Remittance is very important to the development of a country just like the content in the article “How does remittance affect a country's economy?”. However, there are still many immigrants who don’t know how to make it, especially since every nation has its way to make remittances. Therefore, FinFan will discuss in this essay the way to make foreign remittances from the U.S., which has many immigrants from Vietnam.
After the Vietnam War in 1975 and Vietnam was completely unified, many Vietnamese, who were under the regime of the Republic of Vietnam, went to the U.S. as refugees.
However, these people also have relatives in Vietnam. Because of this, each year they have sent lots of remittances and gifts back to Vietnam to their relatives.
“I remember my mom told me that she was very eager and looking forward to their gift from abroad. When these remittances and gifts came to Vietnam, she was always the first person to ride fast by bicycle to the post office and take them.”
T., a resident with relatives in the U.S. reported.
That’s a real story from T. What he talked about was the old and only way to send and receive remittances from the U.S. in the past (through national post offices). That is because, in the 70s, 80s decades and the beginning of the 90s, most of the business models in Vietnam were owned by the state. Therefore, all import and export and cross border money transfers had to go through the administrative agencies of the state, and the post office is one of these agencies.
Since 1975, Vietnamese remittance money has always been in the top 10 even the top 5 of the total amounts of remittances from the U.S.
According to the Migration and Remittances Factbook 2016 (the most recent data about remittances from the U.S.), Vietnam was standing in the 5th rank with a total amount of remittances and was around $7 billion dollars (more than 50% of a total amount of remittances to Vietnam in 2016).
Many differences have happened since the decade 90s when the technology in Vietnam quickly developed and Vietnam opened the market after US sanctions.
It gives more ways to send and receive remittances from the U.S. when many agencies have entered this market. People in Vietnam don’t need to wait for a month to receive remittances (Sometimes, it doesn't take more than a minute).
MoneyGram provides money transfers and other financial services globally using both digital and retail platforms. Consumers can send money internationally to friends and family, pay bills, and more. with affordable fees and the best rates.
Especially now you can send remittances to MoneyGram and the receivers in Vietnam can get this money in only a few minutes through the collaborating services between MoneyGram and FinFan - one of the leading remittance and payment fintech companies in Vietnam.
The partnership enables FinFan customers to connect to the MoneyGram platform and distribution network in over 200 countries and territories. The connection will especially benefit consumers who send money to Vietnam worldwide.
Faster, safer, and transparent is what should be said about this real-time money transfer service platform. 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.
Asking relatives/friends is also a way for you to send the remittances back home. However, this solution is only applicable when friends or relatives have a flight back home.
If they don’t you need to deal with dealers, who have the flight by the time you want to send remittances. That way takes many risks for both sides (you and the dealer too), but you take more risks.
Even though technology has developed so quickly, the post office has been still existing to send remittances from the U.S. to Vietnam through money order.
This is a domestic money transfer facility through the post office. Money send through money order is paid at the doorstep of the payee and this service is available in all post offices.
Remitters can pay the amount in cash or Cheque at the booking office and the charge for the service is no charges applied to payees.