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How much are the service fees charged by the Bank of China for money transfers to Vietnam?
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We are a companyThe company often transfers payment to Vietnamese suppliers through Bank of China, but we've noticed that the transaction fees charged vary significantly from time to time - sometimes higher, sometimes lower. Could you please explain how Bank of China calculates the transfer fees to Vietnam? Are there any ways to reduce these costs?
Lucas LiuYears of service：8Customer Rating：5.0
Senior Operations ConsultantStart a Chat
For cross-border remittances from Bank of China to Vietnam，compliance is the top priority. According to foreign exchange management regulations，enterprises must provide documentary evidence of genuine transaction background (contracts，invoices，customs declarations). The fee structure is: 0.1% of the remittance amount (with a minimum of 50 yuan and a maximum of 260 yuan) + telegram fees of 80-150 yuan. However，three risk points should be noted: First，Vietnam is a foreign exchange control country，and the receiving bank may charge an additional fee of 10-30 USD，Second，if the documentary evidence is incomplete or the transaction background is questionable，the bank will refuse to process the transaction or even report it to the foreign exchange bureau，Third，it is essential to retain complete transaction documents for more than 5 years for future reference. Recently，the foreign exchange bureau has strengthened supervision of capital flows in Southeast Asia. It is recommended to ensure consistency among the three documents (capital flow，goods flow，and information flow) to avoid triggering inspections.
Jason WuYears of service：10Customer Rating：5.0
International Logistics & Supply Chain ManagerStart a Chat
From an operational perspective, the fees charged by Bank of China for remittances to Vietnam are divided into three categories: Bank of China's handling fees, transit bank fees, and receiving bank fees. Bank of China's fixed fee is 0.1% of the remittance amount (RMB 50-260) + telegram fee of RMB 80-150. The key variable is the fee-sharing method: selecting SHA (shared responsibility) will result in a deduction of US$15-30 by Vietnamese banks; selecting OUR (all fees paid by the sender) will allow Bank of China to pre-collect approximately US$25 in transit fees, ensuring that the full amount reaches the recipient. Practical advice:
1. Maintain a single transaction amount below US$50,000 to reduce review risks;
2. Ensure accurate filling out of the receiving bank's SWIFT code and address. Information errors will result in a US$25-50 refund/amendment fee;
3. Prioritize mainstream banks such as Vietcombank and BIDV, as their fee structures are more transparent.
Eric ZhouYears of service：6Customer Rating：5.0
Senior Manager of Foreign Exchange & Tax RebatesStart a Chat
When discussing transaction fees with Vietnamese suppliers, it's important to transform cost concerns into cooperative advantages. Here's a three-step approach:
1. During contract negotiations, clarify terms such as "for orders exceeding $20,000, each party will bear 50% of the transaction fees," which demonstrates sincerity while controlling costs.
2. Use professional language to communicate: "The Bank of China charges a $25-30 transfer fee. To ensure you receive the full payment, we opt for the OUR payment method. We hope you can offer a reasonable price discount to balance this cost in future orders."
3. After establishing trust, propose switching to direct RMB cross-border transfers (CNY) to avoid USD conversion fees and achieve a win-win solution. Vietnamese businesspeople value relationships, and successfully negotiating transaction fees can deepen cooperation and trust.