Conduct General Research On Remittance Before You Send Money To Vietnam
From 1991 to approximately 2008, it appears that the rate of growth of remittances to Vietnam was significant
. It seemed to grow by about 40 percent per year since 1991, far surpassing the growth of many of the main industries in the country. This means that if you planned to send money to Vietnam at the time, you definitely were not alone. It also explains why methods became more available to transfer money to the area since 1991, although improved technology likely also played a role.
Unfortunately, the economy has had an effect on the number of people who send money to Vietnam. Perhaps it is due to the lack of jobs, and thus lack of extra money to send to family, but it has affected Vietnam's economy, as well. In 2005, about $3 billion was sent to the nation. In 2007, it increased to nearly $7 billion. That was considered more than ten percent of the nation's GDP. Since then, however, Vietnamese immigrants in the United States likely have less money to send home, which is not unusual at this point.
Despite lower remittance rates, you can still send money to Vietnam using a number of methods. You can use the traditional route of the bank, either the one you regularly use or one with fewer fees. You may also decide on a money transfer service, though they are known for their higher fees, often simply due to having a trusted name. If you think your relatives would enjoy using a prepaid debit card to pay for purchases or withdraw money from ATMs, you could go this route quite cheaply. The money would be available not long after you add funds, which is an additional benefit of this route.
Clearly, there are several methods to send money to Vietnam. Even though it is not as popular to do so as it once was, enough people still need to send money home that you will not be alone in selecting the best method for you. In fact, you might consider asking your friends and family the best ways available. Be sure to ask about speed of transfer, fees, and the convenience for both you and your recipient.
by: Peter Frampton
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