Transfer Money From Vietnam: Fast, Secure, and Low Fees

Vietnam’s growing financial sector offers many options when it comes to transferring money in and out of the country. Whether it is an expat sending money home or a business making international transactions, they have probably wondered about the costs and regulations involved in the transactions.

Sending money out of Vietnam is relatively easy as there are many service providers but foreign investors find it tough to send money to their client’s bank account. This process involves corporate taxes and lengthy procedures. Let’s explore the options to transfer money from Vietnam and find the most cost-effective solutions for your needs.

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How to Transfer Money from Vietnam to Overseas Online?

Gone are the days when people used to resort to illegal ways of wiring money, now businesses have many options which are affordable and legal. Here are 5 best options through which businesses can transfer money from Vietnam to overseas online:

Bank Transfer

International banks with subsidiaries in other countries are the traditional but reliable bank transfers. You need not have a bank account to transfer money, you can still make a bank transfer by showing proof of income. The documents that will be approved are a work permit, invoice or payslip, and labor contract. While using a local Vietnamese bank, you need to open an account before sending money to the recipient, also keep a note that using a local Vietnamese bank without any branches in other countries might cost you more.

Paypal

If the transfer is small then using Paypal is a smart choice. You can start the transaction by simply making an account and linking it to a Vietnam-based bank.

E-Transfer

E-transfer of money from Vietnam is considered one of the best ways as they are quick and easy to use. There are many options for doing E-transfer such as WorldRemit, Skrill, and TransferWise. They all charge different fees and send the money abroad.

Travel With Your Cash

For frequent travelers, it is important to know that you are allowed to carry US$5,000. If you have more money beyond that amount, you will need to work with the State Bank of Vietnam to get approval to bring it into the country.

MoneyGram

MoneyGram is the best way to receive money online in Vietnam due to the various branches and agents they have worldwide. You will be able to find a MoneyGram in most provinces. Transactions are easy to arrange: visit a MoneyGram agent, bring your passport and credit or debit card information, as well as the recipient’s details. Pay the fee and send the cash to the agent in Vietnam.

How to Transfer Money from Vietnam Under an Invoice?

Invoices are handled through a special process while doing business between Vietnam and international companies. The transactions take place between the Vietnamese client and the foreign parent company or investor. To help with this, InCorp Vietnam’s accounting team steps in to create proper legal invoices for the investor.

There are both pros and cons to consider in this setup. The pros include a faster process for paperwork and transactions which are delayed in usual cases. On the other hand, the money sent to the client’s bank account will be counted as revenue in Vietnam which means that the company will need to pay corporate income tax on their profits.

Transfer Money from Vietnam Under the Loan Agreement

You can also transfer money from Vietnam under a loan agreement which can be done between the Vietnamese client and their parent company or investor. The agreement is set up for one year and does not have any interest charges. This timeline and interest-free loan agreement will help in saving time and unnecessary paperwork. Each loan agreement should last for a year and the companies can have various loan agreements running during the same year.

Transferring money from Vietnam under a loan agreement has some benefits and drawbacks to consider. The main advantage is that the money which is received through such agreements does not count as revenue so you need not pay the corporate income tax on it.

However, there are some challenges too. The process takes longer as it is usually about 2-3 weeks before the money arrives in the Vietnamese bank account. Also, it is very important to remember that according to the loan agreement, the company must pay back the entire loan within one year. The Vietnamese company needs to make sure they will have enough money available to repay the loan when it is due.

Increasing Charter Capital of the Company

When investors make an investment it helps in increasing the charter capital of the company. It is the money that company owners put into their business to help it run. However, business owners should get permission from local authorities before making any changes to the charter capital. They cannot be increased or decreased on their own.

With InCorp Vietnam, managing charter capital changes in your Investment Registration Certificate (IRC) and Enterprise Registration Certificate (ERC) is now simpler than ever. Our experts handle the entire process, ensuring that all necessary updates to your IRC and ERC are completed accurately and efficiently.

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How Can I Pay to Transfer Money from Vietnam or Send Money to Vietnam?

When you are looking to send money then there are 3 things you need to consider. First and the most important thing is to check how much it will cost to transfer money. Second, consider the exchange rate that is being offered, and third, consider the time in which you need your money to get transferred.

After considering these facts, you can easily trust Wise to transfer the money as it does well in these 3 areas. They have proven to be the best choice to handle Vietnamese Dong. Wise keeps all things simple and honest as they do not add hidden charges while converting your money. Whether you’re sending money to family in Vietnam or paying for business services, you can feel confident knowing exactly what you’ll pay and what the recipient will get.

Which Provider to Use to Wire Money from Vietnam Overseas?

As discussed earlier, the best provider is the one that does not have hidden charges, does not take longer time to get transferred, and has good forex rates. Wise is proving to be one of the best providers along with Revolut or others. These are usually the cheapest and quickest way to send money. You need to install their app, sign up, add money to your account, choose your currency and destination country, and enter the recipient’s details to transfer money.

How InCorp Vietnam Helps with Charter Capital Changes?

With InCorp Vietnam, managing charter capital changes in your Investment Registration Certificate (IRC) and Enterprise Registration Certificate (ERC) is now seamless. Our experts handle the entire process, ensuring that all necessary updates are completed accurately and in compliance with regulations.

As part of our comprehensive business support services, including market research, company registration, legal advisory, and business licensing, we help investors navigate Vietnam’s evolving regulatory landscape. Our experienced consultants ensure you stay informed of all statutory requirements, allowing you to focus on growing your business with confidence.

InCorp Vietnam is a leading provider of global market entry services. We are part of InCorp group, a regional leader in corporate solutions, that encompasses 8 countries in Asia-Pacific, headquartered in Singapore.