Sending money to Nepal and Vietnam compared

Money from abroad keeps families going

In some years, money sent home from abroad was about 30% of Nepal's GDP (PayForex press release). If you send every month, small differences add up over a year.

What to compare

Services

• PayForex: focused on Asia and partners with banks in Nepal (press release).
• Wise: uses the mid-market rate and shows the fee up front (official).
• Seven Bank: send from 7-Eleven ATMs. Your family picks up cash at Western Union agents in about 200 countries, without a bank account. The website is in 9 languages, including Vietnamese (Seven Bank).
• Other companies: only use companies registered as fund transfer businesses. You can check the Financial Services Agency's list.

Rates change every day. Put the same amount into each service's calculator and compare how much your family receives.

Keep in mind

• For your first six months, transfers from a bank account may be limited. See bank accounts.
• To claim family abroad as dependents for tax, you need two kinds of documents: proof that they are your family (such as a birth or marriage certificate with a Japanese translation), and records of the money you sent them. For relatives aged 30 to 69, you generally need to have sent at least ¥380,000 to each one in the year, unless they are students or have a disability (Minato City).
• Unlicensed "underground" transfers are illegal. Lost money can't be recovered.