![]() ![]() The money can be transferred directly to their bank or mobile money account. Thanks to Remitly, there are multiple ways your loved one can receive dong. We may ask for additional documentation depending on the amount sent or if we are unable to verify your identity. You’ll then be able to select how you’d like to send money to Vietnam, entering your recipient’s details when prompted. All that’s required is some basic personal details like your name, phone number and payment information. To get started with Remitly, you just need to set up an account – which you can do through the website or mobile app. This means you can easily transfer dong to your family and friends back home, whenever you need to. The digital money transfer company Remitly has partnerships with a range of trusted financial institutions in Vietnam. Transfer companies which are based entirely online, such as Remitly, don’t have to pay the high running costs that come with brick-and-mortar premises, which often means they can afford to charge lower fees to their customers. Money transfer service: You may find that using a dedicated transfer service is a more affordable way to make an EUR to VND, USD to VND, GBP to VND or any other currency to VND exchange. As your funds are already sitting in your account, it’s simply a matter of instructing the bank to make the transfer, with no need to create a third-party account elsewhere. ![]() You can make the remittance via your bank, or via dedicated international transfer service.īank: It’s natural to consider your bank as a convenient option when sending money to Vietnam. If you’re looking to convert dollars, euros, pounds, riyals or another currency into Vietnamese dong, there are two main options to choose from. Sending money to Vietnam: converting to dong The easiest way to send money to Vietnam without paying over the odds is, quite simply, to find a remittance service that doesn’t charge high fees or apply a disadvantageous exchange rate. There has also been some controversy in recent times with the US Treasury alleging in 2020 that the Vietnamese government had been intervening to deliberately keep the dong low to make exports from Vietnam cheaper.įortunately, you don’t have to delve into the thorny complexities of international economics in order to land the best dong exchange rates. Years of inflation, and a relative lack of interest in dong by foreign traders, have helped keep the value of the currency low. The reasons for this are multi-faceted and rooted in long-standing socioeconomic factors stemming back to 1986, when the country shifted from a purely centrally-run economy to more of a free market economy. This explains why you’re able to convert single units of currencies such as dollars and euros into such a large amount of dong. Issued by the State Bank of Vietnam, Vietnamese dong is one of the weaker currencies in the world right now. You may also like: 5 Surprising Facts about Vietnamese Money Why can Vietnamese dong conversion be so high? ![]() The key thing to take away from all of this is that sending money to Vietnam can result in your recipient getting different amounts in dong depending on the exact moment you choose to make the remittance. If for example there’s a new political development in the country, it might have significant repercussions for how the currency is valued on the global markets.
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