Whether you are sending Money for your own living expenses, or helping out family or investing in a new business opportunity in Vietnam, when you are ready to send money from overseas to Vietnam, you don’t want to be slowed down by an expensive and complicated process.
Receiving or sending money to Vietnam can be easy and simple if you follow these simple steps. And with Timo we make it even easier for you and your sender.
HERE ARE FEW NOTICES FOR BOTH SENDER AND RECEIVER BEFORE SENDING/ RECEIVING MONEY FROM OVERSEA
For Receiver (Timo Member)
Step 1: Make sure you fill out the Foreign Currency Purchase Order, Certificate and Commitment of Timo Member form. You can get this from any Timo Hangout.
When joining Timo, simply ask a Timo Care Representative to present you with the form or inform our staff of your expected incoming funds from overseas in the future. Fill out the form, sign and submit it to our staff at a Timo Hangout.
Step 2: Share your bank details with the sender. This feature can be found in the menu section of the Timo App and should look like this.
Your sender should pay special attention to your Account Number, Account Name or Beneficiary Name and the SWIFT code when making the transfer.
Your name and your account number must be correct and match with your information registered at Timo.
Step 3: Ask the Sender to Include a clear and concise description / purpose of sending the funds. In Vietnam this is an important process of clearing an incoming remittance so attention should be paid to include a description as clear as possible.
EG: Personal services, living expenses, daily expenses, payment for XYZ, should be typed into the description field.
Besides, If you are a foreigner, make sure your passport, visa and residency document still holds validity before receiving the funds. In the case of expiration, Please visit a Timo Hangout at your earliest convenience to update them with us.
Step 4: Hang tight and wait for the funds to hit your Timo account
For Sender ( People who send funds to a receiver at Timo)
Make sure the payment details include the correct information like Receiver / Beneficiary account number, Full Name, Bank Name, and SWIFT code.
Make sure the payment has a description or purpose of sending the funds.
EG: Personal services, living expenses, daily expenses, payment for XYZ, should be typed into the description field.
PROBLEMS ONE CAN ENCOUNTER AND HOW TO REMEDY THEM
The regulation in Vietnam is quite strict and without sufficient knowledge, the incoming transfer from overseas could be put on hold for a number of reasons.
These could include
- The Timo recipient has not signed the Foreign Currency Purchase Order, Certificate and Commitment Form
- The sending purpose / description is not clear
- The transfer is related to investments
- The sender’s address is in Vietnam
- The Timo recipient’s Visa/ Resident card has expired
- The sending description contains the text “REFUND or REIMBURSEMENT”
- It relates to Stock transfers
- The beneficiary name is incorrect
- The beneficiary account number is incorrect
HERE ARE SOME Tips TO MAKE SURE YOU RECEIVE YOUR OVERSEAS FUNDS ON TIME
- Make sure you have signed the form
- Your sender needs to make sure the Beneficiary name, Account Number, Swift Code (if applicable) is correctly typed
- The description for sending the funds must be included and should be clear
- Eg: personal expenses, living expenses, daily expenses, payment for XYZ
- If there is any description related to “Refund”, “Reimbursement”, “Investments”, ”Stocks”, “Bonds”, “Mutual Funds”, “Loan”, etc, you will be asked for additional documents to process the transfer.
For any questions or concerns, please feel free to reach us via phone at 1800 6788 or via email at care@timo.vn
