How to Send Money Home from Vietnam: Wise, Remitly, MoneyGram & Local Alternatives

Why you'll need a money transfer method

Whether you're a digital nomad, expat, or freelancer working remotely in Vietnam (베트남 / 越南 / ベトナム), getting money back home matters. Bank wires are slow and expensive. Cash in a suitcase is risky. The right transfer service saves hundreds of dollars a year—and seconds you thousands of headaches.

Here's what actually works in 2024.

Wise (formerly TransferWise): Cheapest for most currencies

Wise is my go-to for routine transfers under $5,000 USD. The pitch: mid-market exchange rates + low fixed fees. The reality matches.

How it works:

1. Download the Wise app (iOS/Android) or use Wise.com in a browser.
2. Create an account with your passport or foreigner ID, email, phone number.
3. Link a Vietnamese bank account (any VCB, ACB, VietinBank branch account works).
4. Enter recipient bank details in your home country.
5. Initiate transfer; Wise debits your Vietnam account in VND and deposits USD/EUR/GBP/etc. into your recipient's account.

Costs:

• Transfer fee: typically 500,000–1,200,000 VND (~$20–$50 USD) depending on amount and destination currency.
• Exchange rate: mid-market rate (not bank-inflated rates).
• Speed: 1–2 business days to most countries; 3–4 days to some smaller banks.

Real example: Sending 50 million VND to a US bank account cost 1,100,000 VND in fee + mid-market rate. A traditional bank wire from Vietnam would have been 3–5 million VND in fee alone, plus a worse exchange rate.

Pitfalls:

• Wise requires a functioning Vietnamese bank account with your name. Tourist accounts won't work.
• First transfer may take 24 hours longer while they verify your identity.
• Some recipients in developing countries face delays if their bank is slow.

Remitly: Faster for small transfers, familiar in the US

Remitly is strongest if you're sending money to the United States. It's a remittance specialist, not a generalist, so it's optimized for that corridor.

How it works:

1. App or web (Remitly.com).
2. Link a Vietnamese bank account.
3. Choose USD recipient account or cash pickup (7-Eleven, Walmart, etc., in the US).
4. Send.

Costs:

• Transfer fee: typically 400,000–800,000 VND (~$16–$33 USD).
• Exchange rate: slightly worse than Wise's mid-market, but competitive with bank wires.
• Speed: 1–3 days for bank deposit; same-day for US cash pickup (premium fee applies).

Real example: Sending $1,000 USD (≈24 million VND) to a US bank account cost about 550,000 VND in fee. The rate was good—Remitly was transparent about the mid-market rate and the exact markup.

Why choose Remitly over Wise:

• Faster US cash-pickup option if your recipient needs cash same-day.
• More familiar interface if you've used Remitly from another country.
• Occasional promotional transfers with lower fees.

Pitfall: Remitly charges premium fees for faster delivery; the "standard" 1–3 day option is their real rate.

Photo by Vietnam Hidden Light on Pexels

MoneyGram: Highest fees, most convenient locations

MoneyGram has physical agents across Vietnam—Pham Ngu Lao in Saigon, popular tourist areas, and some shopping malls. You walk in with cash, pay on the spot, and your recipient gets money within minutes to hours.

How it works:

1. Walk into a MoneyGram agent (usually a travel agency or phone shop).
2. Provide your name, recipient's name, and recipient country/state.
3. Hand over VND cash.
4. Recipient picks up in their country (bank deposit or cash pickup, depending on destination).

Costs:

• Transfer fee: 150,000–300,000 VND (~$6–$13 USD) for transfers under 5 million VND; scales up.
• Exchange rate: 3–5% markup over mid-market (notably worse than Wise or Remitly).
• Speed: instant for cash-pickup destinations; 1–2 days for bank deposit.

Real example: Sending 50 million VND to the US via MoneyGram cash pickup cost 250,000 VND in fee + a notably bad exchange rate. Total cost was about 2 million VND worse than Wise.

Why use MoneyGram:

• You have no bank account in Vietnam yet (e.g., you just arrived).
• Your recipient needs cash immediately and won't accept a bank transfer.
• You're uncomfortable with apps and prefer a face-to-face transaction.

Pitfall: MoneyGram's exchange rate is your biggest cost. For regular transfers, it's expensive.

Vietnamese bank wire: Slow, expensive, sometimes unavoidable

If none of the above work, your Vietnamese bank can wire directly to your home country.

Costs:

• Wire fee: 2–4 million VND (~$80–$160 USD) depending on your bank and recipient country.
• Exchange rate: 2–3% markup over mid-market.
• Speed: 3–7 business days (your Vietnamese bank is slow; your recipient's bank is slow).

Why it's a fallback:

• Useful if your home country has limited Wise/Remitly coverage.
• Sometimes required if your recipient bank won't accept transfers from non-traditional corridors.

Pitfall: Banks take their time. Plan for a week minimum.

Crypto / USDT: The speedy alternative (with caveats)

Some expats in Vietnam use stablecoins like USDT on the Solana or Polygon network. Send USDT from Binance in Vietnam to an exchange account in your home country, withdraw to bank. Fees can be under $2.

The reality check:

• Requires crypto exchange accounts (Binance, OKX) in both countries.
• Regulatory gray area in Vietnam (not illegal, but not explicitly permitted).
• Volatility risk if you hold USDT more than a few minutes.
• Slower than advertised if your recipient exchange has withdrawal limits.

Verdict: Viable if you're tech-savvy and your recipient is OK with it. Not recommended for first-time users or large amounts.

Photo by Vietnam Hidden Light on Pexels

Common pitfalls & how to avoid them

Pitfall 1: Sending to the wrong bank account number.

Triple-check IBAN, sort code, or routing number. Wise and Remitly let you verify the recipient name before sending; use this feature.

Pitfall 2: Picking the faster (and more expensive) option by default.

Wise's "standard" 1–2 day option is almost always cheaper than their "fast" same-day option. Unless it's an emergency, wait.

Pitfall 3: Assuming your Vietnamese bank account accepts international transfers.

Tourist accounts and some savings accounts can't initiate Wise transfers. Use a salary or checking account.

Pitfall 4: Not checking the cap on your daily / monthly transfer limit.

Vietnam doesn't have hard central caps, but individual banks impose limits (e.g., 5 billion VND/month). Check with your bank before assuming you can move a large amount.

Pitfall 5: Forgetting tax and reporting obligations in your home country.

Sending money home is taxable income in most countries. Document what you send; don't hide it from tax authorities. Wise and Remitly provide year-end statements.

Quick comparison table

| Service | Fee (typical) | Exchange Rate | Speed | Best For | |---------|---------------|---------------|-------|----------| | Wise | 500K–1.2M VND | Mid-market | 1–2 days | Routine transfers, best value | | Remitly | 400K–800K VND | Mid-market + 1–2% | 1–3 days | US recipients, cash pickup | | MoneyGram | 150K–300K VND (+ 3–5% rate markup) | Mid-market + 3–5% | Instant–2 days | No bank account, urgent cash | | Bank wire | 2–4M VND | Mid-market + 2–3% | 3–7 days | Limited corridor availability |

Bottom line

Use Wise for 90% of your transfers—it's cheap, transparent, and fast. Use Remitly if you're sending to the US and want the option of cash pickup. Use MoneyGram only if you can't set up a bank account or need cash immediately and don't mind the markup. Avoid bank wires unless you have no other choice. Check your home country's tax reporting rules; all these services report large transfers.