Best Ways to Send Money to Vietnam from the US (2024)
Vietnamese Americans send billions of dollars to Vietnam each year. Choosing the right service can save you significant money in fees and exchange rate markups. Here is a comparison of the most popular options.
Quick Comparison
| Service | Fee (on $500) | Exchange Rate | Speed | Best For |
|---|---|---|---|---|
| Wise | ~$4–6 | Mid-market rate | 1–2 days | Best overall value |
| Remitly | $0–4 | Slight markup | Minutes–1 day | Speed + first transfer free |
| Western Union | $5–15 | Moderate markup | Minutes (cash) | Cash pickup in Vietnam |
| MoneyGram | $5–12 | Moderate markup | Minutes–1 day | Cash pickup |
| Bank Wire | $25–45 | Poor rate | 3–5 days | Large amounts only |
| Vietcombank | Varies | Good for VND | 1–2 days | Direct to VN bank |
Wise (Formerly TransferWise) — Best Overall
Wise uses the real mid-market exchange rate (the rate you see on Google) and charges a small transparent fee. For most transfers to Vietnam, Wise offers the best combination of low fees and fair exchange rates.
- No hidden markup on the exchange rate
- Transfers arrive in 1–2 business days to Vietnamese bank accounts
- Supports transfers to all major Vietnamese banks (Vietcombank, Techcombank, VPBank, etc.)
Remitly — Best for Speed
Remitly offers "Express" transfers that arrive in minutes for a slightly higher fee, or "Economy" transfers that take 3–5 days for a lower fee. First-time users often get a promotional rate with no fees.
Western Union — Best for Cash Pickup
If your recipient in Vietnam does not have a bank account, Western Union allows cash pickup at thousands of locations across Vietnam including post offices and banks. The fees are higher but the convenience is unmatched.
Tax Reporting Requirements
If you send more than $10,000 in a single transaction, your bank is required to file a Currency Transaction Report (CTR) with the US government. This is routine and not a problem if the money is legitimate. Structuring transactions to avoid the $10,000 threshold (called "structuring") is illegal.
Gifts to foreign individuals of more than $100,000 per year must be reported on IRS Form 3520.
Tips to Get the Best Rate
- Always compare the total amount received in VND, not just the fee
- Avoid sending on weekends when exchange rates may be less favorable
- Send larger amounts less frequently to minimize per-transfer fees
- Check for promotional rates — Remitly and Wise frequently offer first-transfer deals
Frequently Asked Questions
Is there a limit on how much I can send to Vietnam?
The US does not impose limits on outbound transfers, but your bank or transfer service may have their own limits. Vietnam has regulations on receiving foreign currency — amounts over $10,000 USD equivalent may require documentation of the source of funds.
Can I send money directly to a Vietnamese bank account?
Yes. Wise, Remitly, and most services support direct bank transfers to Vietnamese accounts. You will need the recipient's account number and bank name. Some banks also require the branch name.
What is the best Vietnamese bank to receive international transfers?
Vietcombank and Techcombank are the most commonly used for international transfers and have the smoothest process for receiving USD and converting to VND.