Tips On Foreign Payments In Vietnam

Remitting money to and from Vietnam can be tricky. Although the country has been progressing over the years and has seen many new conveniences such as allowing online money transfer for foreign payments in Vietnam, there are many challenges that one should be aware of. Vietnam is a communist country and the local government regulations may look daunting for non-Vietnamese individuals to understand.

Government bureaucracy

The Vietnamese government keeps a tight reign over the economy; hence it is not easy to transfer money in and out of the country. Remitting money to Vietnam is usually easier than the other way round, however. Many expats have reported extreme difficulties transferring money out of Vietnam. The government will want to keep tabs on any funds entering or leaving the country though, so always keep a good record of your cash flows when in Vietnam.

Bank regulations in Vietnam

When it comes to what rules and regulations mean for Vietnamese banks, many users have commented that this is a grey area. For example, even for different branches of the same bank, what might hold for one branch may not hold for another. Try to stick to one bank, or cultivate good relationships with the few banks that you frequent. It also helps a great deal to familiarize yourself with the various rules and regulations set by that particular bank when it comes to remitting money.

Potential scams

A whole host of money-remittance services exists in Vietnam. Individuals who claim to be able to provide fast and secure money transfer services at competitive rates are everywhere; however their trustworthiness has to be verified. Often, if you engage unlicensed individual operators to remit money, there is a high chance that you may be scammed and in the worse case scenario, lose the entire sum of money. When remitting money to Vietnam, you need to be careful as well. Do not take chances, reputable remittance services are your best bet at avoiding scams and cheats.

Exorbitant fees

While not scams, some local remittance services charge exorbitant fees just to remit a small sum of money. This is due to the heavy government restrictions on funds leaving the country. Your broker will likely have to pay a hefty fee just to transfer money out, so be prepared to fork out a significant sum of money to get your money remitted.

Foreign bank accounts

Many expats find that it is near to impossible to transfer money overseas from their local Vietnamese bank accounts, while it is much easier to transfer money from a bank with global influence such as Citibank or HSBC. This may be attributed to the tight government controls on the local businesses. If you foresee yourself remitting money from Vietnam frequently, it may be helpful to maintain a foreign bank account solely for such purposes.

Online money transfers to Vietnam

There is a significant rise in online money transfer services that can help you send money into Vietnam these days. Though most of these services are direct deposits into bank accounts, some of the reputable providers also have cash pickup services and door-to-door cash delivery as extra money delivery methods. Do your research well and find a reliable online money remittance service that you can trust if you often remit money into Vietnam.