In this article, you'll discover whether Revolut works in Vietnam, explore some potential drawbacks if it is available, and consider the possibilities it offers for travelers and residents alike.
Does Revolut Work In Vietnam?
Revolut is available for use in Vietnam, allowing users to spend in Vietnamese Dong and make ATM withdrawals. The service includes a multi-currency card that can be used for transactions in Vietnam, making it convenient for travelers and residents alike.
However, there are some limitations to be aware of. Currency exchange fees may apply, and ATM withdrawals are subject to fair-usage fees depending on the user's plan. Additionally, some ATMs may charge extra fees that Revolut cannot control. Users should always opt out of ATM currency conversion to avoid unexpected charges.
Fees and Charges for Using Revolut in Vietnam
When using Revolut in Vietnam, there are several fees and charges to be aware of:
- Currency exchange fees: Subject to fair-usage limits and weekend markups.
- ATM withdrawal fees: Free up to certain limits based on the user's plan; beyond these limits, a 2% fee or a minimum fee of £1 applies.
- Transaction fees: No specific transaction fees for spending in Vietnamese Dong, but currency exchange fees may apply if the transaction involves a currency conversion.
- Withdrawal limits: Fee-free ATM withdrawals up to £200 for Standard and Plus plans, £400 for Premium plan, and £800 for Metal plan.
- Additional ATM fees: Some ATMs may charge an extra access fee that Revolut cannot control.
- Currency conversion at ATMs: Users should select 'No' if an ATM asks to convert money to avoid unfavorable exchange rates.
Is Revolut the Best Option in Vietnam?
Even though Revolut is available in Vietnam, it might not be the best option for users due to certain limitations and restrictions that could affect the overall user experience.
- Currency exchange fees: Subject to fair-usage limits and weekend markups.
- ATM withdrawal limits: Fee-free withdrawals are capped based on the user's plan.
- Additional ATM fees: Some ATMs may charge extra fees that Revolut cannot control.
- Currency conversion at ATMs: Users should select 'No' to avoid unfavorable exchange rates.
- Service availability: Revolut services may not be fully optimized for all Vietnamese ATMs.
Alternative Payment Solutions in Vietnam
1) OneSafe
OneSafe stands out as a leading alternative payment solution in Vietnam, offering a blend of traditional and web3 financial services. Key features include simple onboarding, global payments, and multi-currency support. Benefits such as lower fees, efficient transactions, and robust customer support make it a superior option for businesses.
OneSafe Reviews
OneSafe has received positive feedback from users who appreciate its simple onboarding process, efficient global payments, and robust customer support. Users have rated the company highly, with an average score of 4.5 out of 5, praising its lower fees and multi-currency support. Check out more of our reviews here!
2) Wise
Wise is a viable alternative payment solution in Vietnam, offering low-cost international money transfers with no hidden fees. Key features include the real exchange rate, fast transfer times, and robust security measures. Users benefit from cost savings, transparency, and a user-friendly platform, making it a reliable option.
Wise Reviews
Wise has an overall rating of 4.7 out of 5 based on 23 reviews, with a recent rating of 4.5 out of 5 from 2 reviews. Users generally mention issues with money transfers being returned without notification and challenges with document approval. Check out more Wise reviews here.
3) Paypal
PayPal offers a secure and convenient payment solution in Vietnam, allowing users to shop at millions of online stores and send money globally. Key features include 24/7 fraud monitoring, buyer protection, and the ability to link multiple cards. These benefits make PayPal a reliable option for both personal and business transactions.
Paypal Reviews
PayPal has a rating of 4.4 out of 5 stars. Users generally mention high transaction fees and a lengthy dispute resolution process. Check out more PayPal reviews here.
Frequently Asked Questions about Revolut in Vietnam
Can I use Revolut to pay in Vietnamese Dong?
Yes, Revolut allows you to spend in Vietnamese Dong using its multi-currency card.
Are there any fees for ATM withdrawals in Vietnam?
ATM withdrawals are free up to certain limits; beyond that, a 2% fee applies.
Does Revolut charge for currency exchange in Vietnam?
Currency exchange fees may apply, especially during weekends and beyond fair-usage limits.
Is Revolut widely accepted in Vietnam?
Revolut is accepted at most places that take Visa or Mastercard in Vietnam.
Can I avoid ATM currency conversion fees with Revolut?
Yes, always select 'No' when an ATM asks to convert money to avoid extra fees.
Conclusion
Choosing the right payment solution in Vietnam is crucial for a seamless financial experience. While Revolut offers convenience, alternatives like OneSafe provide lower fees and robust support. Explore OneSafe for a superior payment solution. Sign up today!
