Top 3 criteria for choosing a remittance company to send money to Vietnam for overseas Vietnamese.

Sending money to Vietnam or remittance to Vietnam is an action that Vietnamese expatriates abroad perform every year and has continuously increased in recent years.

The fact that overseas Vietnamese send money to Vietnam has contributed significantly to supporting the growth of Vietnam's GDP and economy. The most recent example is that the number of remittances sent to Ho Chi Minh is 3 times higher than the amount of FDI capital flowing to Ho Chi Minh in 2023.

Next, let's learn with FinFan about the criteria for choosing a company to send money to Vietnam for overseas Vietnamese.

The first criterion for choosing a remittance company is about the fee.

For many Vietnamese users, fees are always the top priority when choosing a brand to send money to Vietnam to relatives or friends.

Choosing a bank to send money to Vietnam can be said to be the most traditional and classic method for senders. However, this form has a major weakness in terms of fees as banks often charge quite high fees, leading to the recipient not receiving the amount of money they need to cover some of life's expenses.

Therefore, when choosing online remittance transfer services, they need to optimize costs to benefit both the sender and the recipient. That is also a prerequisite when they decide to use the services of an online remittance company.

The second criterion for choosing a remittance company is about the money transfer speed.

Previously, when online remittance transfer services were unknown, banks or offline remittance channels such as MoneyGram or Western Union were always the top choice of senders.

However, not only is it a weakness in terms of high fees, but these offline money transfer channels also suffer from another major problem, which is the speed of money transfer when it takes time for the money to be transferred from the sender's hands. to the final recipient in Vietnam usually takes up to 1 week.

At that time, the recipient did not have enough time to resolve urgent issues related to urgent family work, leading to delays in some important issues.

Since the advent of cross-border remittance services, they have helped to slow down the progress of remittances. Now, the recipient can receive remittance money in just a few minutes or up to 2 working days (depending on the method the sender chooses to transfer money to Vietnam, each method corresponds to a different fee).

The third criterion for choosing a remittance company is about the form of receiving money that best suits the recipient.

The form of receiving money is also one of the important factors contributing to the success of transactions from abroad nations to Vietnam.

With great efforts from its team, FinFan combined with international partners has launched products and services that can help customers receive money most easily and conveniently, including:

• Receive money at the counter: the recipient goes directly to the nearest bank branch to verify their identity and receive money. When going, the recipient must bring their citizen identification card and receipt code. Send directly via SMS to be able to proceed with the money-receiving procedure.
  • The advantage of receiving money directly at the counter is that the recipient is not afraid of the sender manipulating the wrong account number, leading to a quickly unsuccessful transaction.
  • However, this form has some problems at the stage of receiving money when the recipient has to go to the nearest bank transaction counter to receive the money and has to go through some difficult verification stages to receive the amount sent by the sender.
• Receive money directly through the recipient's bank account: with this method, the recipient will not need to go to a bank branch or partner branch to proceed with the withdrawal procedure but can Sit at home and the money will automatically be deposited into your bank account. However, with this method, the recipient will have to pay additional fees related to services from VISA Card or Mastercard.
  • Contrary to the method of receiving money at the counter, when receiving money directly through a bank account, the recipient will not have to waste time going to the receiving location of the bank or FinFan's partner company and still can receive the correct and full amount of money sent by the sender.
  • However, the risk of this method comes from the fact that the sender may enter the wrong bank account number, leading to the transaction being canceled or transferred to the wrong person and the risk of losing all the money sent. In addition, the recipient will have to pay some additional fees related to VISA or Mastercard card services.
• Receive money directly through the user's e-wallet account: this is a new model applied by FinFan in the past year when the trend of using e-wallets is increasing in the Vietnamese market. This form is called an e-wallet aggregator.
  • When this method was introduced, it greatly helped solve the problems that the other two methods encountered: costs will be lower, and customers will not have to waste time going to the location to receive money to be able to refund all transactions.

In short, upgrading and constantly learning technology to produce new products is very important. It contributes to bringing the best value to customers and provides the most thorough support for retaining potential customers using the services of remittance companies.