Visa Direct/Moneysend Service

Deployed since December 2023, applied for international credit cards, Visa / MasterCard International Debit Cards of VietinBank in Vietnam. The advantage of this service is simple remittance information and fast remittance time. In just 30 minutes, the money has been automatically credited to your VietinBank card.

Conditions for using the service:

• The overseas bank of the remitter provides Visa Direct / Moneysend service.
• The recipient provides 16 full numbers on the face of the VietinBank Visa / MasterCard card to the remitter, without any additional documentation or procedures.
• Transfer fee from 0.25% depending on the bank of the sender.
• No charge for receiving money at VietinBank.

DetailsSee here:

Remittance transfer service

This is the most traditional form of remittance transfer. To use this service, the remitter needs to go to the overseas bank that is linked to banks in Vietnam and provide information about the beneficiary to process the transfer. The recipient can receive money directly at the VietinBank transaction counter or receive money from an account opened at a Vietnamese bank that has been declared by the remitter.

The service fee at these organizations ranges from 4% - 6% depending on the policy of each organization. Maximum time to receive money: The recipient can receive it on the same day of the transfer.

Western Union money transfer

With this service, the remitter also needs to provide full information of the recipient, account number, bank name and branch code of VietinBank in Vietnam for a Western Union agent in the home country to process the transaction.

The recipient can receive money quickly by receiving money online or at any VietinBank transaction counter. Maximum transfer time is 24 hours from the time the transfer order is confirmed. The money transfer fee through Western Union is 3% of the transfer amount.

Using the SWIFT system

SWIFT is an electronic transaction channel that connects member banks, optimizes the environment and helps in secure communication to carry out fast, more secure transactions rather than directly holding or trading assets. The transactions are carried out through a system of standardized transaction codes called SWIFT Code, which has full information about the country, city, and bank branch.

To make a money transfer from abroad to Vietnam through the SWIFT system, the remitter needs to go to banks that participate in the money transfer system via SWIFT, provide the recipient's information such as full name, bank account number, bank code (SWIFT Code, e.g. of VietinBank is ICBVVNVX) and follow the instructions of the transaction support staff. The recipient can receive money into their account within 1 - 5 days.

Each transaction through this system will have a different fee ranging from 25 - 65 USD or higher if transferred through multiple intermediary banks.

Moneygram service

Moneygram is one of the leading money transfer service providers in the world. To be able to transact, you need to go directly to agents belonging to the Moneygram system. After making the transfer, you will be provided with a transaction code. The recipient of money in Vietnam must provide this code when receiving money.

Moneygram money transfer fee is 4% of the transferred amount.

Time to receive money: Within 10 minutes after the transfer.

Transferring money online via Paypal

This is a currently popular international money transfer / receiving tool. You can make online money transfers by logging into Paypal / selecting the "Send Money" function and following the instructions. The money transfer fee will range from $ 0.99 - $ 4.99 depending on your transaction amount.

Time to receive money: The money will arrive in the recipient's account within 2 - 4 business days.

There are many other international money transfer / receiving services in the world, each with its advantages and disadvantages. In general, it can be seen that the newly launched services are enhanced with digitization, making it easier for senders and recipients to transfer money than traditional services in terms of information, procedures and time. Depending on the time, the customer's convenience (KH) chooses the easiest and safest way to transfer money for both the sender and the recipient.

Currently, VietinBank is providing transfer/receive services which include: Visa Direct / Moneysend service, remittance transfer, Western Union and SWIFT.

Which international money transfer and receiving method are you using? Is it the most optimal method among the above methods or not? Hope you can choose the best service for you after this article!

Phuc Thien