What are the advantages and disadvantages of using a SWIFT bank transfer?
Advantages: Large amounts can be transferred securely.
Disadvantages: Longer processing time (several days), high fees from both sending and receiving banks.
How to calculate taxes on foreign payments?
If for some reason the bank's rate on that day was higher than the Central Bank's rate (the rarest
case), the "service" received is also taxed. It is easier to follow this point than to deal with
additional calculations.
Can I cancel a money transfer from Vietnam to South Africa after it's sent?
Yes, in most cases, you can cancel a money transfer from Vietnam to South Africa if the funds haven't yet been received in South Africa. To do so, contact the provider's support team in Vietnam or use their app/website. Keep in mind that some services may charge a cancellation fee for transfers between Vietnam and South Africa.
Do I need a bank account in Vietnam to send money to South Africa?
Not necessarily. Many international services operating in Vietnam offer cash transfers to South Africa, so you can send money without a bank account. However, if you’re using online banking or bank-to-bank transfer from Vietnam to South Africa, an account will be required.
