How to make foreign remittances from the EU

Outside America, Europeans are also places where most Vietnamese immigrants have lived, studied and worked after Vietnam was unified and the regime of the Republic of Vietnam officially collapsed.

The nations in Europeans, which have most Vietnamese live are France and Germany. Each year, these people send lots of remittances and gifts to Vietnam. How can they do this? Here are the answers.

How did they send and receive the remittances in the past?

Just like in America, the remittances from Germany, France and other European countries were sent to Vietnam by national post offices.

Before European countries decided to use a common European currency, the remittances from these countries needed to exchange for US dollars before being sent back to Vietnam (due to the United Nations embargo on Vietnam, and each nation in the EU used its own currency).

Remittances after using the European currency.

Since 1999 have all the European countries used a European currency. The remittances from EU to Vietnam have been easier and we can use many methods to do these. Here are the 3 best solutions for remittances to Vietnam from the EU.

1.???Using the app or website for remittance

It gives many apps or websites that can now help us to remit money across borders such as Remitly – the cooperation of 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.

2.???Using bank services

If you have an account with Deutsche Bank in Germany, you can directly use the foreign cross border transfer service to the branch of this bank in Vietnam (in Ho Chi Minh City).

After that, your relatives/friends in Vietnam can contact this branch in Vietnam to go directly to receive the remittances or transfer them to your bank (the time to receive money can last 2 days).

Not only Deutsche Bank but also many banks in Europe can connect with some banks in Vietnam such as Vietinbank, Vietcombank, etc.

Note: With this solution, you can only transfer a maximum of 5000 euros. If you transfer over this budget, you will pay a fine.

3.???Using the cross border transfers company

Many cross border money transfer companies have branches in the EU countries like MoneyGram – a collaborator with FinFan since 2020.

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.