Sending money overseas


Vietcombank was founded in 1963 under the full name Joint Stock Commercial Bank for Foreign Trade of Vietnam. It is now a well-established bank that offers a wide range of financial services to its clients, including card services, e-banking, remittance payment support, and credit.

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With over 600 branches and office locations, the business is one of Vietnam’s largest commercial banks. After a successful IPO that raised more than $650 million, the bank was listed on the Ho Chi Minh City Stock Exchange in 2009.

A Vietcombank transfer, which is directly aimed at Vietnamese clients, may be used for both local and international transactions with relatively minimal costs, making it a viable account funding option for traders.

On August 10, the State Bank of Vietnam set the daily reference currency rate at 23,178 VND/USD, down 9 VND from the previousday.

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The ceiling rate applied to commercial banks during the day is 23,873 VND/USD, and the floor rate is 22,482VND/USD, based on the current trading band of +/-3%.

The purchasing rate is 22,750 VND/USD, while the selling rate is 22,980 VND/USD, both down 50 VND from the rates at the same hour on August 10, 2021.

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Brokers who accept Vietcombank transfers for deposits and withdrawals may charge their own processing fees or even cover the bank’s fees. It’s also a good idea to look into separate withdrawal costs. The following is a list of fees:

Free if you send money from a Vietcombank beneficiary account0.03% fee (minimum $1, maximum $70) on deposits into a foreign currency trading account0.025% fee on VND trading account deposits under 500 million VND (minimum 9000 VND, maximum 125,000 VND)0.027% fee (minimum 135,000 VND, maximum 975,000 VND) on deposits of 500 million VND or more in a VND trading account
Free if you send money to a beneficiary account at Vietcombank0.03% fee (minimum 10,000 VND, maximum 1,000,000 VND) if you send from other banks
$1 supply fee per sheet, 0.1% service fee on checks fees vary by transaction time, speed corridor pricing, promotions and currency on MoneyGram transfers0.2% fee (minimum $5, maximum $200) plus a fee from an overseas bank ($10 for USD, $40 for JPY and EUR and $20 for other currencies) on Swift transfers
0.05% charge (minimum $2, maximum $70) on Swift transfers$2 sending for collection fee per sheet, 0.05% service fee on checksfees vary by transaction time, speed corridor pricing, promotions, and currency on MoneyGram transfers
20,000 VND for a check payment investigationNo fee for an investigation of inward remittance.30,000 VND per transaction on outward remittance investigation, revisions, and cancellation

There are no fees for Vietcombank transfers to or from other Vietcombank accounts. Bank transfers to other banks, card payments, and checks are the only transactions that incur fees and charges. These are far more costly than similar online payment services like WeChat Pay, Venmo, and TransferWise.