries in the world in receiving remittances.

This financial lifeline fuels economic growth, supports families, and enables international investments. Yet, with numerous money transfer companies vying for your business, choosing the right one requires careful consideration.

2. Top 10 international money transfer company to Vietnam

Here are the top international money transfer companies that offer reliable services for sending money to Vietnam:

2.1. Wise

Wise offers fast, transparent, and low-cost international money transfers. With competitive exchange rates and minimal fees, Wise is a popular choice for sending money to Vietnam.

2.2. Remitly

Remitly specializes in quick and affordable remittances, with options for cash pickups and bank transfers in Vietnam. Their user-friendly platform and competitive rates make them a top choice for many.

2.3. SingX

SingX focuses on secure and reliable cross-border payments for businesses and individuals, providing a robust platform for international transactions. SingX provides convenient and cost-effective money transfer services to Vietnam, leveraging advanced technology to offer competitive rates and speedy transactions.

2.4. Currencyfair

CurrencyFair offers peer-to-peer money transfers with competitive exchange rates and low fees. Their platform allows users to exchange currencies directly, resulting in significant cost savings.

2.5. OFX

OFX is a financial technology company headquartered in Sydney, Australia, providing secure, fast and cost-effective international payment solutions. OFX provides reliable and safe services and dedicated support for businesses and individuals sending money to Vietnam.

2.6. Instarem

Instarem offers competitive fees and supports various payment methods for both sending and receiving funds, making it a flexible option. Their user-friendly platform makes sending money to Vietnam hassle-free.

2.7. Revolut

Revolut offers multi-currency accounts and international money transfer services, allowing users to send money to Vietnam and other destinations at competitive rates (availability may vary based on location).

2.8. Xe.com

Xe.com provides currency exchange and international money transfer services, with real-time exchange rates and low fees. Their platform is trusted by millions worldwide for secure and efficient transfers.

2.9. Moneygram

MoneyGram offers convenient cash pickup and bank transfer options for sending money to Vietnam, with a vast network of agent locations across the country.

2.10. Western union

Another global leader in remittance, Western Union is one of the oldest and most trusted names in international money transfers, offering various options for sending money to Vietnam, including cash pickups and bank transfers. However, fees may be higher than some competitors.

<!> At 9Pay, we always do our best to ensure our customers have a quick and hassle-free money transfer experience. Supports fast and safe transactions for both individuals and businesses. Our platform offers competitive exchange rates for popular currency pairs such as USD to VND, SGD to VND, CNY to VND, KRW to VND and AUD to VND.

Request for support now

Hotline: 1900 88 68 32

Email: business@9pay.vn

3. How to choose the best international money transfer company

3.1. Transaction processing time

If speed is crucial, prioritize companies known for fast processing. Some companies offer same-day transfers while others take several business days. Consider the speed at which the money transfer company processes transactions, ensuring timely delivery of funds to your recipient in Vietnam.

3.2. Payment methods

Choose a company that offers convenient options for your work needs. Evaluate the available payment methods, including bank transfers, debit/credit cards, digital wallets, and cash pickups, to choose the most convenient option for you and your recipient.

3.3. Fees and exchange rates

Compare transaction fees, hidden charges, and exchange rates offered by different companies to find the most cost-effective solution for sending money to Vietnam. Look for providers with transparent pricing and competitive mid-market rates.

3.4. Security and regulation

Choose a licensed and regulated company that employs robust security measures like encryption and fraud protection. Ensure your money is safe throughout the transfer process.

3.5. Customer support

Reliable customer support is vital in case you encounter any issues with your transfer. Choose a company that provides reliable customer support to assist you with any inquiries or issues you may encounter during the money transfer process.

By prioritizing your needs and carefully evaluating these factors, you can choose the best international money transfer company to send money to Vietnam. Don't hesitate to compare rates and features before making your final decision, so you can make an informed decision that meets your specific needs.