Hai Ha Money Transfer review: Fees, rates and transfer time

Wise

24.09.18 (updated more than 1 year ago)

8 minute read

There are lots of reasons you might need a reliable way to transfer money overseas. Maybe you want to send some money to friends and family back home, or you need to make a mortgage payment while you travel abroad - either way, you’ll want to find a service which is reliable, fairly priced, and simple to use.

Hai Ha Money Transfer have been established in Australia for over 20 years, with 6 offices, and 21 agent locations throughout the country. Originally, money transfer services were offered to Vietnam only, with services to Cambodia, and then the rest of the world coming later¹.

If you’re looking for a money transfer provider which is fast and reliable, you’ll naturally want to do some research. If you find that Hai Ha Money Transfer doesn’t suit your needs, it could be worth looking at an alternative provider such as Wise, for international payments which are always made at the best available exchange rate, and with just a low flat fee.

A quick comparison between [provider] and Wise. Read on after that for the full information.

Service	Hai Ha Money Transfer	Wise
Fees (for a bank transfer of 1,000 AUD to VND)	AU$17 + possible additional bank fees from intermediary and receiving bank	AU$10.42 (From AUD to VND the fee is: 0.75% of the AUD amount + AU$3)
Exchange rate	The transfer rate + mark up	The mid-market exchange rate
Supported currencies	Supported currencies include: AUD, USD, EUR, CAD, CHF, FJD, GBP, HKD, INR, JPY, NZD, PHP, SGD, THB, and VND	Transfers to 48 currenciesTransfers from 22 currenciesMore information on the supported currencies FAQ page

Banks and money transfer providers often give you a bad exchange rate to make extra profits.

Wise is different. Its smart new technology skips hefty international transfer fees by connecting local bank accounts all around the world. Which means you can save up to 8x by using Wise rather than your bank when you send your money abroad.

Check out how to make your first transfer with Wise. And give it a try.

Oh, and while you’re at it, check out Wise’s borderless multi-currency account. Where you can manage and send dozens of currencies all from the same account.

Now, back to what you came here to read.

Here’s all you need to know to help you decide if using Hai Ha Money Transfer for your international payment is right for you.

What are the fees for an international money transfer with Hai Ha Money Transfer?

The cost to make an international transfer with Hai Ha depends on how much money you’re sending, and where it’s headed. The fee structures are quite complicated, so it's important to check the detail of the costs added to your transfer before you confirm it.

Here’s an outline of what you can expect to pay:

Country	Pickup fees	Delivery fees	Bank transfer fees
Vietnam²	Fees vary by amount sent Minimum cost: $5 for a $10 - $200 transfer, + any exchange rate markup added Prices increase gradually to $57 for a $9,000.01 - $10,000 transfer, + any exchange rate markup added 0.55% of transfer amount for transactions over $10,000.01, + any exchange rate markup added	Fees are the same as for pickup	Depositing VND: fees are the same as for pickup/delivery, + possible additional bank fees added by the local bank, + any exchange rate markup added Depositing AUD: $25 fee, + possible additional bank fees added by the local bank, + any exchange rate markup added Depositing USD: $10 (current promotion fee), + possible additional bank fees added by the local bank, + any exchange rate markup added
India³	Fees vary by amount sent Minimum cost: $5 for a $10 - $100 transfer, + any exchange rate markup added Prices increase gradually to $14 for a transfer of $500.01 or more, + any exchange rate markup added	Service not available	$8 flat fee, + possible additional bank fees added by the local bank, + any exchange rate markup added
Philippines⁴	Fees vary by amount sent Minimum cost: $4 for a $10 - $100 transfer, + any exchange rate markup added Prices increase gradually to $12 for a transfer of $900.01 or more, + any exchange rate markup added	Fees vary by amount sent Minimum cost: $6 for a $10 - $100 transfer, + any exchange rate markup added Prices increase gradually to $14 for a transfer of $900.01 or more, + any exchange rate markup added	$8 flat fee, + possible additional bank fees added by the local bank, + any exchange rate markup added
Cambodia⁵	Hai Ha list both a promotional cost of $10 flat fee for this service, and variable fees based on the amount sent Minimum cost: $10 for a transfer up to $800, + any exchange rate markup added Prices increase gradually to $50 for a transfer of $8,000.01 - $10,000, + any exchange rate markup added 0.5% of transfer amount for transactions over $10,000.01, + any exchange rate markup added	Service not available	To deposit AUD: $25 flat fee, + possible additional bank fees added by the local bank, + any exchange rate markup added To deposit USD: $10 flat fee, + possible additional bank fees added by the local bank, + any exchange rate markup added The website only lists AUD and USD as the currencies that a recipient in Cambodia can receive
US and rest of the world⁶	Service not available	Service not available	Fees depend on what currency is being sent, and the recipient’s country, usually ranging from $10 - $25, + possible additional bank fees added by the local bank, + any exchange rate markup added

What are the currencies that Hai Ha Money Transfer supports?

Hai Ha can arrange money transfers in a number of currencies, including AUD, USD, EUR, CAD, CHF, FJD, GBP, HKD, INR, JPY, NZD, PHP, SGD, THB, and VND⁶. However, not all currencies can be sent to all countries, so it's important to check the details for your own transfer.

If Hai Ha don’t cover the currency you're looking to send, then check out the broad range of currencies offered for transfer through Wise.

What is the Hai Ha Money Transfer exchange rate?

Hai Ha list 3 different exchange rates on their website: a buy rate, a sell rate and a transfer rate. This can seem confusing, so it’s important to understand which rate will apply in your particular circumstance. It’s also worth noting thatexchange rates move up and down all the time, and so the website small prints states that you should confirm the rate applicable at the time you’re placing a transaction, with the agent. In their terms and conditions Hai Ha Money Transfers also state that they make a small profit on the currency exchange⁷.

Once you’ve confirmed the rate that Hai Ha would use to process your transaction, it’s worth comparing this to the mid-market rate. The mid-market rate is the only real exchange rate, and the one that banks use when they’re selling currencies on big international markets. Many international transfer services, and money exchange providers will tell you that it’s impossible to get the mid-market rate, as a regular customer sending a small amount of money overseas. Instead, most services add a markup, or spread, to the exchange rate, and keep the difference as their profit.

It’s good to know that it’s actually possible to send your money abroad using the mid-market exchange rate, if you know where to look. Wise always make international payments using the mid-market exchange rate, and only upfront, transparent fees. This could mean you keep more of your money for yourself, and pay less overall in charges.

How long can a transfer with Hai Ha Money Transfer take?

Transfers to Vietnam and Cambodia could take between 3 hours and a day, with transfers everywhere else in the world taking a day or two to process. If you’re sending your money for delivery or pickup, it may arrive sooner⁸.

It’s worth knowing that money sent from one bank account to another in a different country, is often processed via the SWIFT network. This is the global network of banks which works together to facilitate international payments. Because of the way the network functions, your transfer could be handled by up to 3 intermediary banks before it reaches its final destination. This can mean the process takes a day or two to complete, and it can also mean you’re exposed to unexpected fees, as each bank involved in the transaction is able to add their own costs to the payment as it passes through the system. This is why Hai Ha specify that local banks may add their own fees to some transactions, and can result in your recipient getting less than you expect⁷.

If you want to avoid the SWIFT network when making an international bank transfer, then it could be time to find an alternative option. Because Wise use a smart new approach to making international transfers, payments don’t go through the SWIFT system, and there are no hidden fees to worry about.

How does Hai Ha work?

Hai Ha Money Transfer offers several different payment routes, including bank transfers using the swift system, and sending money to be collected in person by the recipient at an agent location abroad. In some countries you can also have the cash delivered directly to the recipient for ease.

What kind of transfers can you make?

There are different options available depending on what currency you intend to send, and to which country. These include:

Bank transfer via the SWIFT network - available in a number of large global currencies and countries. This service allows you to make a payment from your bank account directly to a bank account held overseas⁹
Pickup - this service is available in some Asian countries via local partner institutions, and lets you send money via a local agent in Australia for collection in cash by your recipient
Delivery - in some countries including the Philippines and Vietnam, you can have your cash delivered to a chosen address.

Does the recipient have to sign up with Hai Ha Money Transfer?

In most cases the recipient won’t need an account with Hai Ha to get their money. However, for payments involving collection or delivery, they’ll need to provide some personal information and ID documents to be able to collect. Check out the full details before you confirm your transaction.

Are there any limits to the amount you can transfer?

There are minimum amounts of $10 transfers for most currencies, but no upper limit to the amount you can transfer.

Is the service available to anyone?

You can use Hai Ha Money Transfer either by visiting an office or agent location in Australia, or by setting up an account and using the service online. To set up an account for online use, you’ll need to provide personal details and identification documents, and have your account approved before you’re able to make any transactions¹⁰.

How can you contact Hai Ha Money Transfer?

You can contact Hai Ha through a number of routes if you want to ask about a transfer or get any further information¹¹:

By email using the form on the website’s ‘Contact Us’ page
Py phone, they have different phone numbers depending on your query
You can send them actual mail as well
They can also be contacted by fax

It’s pretty common these days to need to send money abroad, so it’s good to know that there are options out there to suit every different customer’s needs. If you’re sending or receiving money from abroad often, you might benefit from a Wise multi-currency borderless account.

This new account type lets you hold your cash in any of dozens of different currencies, all in the same account. You can switch between currencies when you need to, using the real exchange rate, and for just a small fee. You can also generate local bank details to receive fee-free payments from regions such as the UK, US, Australia and the euro area. And there are debit cards coming in the future as well.

Once you’ve found the right money transfer service for you, you can relax, knowing your money will arrive safely - and that you’re getting the best available deal.

Sources:
1.https://hhmt.com.au/aboutus/ (September 15, 2018)
2.http://hhmt.com.au/transfer-money/vietnam/ (September 15, 2018)
3.https://hhmt.com.au/transfer-money/india/ (September 15, 2018)
4.https://hhmt.com.au/transfer-money/philippines/ (September 15, 2018)
5.https://hhmt.com.au/transfer-money/cambodia/ (September 15, 2018)
6.https://hhmt.com.au/transfer-money/international/ (September 15, 2018)
7.http://hhmt.com.au/aboutus/terms-conditions/ (September 15, 2018)
8.https://hhmt.com.au/aboutus/faqs/ (September 15, 2018)
9.https://hhmt.com.au/transfer-money/swift-powered-by-hai-ha-money-transfer/ (September 15, 2018)
10.https://hhmt.com.au/transfer-money/remote-customers/ (September 15, 2018)
11.https://hhmt.com.au/contact-us/ (September 15, 2018)

This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.