How does remittance online work in Vietnam?

How does remittance online work in Vietnam?

In the article How remittance helps economy in Viet Nam, FinFan let you know about the importance of remittances In Vietnamese people’s lives.

However, most remittances from abroad to Vietnam often through the traditional way and without the interference of the internet.

So how can technology be applied to remittances and its importance for transactions from abroad to Vietnam. Let's find out that issue with FinFan through the following article.

Which solutions that Vietnamese people often use when they need to remit Vietnam before?

Here are 3 solutions that Vietnamese people often use when they want to take remittances to Vietnam:

When immigrants from abroad want to remit to their relatives, they’ll go to the branch of MoneyGram to send their remittances and use their service to send that money back to Vietnam through bank accounts or other branches of MoneyGram nationwide.

Nowadays, with cooperation with FinFan, MoneyGram has also prepared a path to the development of technology to change the old payment methods that take a lot of time and cost of users.

Through a single API payment gateway, every transaction of the customer is processed faster and more efficiently. Besides, it also helps FinFan-MoneyGram maintain a low cost of transactions as well as improve the customer experience.

  • Through the international money transfer service of the bank where they live

Many banks around the world have integrated international money transfer services, what these immigrants need to do is go to the bank's counter and tell the front desk that they want to use the international money transfer service to Vietnam and get support from them.

Although this method is safe, it takes a long time for the money to reach the recipient in Vietnam (usually 1 working week or more).

“It usually takes more than 1 week for the money to reach my account after receiving information that my relative has completed a money order from abroad (specifically from Germany).

T., who has relatives in Germany shared

  • Through the post office

In the article How to make foreign remittance from the U.S. to Vietnam? FinFan mentioned how overseas immigrants send remittances to Vietnam through the post office. It is an old way that is maintained until today and will probably continue for at least another 5 years as technology advances and all manual actions will be superseded.

How can technology be applied to remittances and its importance for transactions from abroad to Vietnam?

Nowadays when technology is developing too rapidly and humans have come up with ways to do things faster and at less cost, online remittances are also more widely implemented and becoming more and more popular.

Understanding the above problem, some fintech companies have joined hands with traditional money transfer service companies to provide users with a faster and more convenient experience.            

Or some online money transfer companies have collaborated with local services to integrate payment APIs so that users can easily transfer money to newer and widely used payment methods like ewallet (the service with the cooperation between FinFan and Remitly has brought that experience to customers).

With the advantage of over 10 years of working experience in the field of international payments, FinFan is confident to be the brand that understands Vietnamese consumers the best.

We always try our best to study the behavior of Vietnamese consumers to find the best method for receiving remittances and international payments.

Therefore, we have combined and shaken hands with many big banks in the market along with leading international fintech companies to be able to bring the best, fastest and least expensive services cost for our customers.