Business & Education
Checklist To Keep In Mind While Transferring Money To Vietnam from Singapore
Money transfer is not a new phenomenon. It has been in existence since centuries rather since the time humanity has indulged in the craft of trade across shores. Earlier this was done using bullion and was riddled with risks as so much amount of gold, precious stones or jewels would need to be guarded by a huge contingent of armed guards at all times. This would put additional pressure on finances as much would have to be spent on providing safe passage to the treasures. Over time, however, the process evolved and has now come to be associated with wireless, non corporal transfers.
Money transfer is imperative since it gives one the power to help one’s dependents or friends in times of need. It is also much logical today since the advent of globalization has ensured that the world has become one village and thus people working in any part of the Earth may send in money to their homeland to their family. This need for money transfer methods has helped us find new ways in which to rout money efficiently and more quickly. The costs for this have also come down phenomenally in comparison to those centuries or even decades ago.
Today transferring wealth overseas is no more constrained merely to the export-import businesses. These days, nativeswould like to send money back home for a variety of reasons. Right from trading real estate, to transferring expenditure to kids studying in a foreign country, from paying mortgage and so on. With these augmented number of reasons, the magnitude of money transfers has increased too. Online money transfers are structured to the peak industry standards in order to provide with peace of mind assuring that one’s money is in safe hands. But, lack of knowledge and information can cost you a lot in overseas dealings. However, with the increase in trade between Singapore and Vietnam there have been many pathways designed to transfer money in between these two countries. Here are few things to know before wiring money to Vietnam from Singapore:
Check the Exchange Rate –
Banks are no longer the money transfer medium of choice. They offer sluggish rates and are replete with hidden costs. Thus, wiring money to Vietnam from Singapore through banks is not ideal. Many specialized money transfer companies have opened up which update their exchange rates on a daily basis offering one greater leverage in planning for the best time and company to transfer money through. Moreover, these companies have infrastructure built specifically for the task and thus are much more reliant in terms of safety and ease of access to service.
Compare Multiple Mediums –
Banks may be the first choice to transfer money through for many people but other mediums should be considered and given equal priority. They are online transfer mediums and thus have the capability to update their exchange rates on a real time basis many a times. Thus, to get the best deal one mustcompare all these mediums based on service, risk factor, exchange rate and fees. Whatever medium you choose must be recognized by the government of either Vietnam or Singapore or preferably both.
Choose Only the Safest Method–
While wiring money to Vietnam from Singapore choose the safest way.Since one is dealing with an international money transfer namely from Singapore to Vietnam one must be aware of the risks one is exposed to while involved in money transfer. Banks and online money transfer services are pretty safe but still online money transfer must be preferred since it provides real time updates with regard to the situation of the money each moment. Moreover, one must also update oneself regarding the authorities overseeing these monetary transactions since the responsibility for the safety lies on them too. Only after ensuring that the various security protocols employed are optimum and fool-proof must one go for the transaction. The authority supporting the transaction must be recognized by the Vietnamese or Singapore government.
Reasonable Fee –
One must be prepared to be introduced to a transaction fee apart from the fluctuating exchange rates already on the platter. A break up of the charges incurred must be asked for and the transfer fee of the various services compared. But it is often the case that a low transfer fee entails a poor service standard, this must be guarded against and a tradeoff between service quality and transaction fee and services ascertained. Online money transfer services offer lower transfer fee since they do not have very high overheads.
Time for Transfer –
One must enquire about the time which the company guarantees to send the money within in order to make the most informed choice. Usually the time taken and transaction fee have a direct correlation as a higher transaction fee ensures a shorter transfer time. Being aware of the time frame also allows one to properly track the flow of money in real time.