Most people don’t know that you can send money back home WITHOUT a trip to a Vietnamese bank.
Going to the bank is a chore. You can’t go during lunch, need your passport and documents, must take a ticket to wait for your number to be called – and then you need to fill forms. This process, along with bank fees, seem like a fact-of-life.
It doesn’t have to be anymore. How To send money out of Vietnam
It’s possible to send money out of Vietnam without going through the bank – from the comfort of your home.
*The following process is meant as a guide, please take note to make sure your tax filings are up to date to avoid unexpected surprises along the way.
1. The Process Overview
To avoid the banks and send money home, we will need to use two crypto exchanges and stablecoins (USDC).
*Stablecoins will be denoted as USDC
The crypto exchanges replace our banks to send-receive the transaction and USDC are used to transfer money between them.
This method is how we send everything digitally from home.
The process is similar to how banks transact, only we are doing it ourselves.
We can send and verify money back home almost instantly and securely with lower fees than banks.
2. The Tools We Need
Because the crypto exchanges are replacing the banks in our money transfer, we’ll need to set up our own “bank” in each country.
*I will use receiving in the USA as an example.
Create two crypto exchange accounts – one with BitcoinVN.io for the Vietnamese side and one account with Coinbase for the US side (choose your country’s crypto exchange). BitcoinVN.io is how we convert money from VND to USDC, and Coinbase is how we convert USDC to dollars. The two exchanges act as banks to facilitate this transaction.
The two exchanges are used to essentially send money to yourself.
3. VND to Stablecoins (USDC)
Convert your VND.
On BitcoinVN, convert VND to USDC by sending VND from your Vietnamese banking app to the USDC address displayed in the Coinbase account.
We are instructing BitcoinVN to send USDC to your exchange in the US
4. USDC to Dollars How To send money out of Vietna
The hard part is over.
Now that we received USDC in the Coinbase account, sell the USDC for dollars. The value from USDC to dollars will remain the same and the entire conversion is complete.
This transaction was made from home, within minutes.
5. Withdrawal to Bank Account
Move the money from Coinbase into your bank account.
Withdrawal the dollars from Coinbase into your linked bank account. This is the final step in the process. The funds are now in your US bank account.
And now we’ve converted and transferred VND to USD without going to the bank – saving time, hassle and fees.
To summarize: How To send money out of Vietnam
- Convert VND to USDC (Stablecoin) through BitcoinVN.io.
- Convert USDC to dollars within your crypto exchange in your home country.
- Withdrawal dollars from your crypto exchange to your bank account.
Thanks for reading!