Vietcombank International Transfers & Exchange Rates
Vietcombank was founded in 1963 under the full name Joint Stock Commercial Bank for Foreign Trade of Vietnam. It is now a well-established bank that offers a wide range of financial services to its clients, including card services, e-banking, remittance payment support, and credit.
About Vietcombank
With over 600 branches and office locations, the business is one of Vietnam's largest commercial banks. After a successful IPO that raised more than $650 million, the bank was listed on the Ho Chi Minh City Stock Exchange in 2009.
A Vietcombank transfer, which is directly aimed at Vietnamese clients, may be used for both local and international transactions with relatively minimal costs, making it a viable account funding option for traders.
Vietcombank Exchange rates and fees
On August 10, the State Bank of Vietnam set the daily reference currency rate at 23,178 VND/USD, down 9 VND from the previousday.
Exchange rate
The ceiling rate applied to commercial banks during the day is 23,873 VND/USD, and the floor rate is 22,482VND/USD, based on the current trading band of +/-3%.
The purchasing rate is 22,750 VND/USD, while the selling rate is 22,980 VND/USD, both down 50 VND from the rates at the same hour on August 10, 2021.
Transfer fees
Brokers who accept Vietcombank transfers for deposits and withdrawals may charge their own processing fees or even cover the bank's fees. It's also a good idea to look into separate withdrawal costs. The following is a list of fees:
Domestic Outward remittance
Free if you send money from a Vietcombank beneficiary account
0.03% fee (minimum $1, maximum $70) on deposits into a foreign currency trading account
0.025% fee on VND trading account deposits under 500 million VND (minimum 9000 VND, maximum 125,000 VND)
0.027% fee (minimum 135,000 VND, maximum 975,000 VND) on deposits of 500 million VND or more in a VND trading account
Domestic Inward remittance
Free if you send money to a beneficiary account at Vietcombank
0.03% fee (minimum 10,000 VND, maximum 1,000,000 VND) if you send from other banks
International Outward Remittance
$1 supply fee per sheet, 0.1% service fee on checks
fees vary by transaction time, speed corridor pricing, promotions and currency on MoneyGram transfers
0.2% fee (minimum $5, maximum $200) plus a fee from an overseas bank ($10 for USD, $40 for JPY and EUR and $20 for other currencies) on Swift transfers
International Inward Remittance
0.05% charge (minimum $2, maximum $70) on Swift transfers
$2 sending for collection fee per sheet, 0.05% service fee on checks
fees vary by transaction time, speed corridor pricing, promotions, and currency on MoneyGram transfers
Additional costs
20,000 VND for a check payment investigation
No fee for an investigation of inward remittance.
30,000 VND per transaction on outward remittance investigation, revisions, and cancellation
How do Vietcombank transfer fees compare to using a money transfer provider?
There are no fees for Vietcombank transfers to or from other Vietcombank accounts. Bank transfers to other banks, card payments, and checks are the only transactions that incur fees and charges. These are far more costly than similar online payment services like WeChat Pay, Venmo, and TransferWise.
Vietcombank Pros and Cons
The advantages and disadvantages of using Vietcombank transfer for traders are as follows:
Pros
Cons
How to open an account and transfer money with Vietcombank
Amidst COVID-19 complications to minimise physical interactions and protect the health of customers, Vietcombank has implemented the e-KYC solution to verify and authenticate the bank account holder's identity quicker and safer than with traditional methods. Customers need only to download the "Vietcombank" app, enter their phone number, and upload an ID photo and a selfie. The account will be registered and opened within a few minutes.
Opening an account
Customers just need to take these easy steps to create an online account:
Step 1: Go to the Google Play or Apple app store and download the “Vietcombank” app.
Step 2: Open the app and click "Create a new customer account."
Step 3: Provide and confirm a phone number.
Step 4: Take a selfie and an ID photo.
Step 5: Choose a service and fill out the registration form.
Transferring money
Customers may send money to any individual or organization within Vietnam quickly and safely using the Domestic Money Transfer service. Customers who do not have a Vietcombank account, in particular, can make money transfer transactions (at counters of Vietcombank nationwide).
For international transfers, you may send money through SWIFT and MoneyGram transfers.
Additional Information
Here are some of the bank's recent awards:
The Best Bank In Vietnam - Finance Asia
Top 100 Most Powerful Enterprises - Nikkei Magazine
Best Bank 2019 In Vietnam - Euromoney Magazine
Vietcombank Is The Only Vietnamese Bank In Top 30 Strongest Banks In The Asia-Pacific Region
Best Mobile Initiative, Application Or Program
Customer service details for users of Vietcombank
For further information and product advice, please contact:
Financial Institutions Department
9/F, Vietcombank Tower
198 Tran Quang Khai, Hoan Kiem, Ha Noi
Tel: +84-24-39343137 (Ext: 0920); Fax: +84-24-38265548
Email: financial.institutions.group@vietcombank.com.vn
Can I use Vietcombank for international bank transfers?
Yes. You may transfer money internationally using any of the following methods:
Sending money interbank through SWIFT system
Sending money through MoneyGram to relatives anywhere in the world in just 10 minutes.
Sending KRW to Korea allowing receivers in Korea to receive KRW without having to convert foreign currency.
Summary
Vietcombank is a commercial bank in Vietnam. It has made important contributions to the stability and expansion of the national economy, while also preserving its position as a key international trade bank in supporting efficient domestic economic growth.
Transfers to and from other Vietcombank accounts, card payments, and checks are all free. Similar online payment systems like WeChat Pay, Venmo, and TransferWise are considerably less expensive.
Vietcombank provides a quick and safe payment option for international merchants. This is a feasible alternative for your trading account requirements due to the mobile app, 24-hour customer support, and credit and debit cards. On the negative side, services are exclusively available to Vietnamese citizens and traders.
