Three Tips On Safely Transferring Money To Vietnam

When you need to send money to Vietnam, you will need to understand a few points that will be useful to you. Prior to sending money to Vietnam, you need to learn a few things about bank fees, laws and security, so that your transfer goes through without a problem. With this in mind, read on and make the most of these points, so that you are able to avoid some problems along the way. 

Tip #1: Consider Whether You Should Go With A Bank Transfer Or A Third Party Company

Most money transfers to Vietnam happen in one of two ways -- either through a bank transfer or a third party company. Each has its pros and cons, so you should learn more about them in order to choose the best for you. For instance, banks sometimes have fees as high as $50 for a transaction and you may not get the best exchange rate. But in most situations, you will be able to trust the security of a bank and the fact that the money will get to your recipient. Third party companies typically have better exchange rates and lower fees, but you will need to look into the reputation of the company to be sure that it gets to the recipient in a timely manner and with no hitches in the process. 

Tip #2: Know The Laws And Regulations

Regardless of the way that money issues are handled in your home country, you will be deferring to the laws and regulations of Vietnam if you are sending money to someone who lives there. The best thing you can do is carefully read the laws and stipulations of every single transfer and keep thorough records of every dime that is transferred. You should also be sure that you find the regulations outlined by the bank and only do business with a bank that you feel comfortable with. 

Tip #3: Be Aware Of Potential Scams

Prior to sending money, you should look up some of the most popular scamming practices regarding sending money to Vietnam, so that you don't fall prey to them. Make sure that you have a rapport with the person or company that you are sending money to and request multiple forms of contact from them. Keep in mind that it is only legal to transfer money in the Dong currency, so any person requesting money in another currency is doing so illegally. 

Keep these points in mind so that you can safely send money to Vietnam