Coinepay | How to Send Money to Vietnam from South Korea: Step-by-Step Guide

If you live in South Korea and need to support family, pay a tuition bill or settle with a partner in Vietnam, Coinepay Global Remittance lets you send a cross-border transfer and choose how your recipient is paid. This guide walks through what you need, the payout methods you can pick for Vietnam, and how to track the money after you confirm. Coinepay supports transfers to Vietnam, and the exchange rate and fees are always shown in the app before you confirm.

Before you start

You will need a Coinepay account with identity verification (KYC) completed. Every transfer is also subject to sanctions screening and local regulations, and Coinepay may ask for documents such as the purpose of the transfer or the source of funds. Use your own real identity and billing details throughout.

If you are new, create an account first:

Register and complete KYC at the Coinepay sign-up page.
Install the app from the App Store or Google Play, or use the 24/7 self-service dashboard.

Vietnam's local currency is the Vietnamese dong (VND). Your recipient may be able to hold a one-way foreign-currency transfer in a foreign-currency account, withdraw it in cash, or sell it to a licensed credit institution for VND, subject to applicable Vietnamese law. The exact option depends on their bank and their situation.

What you need from your recipient

The details you collect depend on the payout method you choose. Gather these before you begin so you do not mistype anything.

Bank account deposit

For a deposit to a Vietnamese bank account, you normally need:

The recipient's full legal name exactly as recorded by their bank.
The bank name (for example a connected bank such as Shinhan Bank Vietnam, Woori Bank Vietnam or MB Bank, among others).
The account number. Vietnam has no registered national IBAN format, so use the recipient's ordinary account number — do not invent or construct an IBAN.
Some routes also request a bank code, the recipient's address, mobile number and a transfer purpose.

If the route is processed as a SWIFT bank transfer, you may also need the receiving bank's own SWIFT/BIC and the bank address it requests. A SWIFT/BIC belongs to one specific bank — for example, Vietcombank publishes BFTVVNVX for itself — and must never be reused for a different bank. Confirm the correct code with your recipient or their bank.

Mobile wallet

Vietnam has popular mobile wallets such as MoMo. To send to a wallet you generally need the recipient's registered name and the mobile number or wallet ID linked to the account. Whether a particular wallet is selectable for your specific transfer depends on the route, so check the payout choices shown in the app when you set up the transfer.

Cash pickup

For cash pickup, you need the recipient's full legal name exactly as it appears on their photo ID. To collect, the recipient brings a valid government photo ID and the transfer tracking/pickup number to a partner outlet. Make sure the name you enter matches their ID precisely, or the outlet may refuse to pay out.

Step-by-step: sending the transfer

Open Coinepay and go to Global Remittance in the app or dashboard.
Choose the destination. Select Vietnam as the destination country and VND (or the currency you are told to send in).
Choose the payout method — bank deposit, mobile wallet or cash pickup — from the options the app shows for this route.
Enter the recipient details for that method, as listed above. Double-check the name and account number character by character.
Enter the amount and review the summary. Coinepay shows the exchange rate and the fees clearly before you confirm; take a moment to check what will arrive.
Provide any requested information. You may be asked for the purpose of the transfer or supporting documents, depending on the transaction type.
Confirm the transfer to submit it.
Track the status. Every transfer has status tracking in the app, so you can follow it from submitted through to paid out. Share the tracking number with your recipient if they need it for cash pickup.

Payout methods explained

Method	What the recipient needs	Good to know
Bank deposit	Name as held by the bank, bank name, account number (and bank code/SWIFT if requested)	Funds land in their Vietnamese bank account; no national IBAN exists.
Mobile wallet	Registered name and wallet mobile number/ID	Availability depends on the route; check the in-app options.
Cash pickup	Valid photo ID and the tracking/pickup number	Name must match the ID exactly.

Regulations and reporting to be aware of

Cross-border transfers are subject to the rules of both countries. In Vietnam, reporting institutions must report qualifying international electronic transfers of USD 1,000 or more (or the foreign-currency equivalent) to the Anti-Money Laundering Department under Circular 27/2025/TT-NHNN — this is an institutional reporting threshold, not a limit on what your recipient may receive. In South Korea, the Bank of Korea monitors small overseas remittances made without supporting documents, and documentation requirements vary by transaction type. These checks are routine; providing accurate information and any requested documents helps your transfer move smoothly. Never split a transfer, use a third party or try to work around checks or reporting.

Troubleshooting

Wrong recipient details

A mismatched recipient name or an incorrect account number is the most common cause of a rejected and returned transfer. A receiving bank can also reject a payment even when the details look correct. Re-check every field against what the recipient's bank shows before you confirm, and contact Coinepay support if a transfer is returned.

Compliance or security review

A transfer may be held for a security or compliance review that requires ID or documents explaining the transfer or source of funds. Respond promptly — failure to provide requested information can lead to cancellation.

Delays

Funding time, currency conversion and the recipient bank's own processing can all affect arrival. Weekends and public holidays in either South Korea or Vietnam can push bank processing to the next working day. Use the status tracker to see where your transfer is.

Returned or refunded transfers

For cash pickup or delivery, an unsuccessful attempt to contact or verify the recipient, invalid identification, or an inability to deliver can result in a refund. If your transfer is returned, check the details with your recipient and reach out to Coinepay support to resend correctly.

Need help?

Coinepay's dashboard and app are available 24/7. If you are unsure which payout method or details to use for a specific Vietnamese bank or wallet, contact Coinepay support or reach the team on Telegram before you send. You can also learn more about the service on the Coinepay home page.

Get your Coinepay virtual card: Sign up · App Store · Google Play · Customer support

FAQ

Does my recipient in Vietnam need an IBAN?

No. Vietnam has no registered national IBAN format, so use your recipient's ordinary bank account number. If the route uses SWIFT, you may also need the receiving bank's own SWIFT/BIC — never reuse a code from a different bank.

What payout methods can I choose for Vietnam?

Depending on the route, you can choose bank account deposit, a mobile wallet such as MoMo, or cash pickup. The options available for your specific transfer are shown in the Coinepay app when you set it up.

How much will the transfer cost?

Coinepay shows the exchange rate and all fees clearly in the app before you confirm, so you can review exactly what your recipient will receive before committing.

What does my recipient need for cash pickup?

They need a valid government photo ID and the transfer tracking/pickup number. Make sure the name you enter matches their ID exactly, or the outlet may decline the payout.

Why might my transfer be delayed or returned?

Delays can come from funding time, currency conversion, the recipient bank's processing, or weekends and holidays. Transfers can be returned for a wrong name or account number, a bank rejection, or an unanswered compliance request for ID or documents.

How to Send Money to Vietnam from South Korea: Step-by-Step Guide