Picking the cheapest way for sending money from Singapore to Vietnam.

Remittance

2019-08-14

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To understand the cheapest way to send money, let’s start with what is equivalent exchange.

Lin works for a company in Singapore and his salary is settled in Singapore dollars. Lin has a property in Vietnam that requires monthly mortgage repayment. he needs to exchange part of his salary for Vietnamese dong and remit it to Vietnam.

At the same time, Row works in a company in Vietnam, and its salary is settled in Vietnamese dong. However, Row goes to Singapore for business trips several days a month, so Row needs to change part of his salary into Singapore dollars for business trips.

On an accidental occasion, Rows and Lin, who was on a business trip to Singapore, met in a cafe. They learned that each other had the demand to send money to Singapore or Vietnam every month. and both charged very high fees by banks. At that time Rows put forward a suggestion. They exchanged money face to face at the exchange rate of the Singapore dollar to Vietnamese dong on that day!

This story tells us that cross-border remittance with zero handling fee exists. In this case, neither of the two parties is a service provider, but both of them have exchange demand. and the demands can be met with the other parties. This is an equivalent exchange.

Friends who have experienced cross-border remittance through banks will be troubled by the bank’s high fees and cumbersome procedures, especially those that require monthly remittances, such as paying overseas home-related expenses Send money home, cross-border e-commerce to collect money, and so on.

So, in addition to the examples mentioned above, is there any remittance method in the world that exchanges money in accordance with real-time exchange rates to achieve equivalent exchange?

Yes, it is Epay global payment system, which has more than 6,000 remittance agents or local bank accounts around the world. By the stablecoin EUSD based on blockchain technology, the equivalent settlement between remittance agents is realized!

As is known to all, one of the reasons for the high remittance fee is the clearing fee. If zero-fee clearing is realized between banks, the cost of banks and remittance companies will be reduced, and the fee for cross-border remittance by users will also be reduced too. Let’s take a look at how much Vietnamese dong will be received when remitting SGD with Epay.

In terms of security, Epay has opened branches in China, the United Kingdom, and Samoa, and obtained Hong Kong financial services license, MSB in the US and PCI security certification. Epay focuses on providing one-stop financial services such as global remittance, online payment, currency exchange, and online recharge for individuals and remittance merchants.

Epay has a total of 500,000 global users and more than 6,000 cooperative remittance agencies. By connecting to global banks and remitters together Epay’s global remittance network enables faster and cheaper remittances service and easier withdrawals methods for users.

Other fees to remit to Vietnam:

 

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