Australia has a significant Vietnamese population thanks to the refugee resettlement programme following the takeover of South Vietnam by communist North Vietnam in 1975. According to the 2016 census by the Australian Bureau of Statistics, 294,798 Australian residents said they have Vietnamese ancestry.
Many of them have friends and relatives in Vietnam whom they support with regular money transfers. So, what are the easiest, safest and most cost-effective ways to send money from Australia to Vietnam?
Bank to bank
A bank transfer is probably the first thing you think of. However, it may not be the best option. Sending money from a bank account can take up to five business days and is more expensive than other money transfer services. Moreover, the majority of people in Vietnam do not have bank accounts. In 2014, the World Bank reported that only 31% of adults have accounts out of a population of 90 million.
Money transfer services
Instead of giving your business to a bank, along with a hefty transfer fee, you can send money to Vietnam using a remittance brand. For example, with Xpress Money you combine speed and security with convenience and cost efficiency. The process couldn’t be easier, as Xpress Money has a growing network of partner locations spread across Australia and Vietnam, which means you’re never far from a cash drop-off or collection point.
You simply visit your nearest Xpress Money agent location, hand over your money and provide the receiver’s details. You will be given a 16-digit XPIN for security, which you share with the receiver. The money is then transferred instantly. To pick it up, all the receiver has to do is visit one of the many local Xpress Money agent locations and use the XPIN and provide proof of identity. Alternatively, money can be sent to a bank or it can be delivered to the receiver using a door-to-door service. Among Xpress Money’s local bank partners are Vietnam International Bank (VIB) and DongA Money Transfer and SacomBank Remittance Express Company Limited, three of the most respected brands in the country.
Transfers to mobile wallets
Transfers to mobile wallets is another convenient way to receive money. Vietnam has a very high mobile penetration – around 44% of the population have mobile phones, which is larger than the percentage of people with bank accounts. Customers with smartphones can install an app to facilitate instant payments and transfers.
Value and customer service
When sending funds with Xpress Money, customers pay low fees and get good exchange rates, which means the sender spends less and the receiver gets more. Xpress Money has a global average cost of just 2%, one of the lowest in the industry. The overall global average among providers is 6.99%, with banks having the highest average remittance rate at 10.44%, as reported by the World Bank in 2017. In addition to a competitive rate, Xpress Money’s customers receive 24X7 support and can track remittances from Australia to Vietnam, so they can be sure a money transfer has been picked up. Find out more here.