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What is an international payment?

International payments have become an important part of connecting global trade markets, as well as for people traveling across borders.

Explore the most common international payment methods and see how you can save money when doing business internationally.

How do international payments work?

An international payment is the transfer of money to and from different countries and regions. These payment methods make financial transactions convenient for businesses, banks, and individuals around the world.

International payment transactions play an important role in stimulating the development of economic, tourism, and educational activities.

What are the different types of international payment methods?

You can send your money through a bank or a wire transfer company. The conditions for transferring money from Vietnam to other countries or vice versa depend on the international payment service you choose.

There are 5 popular forms of international payments:

  1. Bank account
  2. Credit card
  3. Debit card
  4. E-payment
  5. International money transfer (remittance)

Which international payment method should I choose?

There are many ways to make an international payment. However, for a safe option with transparent fees and charges, you should consider using a bank to send your money abroad.

Look at factors like transfer times, fees and peace of mind to help you choose the best option. Then choose the service that suits your circumstances best.

1. Bank account

SWIFT payments are international transfers between banks. To make one of these, you'll need to give all the payment details – most importantly, the bank account details of the beneficiary. This includes their bank's unique BIC code.

Pros

  • Secure and reliable payment method
  • Accepted by banks around the world

Cons

  • Transactions can take several days to complete

Average cost

  • From VND220,000 (for Personal Internet Banking) to VND440,000 (for paper-based banking)
  • Free for HSBC Premier customers transferring between eligible international HSBC accounts in your name
  • Other non-HSBC fees may apply

Fees are subject to change. For the most up-to-date information, see our Personal Banking Tariffs.

Requirement

  • Recipient needs an overseas bank account
  • Sender needs documentation proving a legitimate purpose

See our FAQs on purposes of money transfer for Vietnamese citizens.

2. Credit card

Credit cards are a fast and convenient way to make international transactions in different currencies.

Pros

  • Secure and reliable
  • Accepted by most merchants around the world
  • Buy now, pay later feature
  • Card offers such as reward points, cashback, discounts, interest-free periods and 0% instalments

Cons

  • You may face foreign transaction fees or currency conversion fees when using your credit card abroad

Average cost

  • Costs depend on the card and your ability to make payments
  • Usually a percentage of your purchase on international transactions

Requirement

  • Pay only at locations that accept credit cards

We offer credit card with an administrative fee from only 1.99%.

See all HSBC credit cards

3. Debit card

Debit cards are used in the same way as credit cards. They can be used for online and offline transactions, both in Vietnam and overseas. The difference is that there's no instalment feature.

Pros

  • Accepted worldwide
  • No interest or debt accumulation for customers
  • Transaction limit is normally higher than credit cards
  • Payment amount is debited by the actual balance in the account

Cons

  • No instalment feature
  • Payment amount is debited on current account at the time of spending

Service fee

  • Cash withdrawals fee: Usually free of charge for withdrawals within the ATM network of the bank
  • Administration fee for international transactions: regulated by each issuing bank and card type, normally from 1 to 4% of the transaction amount

Requirement

  • The account linked to the debit card and the card must be active and maintain sufficient balance
  • Merchants accept the card associations (most popular: VISA, Mastercard or JCB)

4. E-payment

Thanks to money transfer methods via online banking and mobile application, money transfers between bank accounts are also carried out easily. This includes international transactions across borders.

Pros

  • Simple and fast
  • Transfer money to accounts within and outside the issuing bank system via banking applications or online banking services
  • Available 24/7

Cons

  • Limit on number of times and amount of money transferred in one day

Average cost

  • Calculated based on the total amount you transfer

Requirement

  • Sender and recipient must have bank accounts
  • Sender must know recipient's account information

5. International money transfer

If you're an HSBC Premier customer, you can use Global View and Global Transfers to transfer money between globally linked accounts without a fee. Global View lets you see your eligible international accounts in one place and set up recurring payments if needed. You can use both HSBC Internet Banking and the HSBC Vietnam App.

The "Global Transfers to other HSBC accounts" service allows HSBC Vietnam Premier customers to transfer to third-party overseas HSBC personal accounts via the Global Transfers feature, free of charge. The service can only be accessed on HSBC Internet Banking.

Pros

  • Online remittance fees up to 50% lower than the standard transaction fees
  • Enjoy free-of-charge domestic payments (applies to HSBC Premier customers only)
  • Transfer requests can be made anytime, anywhere

Cons

  • May take longer to transfer non-supported currencies
  • Global View and Global Transfers only offered for HSBC Premier customers

Average cost

  • Enjoy preferential foreign exchange rates
  • Free remittance fee for paper-based transfer instructions for immigration, overseas education, and medical treatment purposes

Requirement

  • Service is only available for HSBC Premier customers

Important things to consider when choosing international payment methods

International payments are an easy way to make payments in multiple currencies. When choosing a payment method, there are 4 factors to consider:

  • Security
  • Speed
  • Cost
  • Local laws and regulations of both the sender's and receiver's countries or regions

Regulations around transferring money abroad from Vietnam

To ensure safety and convenience in foreign exchange transactions, here are some regulations that you should know.

  1. Resident Vietnamese individual customers may purchase, transfer, and carry foreign currency overseas according to regulations specified by the State Bank of Vietnam for the following purposes:

    - Study abroad and overseas medical treatments

    - Overseas business trips, tourism, and trips to visit friends or families

    - Payment of fees and charges abroad

    - Allowances provided for relatives living overseas

    - Money transfer of an inheritance to heirs living abroad

    - Money transfer for immigration

    - One-way money transfer for other legal needs

  2. Resident and non-resident individual foreign customers who have foreign currency in their accounts or legal income in foreign currency are allowed to remit and carry foreign currency overseas. If they have legal income in Vietnamese dong, they're allowed to purchase foreign currency to remit and carry overseas.
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