With the increasing income of many Vietnamese families, sending children to study abroad has become popular, increasing the demand for an international money transfer to cover tuition fees and living expenses. However, not everyone is familiar with the laws and regulations on money transfer procedures and limits. Below is useful information for parents whose children studying abroad.

What documents to be prepared?

According to the government's regulations and international money transfer practice of banks, transferring money abroad for educational purposes is simple and convenient. Parents need to pay attention to comply with legal regulations and provide adequate documentation proving the purpose of money transfer to the transferring unit.

Documents to be prepared are, but not limited to:

• Student's valid passport;
• Valid visa or equivalent documents of student;
• Documents proving tuition fees and living expenses under student's name in the notice of the educational institution. In case the educational institution does not specifically inform about living expenses, then provide other documents proving that he or she is studying at the educational institution abroad and transferring limit shall be decided based on the country or territory that the institution is located.
• Documents proving the relationship of the sender and student (except for the case that student transfers the tuition fee and living expenses to the school or his/her own account at a foreign bank).

Which money transfer service should you choose?

International money transfer service providers must be legally established and licensed by government agencies. In many cases, some parents have been taken advantage of by some illegal organizations due to lack of information. To avoid this situation, parents should select a reputable bank that provide money transfer service(s) and have a wide network to facilitate money sending and receiving.

Currently, there are 2 popular international money transfer services as follows:

• Via Western Union (WU): With a widespread development network in Vietnam and all over the world, WU withdrawal and deposit locations are pervasive. Hence, sending or receiving money via WU is easy and fast. When you have a receiving code from WU (also known as a 10-digit MTCN number), it takes only a few minutes to receive the money. This service makes it easy for students to receive foreign currencies without having a foreign bank account – while with bank transfer, students must have an USD account to receive, otherwise, the received money will be converted into VND.
• Via SWIFT: It’s suitable for money transfer with a large amount. A bank account opened in the recipient’s country is required. There are many banks that are members of the SWIFT system, so parents will have plenty of options for international money transfer via SWIFT. Transfer in foreign currency cash may cost additional fees, so parents in Vietnam should open a bank account in VND and debit money directly from the account.

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