The Short Answer
For a bank deposit, Wise is usually the cheapest way to send money from the US to Vietnam: it uses the real mid-market USD/VND rate and charges a small, visible fee. If your family prefers a MoMo wallet or cash pickup, Remitly is excellent, and Western Union has the widest cash-collection network in the country.
The route to avoid is a bank wire: US banks typically charge $25-$50 and bake a 2%-4% markup into the exchange rate, which on a $1,000 transfer can cost $45-$90 versus roughly $5-$10 with a specialist service.
Watch the rate on big dong amounts
Because a dollar buys tens of thousands of dong, a small-looking rate markup hides a big number. A "zero fee" transfer can still cost you — always check how many dong (or dollars) actually land in Vietnam.
The Cheapest Services Compared
| Service | Typical cost | Exchange rate | Best for |
|---|---|---|---|
| Wise | Small ~0.5%-0.9% fee | Mid-market (no markup) | Lowest total cost; bank deposit |
| Remitly | Low fee (Economy often free) | Small markup | MoMo, cash pickup, first-timers |
| Western Union | Fee + rate markup | Marked up | Cash pickup (widest network) |
| MoneyGram | Fee + rate markup | Marked up | Cash pickup & bank |
| Bank wire | $25-$50 + 2%-4% | Marked up | Avoid for everyday transfers |
See the exact fee on your amount with any of these calculators:
Delivery: Bank, MoMo or Cash Pickup
Vietnam gives you more delivery choice than most corridors, and cash pickup remains hugely popular:
- Bank deposit: reaches any Vietnamese bank account — Vietcombank, BIDV, VietinBank, Techcombank, Sacombank or ACB — usually within 1-2 business days, and the cheapest route for larger amounts.
- MoMo & ZaloPay wallets: MoMo is Vietnam's leading e-wallet, and Remitly and others can deposit straight into it within minutes — ideal for younger recipients and everyday spending.
- Cash pickup: still the go-to for many families. Western Union and MoneyGram have huge agent networks, and money is usually ready to collect within minutes — sometimes in US dollars as well as dong.
If your recipient uses MoMo, sending to the wallet is fast and convenient — and usually cheaper than cash pickup, with no trip to an agent.
Dollars or Dong? How Family Receives
Here's something specific to Vietnam: residents are allowed to hold foreign currency, so your recipient can often take the money in US dollars — paid into a USD account or collected as cash — rather than being forced to convert to dong straight away.
Which is better depends on what they'll do with it. If they're saving or want a dollar hedge while the dong slowly weakens, receiving USD avoids converting twice. If they need it for everyday spending, dong is simpler — just make sure the conversion happens at a fair rate, because a poor exchange rate on the dong side can quietly eat the savings you made on fees.
Sending with a mid-market-rate service (like Wise) and letting it convert to dong usually beats receiving dollars and converting locally at a money changer's rate.
The USD/VND Exchange Rate
The exchange rate is the biggest hidden cost on a transfer to Vietnam, partly because the numbers are so large. The real mid-market USD/VND rate moves daily and has recently been around 26,000-26,300 dong per dollar — the dong has weakened steadily over the past few years, so it's worth checking before every transfer.
On a $1,000 transfer, a 3% rate markup is roughly ₫790,000 (about $30) lost — easy to miss against such big dong figures. Favour services that give you the mid-market rate and check the live rate before you send.
The 2026 US Remittance Tax
Good news first: Vietnam does not tax personal or family remittances received from abroad — your recipient keeps the full amount. The thing to watch is on the US side.
Since January 1, 2026, a 1% US federal excise tax applies to remittances funded with cash or a money order. Transfers funded from a bank account or a US debit/credit card are exempt, so app-based transfers (Wise, Remitly) generally avoid it — one more reason to fund digitally rather than hand over cash at a counter. (Tax rules can change; confirm your situation before large transfers.)
How to Pay the Least
- Compare the rate, not just the fee. With dong figures in the millions, a small rate markup is a lot of money — Wise's mid-market rate is the benchmark to beat.
- Match the method to the recipient. MoMo or bank for low cost, cash pickup when they have no account — don't pay cash-pickup prices if a wallet works.
- Pay from a bank account, not cash. Bank funding costs less than a card and keeps the transfer clear of the 2026 1% cash-remittance tax.
- Decide on dollars vs dong up front. If they're saving, USD can make sense; if they're spending, convert at a mid-market rate rather than locally.
- Use first-transfer promos. Remitly and others often waive the fee or boost the rate on your first send — worth grabbing once.
Frequently Asked Questions
What is the cheapest way to send money to Vietnam?
For a bank deposit, Wise is usually cheapest — it uses the real mid-market USD/VND rate with a small fee and no markup. Remitly is the better pick for delivery to a MoMo wallet or for cash pickup, and Western Union has the widest cash-collection network in Vietnam. Banks are almost always the most expensive.
Can I send money to a MoMo wallet?
Yes. Remitly and several other services deposit directly into MoMo, Vietnam's most popular e-wallet, and some also support ZaloPay. Delivery is usually within minutes, which makes it a convenient way to support family for everyday spending.
Can my family receive US dollars in Vietnam?
Often, yes. Vietnam lets residents hold foreign currency, so recipients can take a remittance in US dollars — into a USD account or as cash at a pickup point — or have it converted to dong. Keeping dollars makes sense for savings; converting to dong is needed for everyday spending.
How long does a transfer to Vietnam take?
Card-funded express transfers to a wallet, bank account or cash-pickup point often arrive within minutes. Bank-funded economy transfers usually take 1-3 business days for a lower fee. Cash pickup is typically available within minutes at agent locations nationwide.
Is there a tax on sending money to Vietnam in 2026?
Vietnam does not tax personal or family remittances received from abroad. On the US side, a 1% federal excise tax has applied since January 1, 2026 to transfers funded with cash or a money order — but transfers funded from a bank account or US card are exempt, so app-based transfers generally avoid it.
What is the USD to VND rate?
The mid-market USD/VND rate moves daily and has recently been around 26,000-26,300 dong per dollar. The dong has gradually weakened in recent years, so check the live rate before sending and favour services that give you the real mid-market rate.
Key Takeaways
- Wise wins on rate for bank deposits; Remitly is best for MoMo and cash; Western Union has the widest cash network.
- Recipients can often receive US dollars or dong — choose based on saving vs spending.
- Vietnam doesn't tax family remittances; the big cost is a marked-up exchange rate, not the fee.
- Fund from a bank or card to stay exempt from the 2026 1% cash-remittance tax, and check the live USD/VND rate.
Send Smarter to Vietnam
Vietnam gives you options — wallet, bank or cash, dollars or dong. Pick a mid-market-rate service, match the delivery method to your family, and check the live rate, and your money goes further every time you send.