How to send money from Cambodia to Vietnam?
Cambodia is a neighboring country to Vietnam, where about 156,000 Vietnamese people are living and working here.
Most of the Vietnamese people living and working in Cambodia are usually laborers. Therefore, it is very difficult for them to access banking services.
So how can fintech help Vietnamese people in Cambodia to transfer remittances back home? Let's find out with FinFan through the following article.
Traditional ways to transfer money from Cambodia to Vietnam
Transfer money from Cambodia to Vietnam by banks
Transferring money from Cambodia to Vietnam via bank transfer requires a certain amount of time and effort to complete.
- First, customers who want to transfer money from Cambodia to Vietnam must change the Cambodian riel to US dollars.
- Then you bring relevant identification documents such as citizen identification or passport to the bank for money transfer procedures.
- Finally, you fill in the recipient information in the form the bank sent to you and complete the money transfer process from Cambodia to Vietnam.
As mentioned, most Vietnamese people living and working in Cambodia are classified as underbanked, so it is extremely difficult for them to take the above steps. Sometimes the workers in Cambodia don't even know how to create a bank account or can go to the bank and go through the above process.
Transfer money to Vietnam through dealers or some acquaintances
Due to the geographical proximity between Cambodia and Vietnam, it is very easy for Vietnamese people to move back and forth between the two countries.
Therefore, the form of asking co-workers or compatriots to transfer money to their relatives in Vietnam is used by many Vietnamese people.
Moreover, in Cambodia, there are many services to send money to Vietnam (maybe with companies or just brokers) to help transfer money from this country to Vietnam.
With this type of money transfer, although it seems easier to do, also brings huge consequences for Vietnamese in Cambodia when they let their trust be taken advantage of.
Some dealers have taken advantage of the ignorance of depositors to benefit themselves (especially money transfer services created by brokers who are not legally clear) like the story mentioned in the article Asean cross border payment – what are the difficulties and how can we use modern technologies for doing cross border payments?
How has fintech supported Vietnamese people in the process of repatriating remittances from Cambodia?
WingBank, the appearance at the right time and the optimal solution to transfer money to Vietnam
As a digital bank established in 2008, WingBank has helped millions of Cambodians (including Vietnamese Cambodians) underbanked to solve their banking and financial problems. The problem of transferring money to Vietnam is no exception.
During its development, this fintech company has been receiving a lot of support from many Cambodians as well as Vietnamese expatriates in this country. By 2022, the number of WingBank users has reached 3.62 million, reaching 18% of the population.
This number has continuously increased over the years, helping WingBank to achieve the position of leading digital bank in Cambodia (similar to the case of Timo in Vietnam).
Since 2021, this digital bank has cooperated with FinFan to be able to provide the best service to help Vietnamese immigrants in this country.
Now, users in Vietnam can simply transfer money directly to a bank account in Vietnam or pick up that amount at the bank where the recipient uses it.
Just download the app or visit WingBank's website to be able to perform the above service: https://www.wingbank.com.kh/en/vietnam/
Why have WingBank and FinFan become partners of each other?
FinFan, a Neobank specializing in cross-border payment and money transfer in Vietnam, had a License of Foreign Currencies Acceptance and Payment approved by the Central Bank of Vietnam in 2014, licensing from our Strategy Bank to do Banking services, and was the first entity in Vietnam allowed to disburse money into E-wallet.
We operate based on the values of transparency and trustworthiness to provide products as a Neo-bank, such as CASH – IN & CASH –OUT (Payroll, e-Commerce, Import-Export, etc., Cross - Border Payment (Over 150 countries + currencies), Remittances (strong currencies like GBP, AUD, EUR, USD, CNY with competitive FX rate), Virtual Cards.
We are proud that we not only became the first Vietnamese non-bank partnered and integrated with Ripple Net but also partnered with over 20 top global brands as MoneyGram, Thunes, Remitly, Ria, Terrapay, PaySend, etc.
Because of the synchronization in business models as well as the desire to develop the fintech market of the two countries to reach the world, WingBank and FinFan have considered each other as strategic partners to develop common products and services for both companies.