How to make foreign remittances from Australia to Vietnam?
Australia, which is famous for Kangaroos, Opera Sydney House, etc. is also a Vietnamese immigrant choosing to live, study and work.
In the contrast with the U.S. and the EU, where lots of immigrants have come and lived because of the consequences of war, Australia is chosen more by the students, who can’t have enough tuition fees for studying in America or British.
So that the remittances from Australia to Vietnam are not higher than the others, but it is still on top of the international remittances to Vietnam.
In this article, let’s try to know why and how immigrants in Australia can make foreign remittances a lot to Vietnam.
Australia, which attracts many students from Vietnam annually.
With about 20,000 international students studying in Australia, Vietnam ranks fourth in the number of international students studying in this country.
The above information was shared by Ms. Rabecca Ball, Senior Commercial Counselor, Australian Government Trade and Investment Agency at the launch program of Shine with Australia 2022 event month, jointly organized by this agency and the University of Economics Ho Chi Minh City held on the morning of September 24, 2022.
This information helps us to realize that the number of Vietnamese students choosing Australia as a place to study is increasing significantly every year. That proves the attraction of this nation to students in Vietnam.
Why Australia?
Australia is a developed country, which has a modern education system and technology not much different from the U.S. and British. However, the tuition fees here aren’t so high, therefore Vietnamese students can be able to cover their study and living expenses.
Moreover, Australia has the same weather as Vietnam, so the students can adapt more easily, unlike the climate in the US and UK, as well as some other European countries, which have winters that are cold and sometimes down to sub-zero.
Both reasons are the best answers to the question “Why do many students in Vietnam choose Australia for studying?”
How to make foreign remittances from Australia?
For the information above, Most Vietnamese in Australia are students or young people, so they can update the technology well and can use this to remit money back to Vietnam.
These are 3 ways that Vietnamese immigrants in Australia remit their money to Vietnam:
- Using some apps or websites, which can help people to remit recently and fast.
It gives many apps or websites that can do these remittances, one of them is Remitly – a partner with FinFan.
Remitly is an online remittance service based in Seattle, United States that offers international money transfers to over 135 countries. It was founded in 2011 by Matthew Oppenheimer, Josh Hug, and Shivaas Gulati and became publicly traded on the Nasdaq exchange in September 2021.
Remitly allowed people in 17 countries to carry out transfers of money in approximately 75 currencies to 115 different countries, as of September 2021.
The service operates electronically rather than via physical premises. Recipients in many countries can receive funds via mobile money and cash pickup at a bank and postal office branches.
- Using banking services
You can go to your bank branch in Australia and do the procedures or use the Visa Card to transfer cross border money to Vietnam.
Both have some difficulties and take time to do. With the Visa Card, you must make sure the recipient also has a Visa account, otherwise, the transaction is not executed.
In case you go to the bank and take a remittance there. You must wait for your turn and It will take up to 7 working days for the money to reach the recipient's account or reach the recipient's hand (if he/she doesn’t have a bank account).
- Using cross border transfer agency
We can choose some cross border transfer agencies like Western Union or MoneyGram – a collaborator of FinFan.
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.