Send money to Vietnam from Russia - Will the war between Russia and Ukraine affect remittances to Vietnam?
The Ukraine war has been still fierce. Neither side has shown any signs of cooling down for this war. In addition, Moreover, the US has added insult to injury by using its best funding measures for Ukraine in this war.
However, will the prolonged escalation of the war affect remittances from Russia to Vietnam? Let's find out with FinFan through the following article.
How can Vietnamese people in Russia take remittances to Vietnam in traditional ways?
Transferring money through the bank's SWIFT system is no longer possible.
As a result of the war, Russia was excluded by Western countries from the SWIFT system of international banking.
Currently, money transfer through the banking system is no longer supported as before. However, one bank can still support money transfers from Russia to Vietnam: VTB Bank.
Customers are able to use the VTB Online money transfer service. The maximum amount of one transaction is 20 million rubles (US$330,715), but not more than 1 million in USD equivalent per month, and the commission is 1% of the transferred amount.
Use some cross-border money transfer services.
- Western Union
Western Union is the biggest international money transfer service. Currently, Western Union has more than 225,000 transaction points worldwide. In Vietnam, Western Union has more than 3,000 agent points.
With Western Union service, you don't need to open a bank account but just need to present the necessary documents and pay the fee, your money will be transferred quickly from Malaysia to Vietnam.
You can go to Western Union money transfer near your locations in Russia and then complete all the money transfer procedures to Vietnam.
- MoneyGram
MoneyGram International is a global leader in cross-border remittance and payments. Its consumer-centric goals enable family and friends to send money quickly, securely, and at reasonable prices based on a unique API platform system in over 200 countries.
MoneyGram utilizes a large-scale, modern technology platform to serve millions of people worldwide each year. Collaboration with major fintech companies around the world also makes MoneyGram a leading fintech company. With a strong culture of innovation and a relentless focus on utilizing technology to deliver the world's best customer experience, MoneyGram is leading the evolution of cross-border payment platforms.
For more information, please visit www.MoneyGram.com and follow @MoneyGram.
With this cooperation, Vietnamese people in Russia can easily transfer money directly from this nation to the recipient's bank account in Vietnam.
Can technology help Vietnamese people to be more convenient and faster when they send money back to Vietnam?
With traditional money transfer methods, it takes almost 7 working days for senders and recipients to transfer money from Russia to Vietnam.
So, what technology solutions can help transfer remittances to Vietnam faster? The answer comes from the solution that FinFan's partner (QIWI) provides to customers.
QIWI is a leading provider of next-generation payment and financial services in Russia and the CIS. It has an integrated proprietary network that enables payment services across online, mobile and physical channels.
It has deployed over 19.7 million virtual wallets, over 117,000 kiosks and terminals, and enabled merchants and customers to accept and transfer over RUB 145 billion cash and electronic payments monthly connecting over 32 million consumers using its network at least once a month.
QIWI's consumers can use cash, stored value and other electronic payment methods in order to pay for goods and services or transfer money across virtual or physical environments interchangeably.