If you are a Korean staying long-term in Nha Trang, you will need to regularly send or receive money from Korea for living expenses, business funds, family remittance, and other needs. The procedures, costs, and timeframes differ significantly depending on the remittance route, so it is important to choose the most efficient method based on your remittance volume and frequency.
Remittance Routes from Korea → Nha Trang
1. Bank SWIFT Transfer
International remittance services provided by major Korean banks (Woori Bank, Shinhan Bank, KEB Hana Bank, SC First Bank, etc.). This is the most traditional and secure method, but carries relatively high fees and longer processing times.
Required Documents and Information
- Sender: ID, bank passbook (to verify remittance account)
- Recipient (Vietnam): Full name in English, bank name, SWIFT code, account number, address and phone number in English
Fee Structure International remittances incur remittance fees, cable transfer fees, and intermediary bank fees. The remittance fee varies depending on the amount sent, and the cable transfer fee is approximately 8,000 KRW per transaction. Since specific fee amounts and exchange rate spreads vary by bank and time period, it is essential to check the latest fees on your bank's website or at a branch before sending.
Processing Time Takes 3–5 business days; transfers to less common countries may take longer. Delays are further extended if recipient information contains errors.
Advantages: High reliability and tracking capability Disadvantages: High fees and slow processing speed
2. Bank Low-Fee Services (KB Quick Send, Moin, Wise, etc.)
Recently, fintech services and low-fee bank products have been increasing.
KB Star Banking – KB Quick Send The remittance fee is 5,000 KRW with transfers possible in real-time to within 1 business day. Currently available to 47 countries including Vietnam.
Moin Once document review is completed, remittance is typically completed within 1 day (based on Vietnam bank business days, excluding weekends and holidays). No intermediary/receiving bank fees, cable transfer fees, or currency exchange fees are charged. Direct transfer to Vietnamese dong is also available.
Required Information: Account holder name (in English), bank name, and account number are mandatory. All information must be complete for the transfer to be processed.
3. Fintech Apps (WireBarley, Sentbe, etc.)
Mobile remittance apps that allow you to send money using only the app, without visiting a bank.
WireBarley When sending from Korea to Vietnam in USD, transfers of 500,000 KRW or more incur no fee; amounts under 500,000 KRW require a 5,000 KRW fee. Using proprietary fintech technology without intermediary banks allows faster remittance compared to traditional bank transfers.
Identity Verification: Identity verification is completed within 24 hours on business days.
Receive Method: Choose between deposit to Vietnamese bank account or cash pickup (visit local branch) Advantages: Very low fees and fast speed Disadvantages: Some smaller cities may lack pickup locations
Remittance Routes from Nha Trang → Korea
When remitting from Vietnam to Korea, different regulations apply compared to sending from Korea.
Vietnam Bank SWIFT Transfer
When sending money from Vietnam to Korea, you must first align the remittance purpose and source of funds. Outbound remittances from Vietnam are handled as foreign exchange transactions through authorized banks, and banks verify both the remittance purpose and source of funds.
Required Documents: Commonly required are ID (passport or national ID), remittance application form, recipient information (full name in English, bank name, SWIFT code, account number), and supporting documents matching the remittance purpose. Additional documents are required depending on the purpose (business income, salary, personal remittance, etc.).
Important Notes: It is important to decide the remittance purpose first and then prepare supporting documents matching that purpose. If the purpose and source of funds do not match, the remittance may be delayed or rejected.
Fintech Apps (Vietnam → Korea)
Apps such as WireBarley, Sentbe, and GME Remit allow you to withdraw from a Vietnam bank account and remit to a Korea account. Similar to sending to Korea, remittances are processed with low fees and quickly, but you must comply with local Vietnam regulations (foreign exchange transaction permits, etc.).
Remittance Route Comparison Table
| Route | Fee | Processing Time | Minimum Amount | Recommended For |
|---|---|---|---|---|
| Bank SWIFT | High (tens of thousands KRW) | 3–5 days | None | Large amounts, accuracy priority |
| KB Quick Send | 5,000 KRW | Within 1 day | None | Small regular transfers |
| Moin | Low to free | Within 1 day | None | Direct dong transfer preferred |
| WireBarley | Free to 5,000 KRW | Fast | 500,000 KRW or more | Frequent small transfers |
Practical Tips
- Accuracy of Recipient Information: SWIFT transfers incur significant delays if recipient information is incorrect. Verify the bank name, account number, and English name directly with the recipient and validate multiple times.
- Exchange Rate Timing: In bank transfers, the exchange rate applied is not at the time of request but at the actual processing time. When exchange rates fluctuate significantly, it is advisable to allow some buffer before and after the remittance.
- Selection by Amount: For regular monthly living expenses of around 1 million KRW, fintech apps (WireBarley, Moin) are efficient. For large amounts in the tens of millions of KRW or one-time transfers, it may be better to use bank SWIFT transfers to receive preferential exchange rates.
- Keep Remittance Records: Keep all remittance transaction records and receipts. You may need proof if tax or immigration issues arise in Vietnam or Korea.
- Verify Official Channels: Bank fee structures, exchange rates, and remittance limits change frequently. Before remitting, recheck the latest information on the relevant bank's website or customer service. Vietnam bank regulations regarding remittance purposes may also change over time, so it is safer to inquire with your local bank before remitting.
Check for Latest Information
Bank policies, visa requirements, communication services, and contract terms may vary by institution, branch, and time. Please verify the latest conditions through official channels and local representatives.