Send money to Vietnam
Article by Mozo
Do you have a business in Vietnam or are planning on purchasing property there? Are you considering transferring money from your account to a relative or friend? Then it’s a good thing you’re here. You’re about to read a quick guide on everything you need to know when it comes to converting Aussie dollars to Vietnamese Dong.
But if you’re looking to transfer money to dong for your next holiday to Vietnam, then you need to visit our Mozo Travel Money
section. There you’ll discover some helpful tips when it comes to traveling abroad as well as the best travel cards and exchange rates.
FAQs about transferring money to Vietnam
How do I actually transfer money to Vietnam?
Making an International Money Transfer to anywhere in Vietnam is easy when you have your recipient's bank ID numbers and their account details. Just start the transfer process by using one of the following providers:
|Financial Provider Type ||Pros ||Cons |
| Banks |
A safe environment most of us house our savings.
|Familiar names and brands you already use and trust. ||Higher transfer fees than other IMT providers. Avail during business hours, so not really convenient if you’re busy in the day. |
| Specialist FX |
Or Foreign Exchange Specialist transfer funds and exchange foreign currencies everyday. Companies like: CurrencyFair, HiFX, OzForex etc.
| Pros: Fast and safe international money transfer, who charge less than other providers. Super flexible - you can usually transfer funds 24/7. || Cons: Since currencies change everyday, trading Australian dollars for dong may vary from one day to the next. |
To double check if the BIC or SWIFT code is correct, visit http://www.swift.com/bsl
Is wiring money to Vietnam risky?
Whether you’re transferring funds from Australia to Vietnam, shopping online, banking or even subscribing to a newsletter, basically anything you do online where you submit sensitive information is risky. The only ways to protect yourself is to:
- Install the latest anti-virus software like McAfee
- Download the latest updates your PC or mobile.
Updating your PC and or mobile protects your personal information so that you don’t have to worry about doing the the things online you love. Afterall, online shopping and banking is so convenient - who could ever go back to?!
Can I make a one-off transfer to Vietnam?
You betcha. IMT providers allow you to transfer money from Australia to Vietnam as a one off or many times. It really comes down to what you need to do.
Considering making regular payments to Vietnam? Mozo recommends that you ask if your IMT provider can reduce your fees and rates a little more. After all, if you’re transferring a lotta cash over, you want to save as much as possible. After a while, you could be giving away hundreds or thousands of dollars!
How do I compare IMT providers?
We’ve done all the thinking for you so all you have to do is type in a few number and compare the results.
Transferring a large amount? Then you’ll want to secure the lowest rate as possible to save the most you can. Here’s a snapshot on what you look for when comparing IMT providers:
- Limits: Some IMT providers require you to transfer a minimum amount. But if their minimum is 0,000 and all you want to transfer is 00, then you really need to know who you can use as quickly as possible. No point in spending hours scouring the internet when Mozo’s IMT tool can do it for you in seconds.
- Rates: Hard to believe, but the smallest difference between rates is really important. Especially when transferring a large amount, the teeniest difference between rates can save you hundreds or thousands, depending on the amount.
- Transfer speed: It’s good to know that you can transfer money immediately. But it doesn't mean that your recipient can use the funds straight away. Sometimes it takes 3-5 business days for the funds to become available. Any urgent transfers will need a little bit of planning.
- Fees: Some IMT providers will charge anything from zero to $30 or more to initiate your international money transfer. Take a little time to work out what best suits you.
- Online vs phone or in person: We’ve tried and tested all methods and can let you in on a secret. Transferring Australian dollars to Vietnam online is going to save you a lot in the long run.
How do I set up an international money transfer?
Have you decided which path to take yet? Online, in person or over the phone? Working this out first, will determine your best next steps.
- Will you be logging on to your online bank account or app?
- Visiting a branch?
- Filling out a form online?
Whichever way you choose to transfer money to Vietnam, some crucial bits of information you’ll need for a successful transfer include:
- 1. Full name and address of the recipient’s bank
- 2. Recipient's name, address and account name
- 3. Account number or International Bank Account Number (IBAN)
- 4. SWIFT/BIC code of your personal account you're transferring funds from
- 5. Amount you would like to send.
IMT must-know terminology BIC -
Bank Identification Code SWIFT -
Society for Worldwide Interbank Financial Telecommunication IBAN -
International bank account number Recipient -
The person or party who receives the money being transferred IMT -
International money transfer IMO -
International money order. Country guides for transferring money internationally