Best Business Practices

What’s the Best Way to Send Money to Vietnam?   by Andrea Beilinson

Do you send money to Vietnam on a regular basis? If so, take pride: you help account for the equivalent of almost $7 million that flows through the country’s economy. Or to look at it a different way–you contribute to just over 11% of Vietnam’s gross domestic product (GDP)!

The Vietnamese-American population numbers roughly 1.2 million, 40% of which live in California. Many are political refugees, most of whom send money back to friends and especially family in Southeast Asia. There are also plenty of immigrants and 1st-generation Americans who send money to parents, grandparents, cousins, and other family in Vietnam.

While agricultural workers make up 65% of the country’s work force, industry and service account for over 70% of the GDP. As mentioned, money sent into the country accounts for over eleven percent. But to whom is the money sent?

The largest group of recipients is households headed by women. Such households make up only about one-fifth of the population, yet receive fully half of all remittance sent to Vietnam. Most of this money is sent by children of the women who head the households. Siblings and other family members come in a close second, with spouses sending money to their significant others across the ocean running third.

Of course this isn’t the only reason to send money to Vietnam. Many people also send money in order to invest. If you want to invest a whole lot of money in a Vietnamese venture, you’re in luck–there is no cap on the amount of money you can send to the country, nor are there any taxes. The government projects that the money sent will reach $100 million/year in a few years.

Unfortunately, most services do charge a large percentage to those who want to send money to Vietnam. This is one reason why debit cards that can be recharged on-line are becoming more popular, and it doesn’t hurt that the money can’t be stolen by a dishonest parcel carrier or money desk operator.

All that people need to do when they want to send money to Vietnam via rechargeable ATM is to just send the card. Then when the intended recipient gets the card, they can let the sender know it’s been received. The sender can then transfer money to the card online; sometimes even with a toll-free number.

Think it’s impractical? Think again–there are over 8,000 ATM machines in the country. Anyone who receives money via one of the cards should be able to access their cash with very little problem.

This helps cut down on incidence of theft, extortion, and potential lost mail. Most people who’ve tried it would probably tell you it’s the best way to sent money to Vietnam.

About the Author

For more information visit sending money to Vietnam or visit the https://www.atmcash.com home page for information on sending money almost anywhere in the world.
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