Cheapest Way to Send Money to Vietnam: 2024 Cost-Saving Guide

Why Finding Cheap Money Transfers to Vietnam Matters

With over 4 million Vietnamese living abroad sending $18 billion annually in remittances, finding the cheapest way to send money to Vietnam isn’t just convenient—it’s essential. Hidden fees and poor exchange rates can devour 5-15% of your transfer amount. This guide reveals proven strategies to maximize your money’s value when supporting family or businesses in Vietnam.

Top 5 Cheapest Methods to Send Money to Vietnam

After comparing 20+ services, these options deliver the best value:

1. Online Specialists (Wise, Remitly): Lowest overall costs with mid-market exchange rates. Fees from 0.5%. Transfers in 0-2 days.
2. Digital Banks (Revolut, Chime): Free transfers for premium users. Best for USD→VND under $1,000.
3. Mobile Wallets (MoMo, ZaloPay): Instant local transfers after initial setup. Zero fees for domestic reception.
4. Cryptocurrency (USDT via Binance P2P): Bypass traditional fees. Requires tech-savviness and recipient’s crypto wallet.
5. Traditional Services (Western Union Promo Rates): Use limited-time offers for fee-free transfers over $500.

Key Factors Impacting Transfer Costs

Don’t just compare upfront fees—evaluate these hidden cost factors:

• Exchange Rate Margins: Banks add 3-5% markup vs. Wise’s 0.5%
• Payment Method Fees: Credit cards add 3% vs. ACH (0%)
• Speed Premiums: Instant transfers cost 2x more than 1-day options
• Receiving Fees: Some Vietnamese banks charge 0.1-0.5% deposit fees

Step-by-Step: How to Send Money Cheaply

Follow this blueprint for maximum savings:

1. Compare real-time rates on aggregator sites like Monito or Sendly
2. Time transfers mid-week when VND rates peak
3. Bundle multiple sends into one transfer to minimize fees
4. Opt for local currency payout to avoid double conversion
5. Use first-time user discounts (e.g., Remitly’s $20 bonus)

Frequently Asked Questions (FAQ)

What’s the absolute cheapest service for Vietnam transfers?

Wise consistently offers the lowest total cost for amounts under $5,000, with transparent fees from 0.5% and near-perfect exchange rates.

Are bank transfers cheaper than apps?

No—traditional banks average 8% total cost versus 1-3% for specialists. Exceptions exist for premium banking relationships.

How can I avoid receiving fees in Vietnam?

Choose services depositing directly to Vietcombank, TPBank, or MoMo wallets—all charge $0 receiving fees for international transfers.

Is cash pickup cheaper than bank deposit?

Rarely. While convenient, cash pickups at VietinBank or Agribank locations add $2-5 service fees versus $0 for account deposits.

Can I send money for free to Vietnam?

Yes—using Revolut Premium (free for first 3 transfers) or cryptocurrency P2P platforms during promotional periods. Always verify security protocols first.

Smart Savings Start Now

By choosing specialized services over banks, timing your transfers strategically, and leveraging digital wallets, you can save $50+ per $1,000 sent to Vietnam. Bookmark comparison tools and revisit options quarterly—new discount programs emerge constantly in this competitive market.