Send Money to Vietnam: Bank vs MoMo vs Cash Pickup

Over 200,000 Vietnamese workers in Korea send money home regularly. But which method is best—bank transfer, MoMo wallet, or cash pickup?

The answer depends on your amount, speed needs, and how your family uses the money.

---

Quick Answer: Which Should You Choose?

---

Option 1: Bank Transfer (Most Popular)

How It Works

1. You send money using a Korean remittance service
2. Money arrives in Vietnamese bank account (4-24 hours)
3. Recipient withdraws or uses online banking

Best For

• Regular monthly transfers
• Large amounts (better rates)
• Recipients with bank accounts

Costs (Sending 1,000,000 KRW)

Rates vary daily. Check RemitBuddy for current rates.

Supported Banks

• Vietcombank
• BIDV
• Techcombank
• VietinBank
• ACB
• MB Bank
• Sacombank

Pros and Cons

Pros:

• Lowest fees for regular transfers
• Best exchange rates for large amounts
• Safe and traceable
• No cash handling

Cons:

• Takes 4-24 hours
• Recipient needs bank account
• Banks closed on weekends/holidays

---

Option 2: MoMo Wallet (via Bank Transfer)

How It Works

1. You send money to a Vietnamese bank account
2. If bank is linked to MoMo, money transfers automatically
3. Family uses MoMo for payments, bills, shopping

Best For

• Families who use mobile payments
• Regular small transfers
• Recipients who prefer digital money

Key Point

You cannot send directly to MoMo. You send to a bank account that is linked to MoMo.

Setup (One-time, 2 minutes)

1. Your family opens MoMo app
2. Goes to "My Wallet" → "Linked Bank Account"
3. Selects their bank and enters account number
4. Verifies with OTP

After this, every bank transfer appears in MoMo automatically.

Costs

Same as bank transfer—no extra fees for MoMo linking.

Pros and Cons

Pros:

• Instant from bank to MoMo
• Over 100,000+ payment points in Vietnam
• Pay bills, shop, send money within Vietnam
• 50+ million MoMo users

Cons:

• Still requires bank account
• Same 4-24 hour transfer time to bank
• Bank-MoMo linking required

Read more: Complete MoMo Vietnam Guide

---

Option 3: Cash Pickup

How It Works

1. You send money and get a reference number
2. Recipient goes to pickup location with ID
3. Receives cash in VND immediately

Best For

• Emergencies (available within hours)
• Recipients without bank accounts
• Rural areas with limited banking

Pickup Networks in Vietnam

• Western Union (major cities)
• MoneyGram (limited locations)
• Local bank branches (varies by service)

Costs (Sending 1,000,000 KRW)

Cash pickup typically costs 2-3x more than bank transfer.

Pros and Cons

Pros:

• Fastest option (hours, not days)
• No bank account required
• Cash in hand immediately

Cons:

• Higher fees
• Lower exchange rates
• Recipient must travel to location
• Security risk carrying cash
• Limited to business hours

---

Comparison Table: All Three Options

---

Cost Comparison: 1,000,000 KRW Transfer

Savings: Bank/MoMo saves approximately 600,000 VND (~32,000 KRW) compared to cash pickup.

---

Large Amount Transfers (5M+ KRW)

For amounts over 5,000,000 KRW:

Tips for Large Transfers

1. Compare rates carefully - 0.1 VND difference = 500,000+ VND on large amounts
2. Use bank transfer - Always better for 5M+ KRW
3. Check annual limits - E-9 visa typically $50,000/year
4. Keep documentation - May need proof of income source

---

Which Services Support Each Method?

Most Korean remittance services focus on bank transfers. Cash pickup options are limited.

Compare all services on RemitBuddy

---

Special Situations

Emergency Money (Need it today)

1. First choice: Cash pickup (if available in recipient's area)
2. Second choice: Same-day bank transfer services
3. Plan ahead: Most emergencies can wait 4-24 hours for bank transfer

Read more: Emergency Money Transfer Guide

Tet Holiday Transfers

• Send 1 week before Tet
• Banks close for 4-7 days
• MoMo works during holidays (for spending)
• Cash pickup limited during Tet

Monthly Family Support

• Best: Set up recurring bank transfers
• Link to MoMo: Family can use money immediately
• Send same day each month: Easier to budget

---

Money-Saving Tips

1. Always use bank transfer for regular amounts Save 300,000-600,000 VND per transfer compared to cash pickup.

2. Compare rates before every transfer The cheapest service changes daily. Check RemitBuddy first.

3. Send larger amounts less often 2,000,000 KRW monthly saves more than 500,000 KRW weekly (fewer fees).

4. Avoid rush transfers Cash pickup costs 2-3x more. Plan ahead when possible.

5. Link bank to MoMo Your family gets the benefits of both bank transfer AND mobile wallet.

---

FAQ

Can I send directly to MoMo from Korea?

No. You send to a Vietnamese bank account. If linked to MoMo, money transfers automatically to the wallet.

Which is faster—bank or MoMo?

Same speed to the bank (4-24 hours). Once in the bank, MoMo transfer is instant if linked.

Is cash pickup safe?

The transfer is safe. But carrying large amounts of cash has risks. For regular transfers, bank is safer.

What if my family doesn't have a bank account?

Cash pickup is the only option. Or help them open a bank account—most services require only Vietnamese ID.

Which has better exchange rates?

Bank transfer always has better rates than cash pickup. MoMo (via bank) has the same rate as bank transfer.

Can I use multiple methods?

Yes. Many workers use bank transfer for regular support and cash pickup for emergencies only.

---

Summary

For most Vietnamese workers in Korea: Bank transfer with MoMo linking gives you the best of both worlds—lowest fees and instant mobile wallet access.

Compare Vietnam transfer rates on RemitBuddy

---

Related Guides

• MoMo Vietnam: Complete Guide
• Real-time Remittance to Vietnam 2026
• Emergency Money Transfer Guide
• Hanpass vs GME vs E9Pay Comparison