Tranferring Money to Vietnam

yes that sounds about right, i transfered money last month and every time there was money deducted from the amount sent.
not much you can do about it apparently!?!?!?!

How are you transfering the money? Via swift(or similar)? or another method?

If swift then there is a charge, payable by either the sender or recipient depending on how you set it up.

Send it thru the Vietnamese grocery stores. They charge afew dollars depending on the amount sent. They can hand over in aud $ or dongs to the recipient, same day too if its done early.

@cth, that's called the "VBBS" Vietnam Bamboo Banking System. Works great.

hey Budman1 explain to me how the VBBS works because it sounds like it will save me time and money

@bluecheer I'll PM you tomorrow. Julian wouldn't apperciate the response on his website. Yes though it's quick (most of the time less than 2 hours) cheap (3% normally) safe? I did 5K twice, but this was back in the early 90's. I'm sure it even works better now.

Hey budman, so that's what its called. I have been using this method for afew years and never had a problem.

@cth, maybe it would be better if you PM bluecheer with the current procedures. Like I said in my post the last time I used it was back in the early 90's.

Just did it Budman.
Messaged u bluecheer.

Hey Budman1, would it be possible to give me the info as well?
Would like to find out if there is an easier way.

thanks,

I transferred through my bank to a bank in VN.  They have confirmed the amount was sent as processed but for some reason t
the amount received works out to be 11% less then amount sent.  Am trying to see if I can get a trace to see what happened but thought I would ask.
From reading the comments there are other ways to do it.

Ozbear, a better idea would be to PM cth, he's got the update information and also lives in the same country as you. If that don't work PM me.

Rick

Pm'ed u ozbear.

Thanks cth. Hey is it still 3%?

Hi Budman,
Not 3% anymore.  Fees depending on how much u send.
0.5% for 10k plus.
Here's a link. Not the branch I use but same process. My aunty and other ppl I know use this exact service.
http://haihamoneytransfer.com.au/moneytransfer/vietnam

Hi

will be in vietnam nha trang july for 1 year and are

trying to figure out the easiest and cheapest (less fee) ways of banking

cheers
Jo

jobbaker here's a link that might answer most of your questions:

https://www.expat.com/forum/219-8-bank-vietnam.html

To my knowledge my bank here in VN (Vietcombank) has never charged me for receiving a wire transfer from my bank in America which charges a flat rate of $50 USD.

For a SWIFT wire transfer of $20,000 usd from my bank in the US cost me $31 usd ($20 to my bank, Prosperity Bank of Texas and $11 usd at Vietcombank )
This was a usd for usd transfer. I think you can lose a lot of money if they exchange it to vnd because they basically get a better exchange rate.

VungTauDon
You will still need to change to VND for your payments. Street money changers more competitive rates against the banks.

Hi Guys,
         I have a sum of money i would like to invest on term deposit to help ends meet - its a significant sum in deposit terms (eg >100k AUD).  I understand that transferring AUD into the viet banking system from an aussie bank eg commonwealth bank to commonwealth bank vietnam is no problems at all.
       However, i also understand that these banks are worse than british when it comes to converting to the local currency for you - and of course you have to convert to the local currency to put it on deposit at decent rates which is what i porpoae doing.
       I suspect that the losses in this original forum entry were for the currency conversion spreads (of the five-fingered variety) rather than what banks prefer to call 'charges'.  Can somebody tell me what the best way is of moving a large sum of dollars form aus to vietnam and into term deposit in a local bank eg vietcombank?
        For example, i was wondering whether i can have a money/gold dealer attend the bank and do the conversion or am i forced to use the bank.
        Has anybody got any actual experience transferring money from the aussie commonwealth bank in australia to the vietnam-based operation and converting money to dong, or indeed any other way of doing it for large sums without large losses? 
       
Best,

Mark