Sending money from Europe to Vietnam: what you need to know
Vietnam is one of the world's largest remittance recipients — annual inflows are 14.0 billion (2023). While we don't have a dedicated guide for Europe senders yet, the providers above are licensed for outbound transfers from Europe to Vietnam.
How recipients in Vietnam receive funds
Your recipient in Vietnam can receive VND in several ways. The fastest method depends on whether they have a bank account, a mobile wallet, or need cash:
- Bank Account Deposit — Direct credit to Vietcombank, BIDV, Vietinbank, Techcombank, MBBank and 30+ other banks. Same business day for major banks.
- Mobile / MoMo / ZaloPay — MoMo dominates Vietnam's e-wallet market with 30+ million users. Some MTOs support direct MoMo delivery.
- Cash Pickup — Western Union, MoneyGram and Sacombank Money Transfer have agent networks across all 63 provinces.
Confirm the delivery method with your recipient before you send. Most providers let you choose the method during checkout, but the fee and speed can vary — bank transfers are typically cheapest, cash pickup is typically fastest.
Which EUR → VND provider is best for you?
There is no single 'best' provider — the right choice depends on whether you prioritise the recipient amount, the fee, the speed, or the institution type.
- If you want the most for your money: Wise delivered the highest recipient amount in our most recent live snapshot.
- If you want zero fees: Instarem charges no upfront fee — just check the exchange rate margin in the table to see what you actually receive.
- If you'd rather use a bank: BNP Paribas is one of the licensed bank options in this corridor — slower (typically 1–3 days) and usually more expensive than money-transfer operators, but some senders prefer the familiarity.
Recommendations refresh with the live data above. The provider that wins today may not win tomorrow — always check the live table immediately before sending.
Receiving foreign currency in Vietnam
Vietnam's rules around inbound foreign currency are usually permissive for personal remittance, but it's worth knowing the framework:
- State Bank of Vietnam oversight — All inbound remittances are regulated by the State Bank of Vietnam (SBV). Recipients can choose to keep funds in VND, USD or another foreign currency in dual-currency accounts.
- Free for personal remittance — Personal remittances received by Vietnamese residents are exempt from personal income tax. Business-related transfers must follow separate foreign-direct-investment reporting.
- USD account flexibility — Vietnamese residents can hold USD accounts and receive remittances in USD without forced conversion. This is unusual among emerging-market currencies and useful for senders who don't want exchange-rate exposure.
The hidden cost: rate margin vs upfront fee
The single biggest mistake in international transfers is comparing fees instead of comparing the recipient amount. Many providers advertise "no fee" but build a 2–4% margin into the exchange rate they offer you. On a €1,000 transfer, a 3% rate margin costs you €30 of value — invisible unless you check the rate against the mid-market.
The mid-market rate right now is approximately 1 EUR = 30200.20 VND. That's the rate banks use among themselves — providers add a margin on top, which is why the table above ranks by recipient amount rather than by headline fee.
When comparing options, always look at the "Recipient gets" column in the table above. That number already includes both the upfront fee and any rate margin — it's the only honest measure of cost.