If you are coming to Vietnam and wondering how to transfer money from your home country without being charged huge fees, there is an answer – Transferwise. Transferwise is a peer-to-peer platform that allows sending money internationally for individuals as well as businesses without hidden costs and for much lower fees than other such type companies. The company supports over 300 currency routes worldwide and also provides multi-currency accounts.
Transferwise already passed the test with our InternChina offices, which host interns from all over the world, helping them pay internship fees from their home country and then receiving money during their stay in China with very profitable transfer.
Transferwise started their operations in Vietnam not long time ago (in August 2016) but have already made this country one of their busiest markets in the Asia Pacific region.
How it works
The transfer fee for sending money to Vietnam with Transferwise is 1.5% (or 95,000 VND for transfers under 6,300,000 VND), the money will take maximum 2 days to arrive at the recipient’s account. So it is much cheaper and quicker than a traditional bank. Before you make the transfer, you can check how much money you will have after transferring it into the new currency, how much of a fee will you have to pay and then compare the prices with other platforms or banks. If it turns out that Transferwise is the best option for you, all you need to know to make the transfer is the recipient’s full name (English), Local Account Number, Branch Code and BIC/SWIFT Code.
If you want to get more information on how it works with Transferwise, please see this video:
Or visit their website.
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