Sending money to Vietnam is no different to sending money to any other country, but it lacks in the variety of options and providers available.
The current exchange rate for the Vietnamese Dong (VND) is 22760.5 VND per American Dollar (USD) as of today. The average exchange rate was 22,829.4729 VND per USD over the last 90 days. The VND reached a high of 23,028.5000 VND per USD, and a low of 22,745.5421 VND per USD over the same time period.
The VND held an average volatility rate of 0.1% against the USD over the course of the last 90 days. This is not a very high volatility rate, but the VND has gone through a large appreciation in value over the last year. The changes and volatility rates suggest that you can reasonably expect minor fluctuations in exchange rates going forward, barring unforeseen circumstances.
The fastest way to is the fast version of Western Union. Western Union is generally slow, but with their faster version, your money should reach its Vietnamese destination in a matter of minutes.
The only catch is that the Western Union’s faster service costs much more than most of the competition.
To find out more, check out our simple guide about the fastest ways to send money abroad.
The cheapest way is through OFX (formerly known as USForex). OFX has the all-around lowest rates you will find for Vietnam and many other countries in fact. OFX doesn’t charge any upfront fees, and their hidden currency conversion costs are tailored to the amount of money being sent. The more money you send, the lower the currency conversion rates are.
OFX has the best rates of any services for sending funds to Vietnam. The only catch is that they do have minimum transfer amounts, as they focus on sending larger amounts.
The easiest way to get your money from where you are to Vietnam is through TransferWise, and there are several reasons. The main reason is that TransferWise is a simple service to use. You just tap in the amount of money and the destination. After that, you just complete the payment to TransferWise and your money is on its way to Vietnam. From there, it only takes 1-3 days to get there.
The second thing that makes TransferWise great is how ubiquitous it is. TransferWise is available in so many countries that it does add to the utility of the service.
The overall best way for money transfers to Vietnam is through TransferWise. Although TransferWise is new to Vietnam, they still offer a good balance between cost, speed, and ease of use that they do in many other countries. Their upfront fee is quite low, and their lack of hidden currency conversion costs make them cheaper. Their simple three-step process also makes the service easier to use when compared to the competition. They offer the most well-rounded deal when it comes to sending funds to Vietnam.
Jonathan is the founder and editor of MoneyTransfers.com. Jonathan is highly experienced in the currency transfer market, having previously worked in the FX trading industry, alongside being an avid traveller. Using his knowledge he identified a need for transparency and further education to help people save money on their money transfers, leading to the creation of MoneyTransfers.com