Vina money transfer review: Fees, rates and transfer time

TransferWise
17.10.18
9 minute read

If you want to send some money out of Australia to friends or loved ones back home, you’ll be looking for a safe and efficient way to remit money abroad. Or maybe you want to make an international transfer because you need to make a mortgage payment back to Australia, while you’re away travelling.

Whatever the situation, doing some research in advance is the best way to make sure you find an international payment service which is reliable, fairly priced, and user friendly.

Vina is a super agent for MoneyGram International, which means that you can use Vina to send and receive money from abroad using the MoneyGram payment routes and locations¹. To make an international transfer with Vina you must visit one of their locations or agents² - and you’ll need to make sure you understand the costs applied for the service you choose.

It’s good to know that there are plenty of other options out there. If you find that Vina doesn’t suit your needs, try an alternative provider such as TransferWise, for international payments using the best available exchange rate, and just a low flat fee.


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

Service Vina TransferWise
Fees for a transfer of AU$1000 to GBP AU$65 AU$5.97 - From AUD to GBP the fee is: 0.5% of the AUD amount + $1.00
Exchange rate Exchange rate + possible mark up The mid-market exchange rate
Supported currencies No information could be found regarding which currencies you can send to and from with Vina 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.

TransferWise 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 TransferWise rather than your bank when you send your money abroad.

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

Oh, and while you’re at it, check out TransferWise’s free 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 Vina money transfer for your international payment is right for you.

What are the fees for an international money transfer with Vina money transfer?

Vina money transfer offers international payments using MoneyGram International. You can estimate the costs of your transfers on the MoneyGram website, which is available in the source links below³. You’ll need to double check the exchange rate which will be applied for your currency, and the exact fees charged, when you visit a Vina branch to arrange your payment.

It’s worth knowing that there might be an exchange rate markup added to the real exchange rate, meaning you could pay more than you have to for your international payment. More on that later.

The fees charged by Vina vary depending on the currency you want to send, where it’s going, and how much you’re sending⁶. There are different fees for different currencies and countries. Here’s an outline of what you can expect to pay for a few common payment routes⁴:

Country and currency of transaction Estimated fees
AUD1,000 sent to the USA for collection in US dollars AUD65 + possible exchange rate markup
AUD1,000 sent to India for collection in Indian rupees AUD18 + possible exchange rate markup
AUD1,000 sent to Vietnam for collection in Vietnamese dong AUD17 + possible exchange rate markup
AUD1,000 sent to France for collection in euros AUD60 + possible exchange rate markup
AUD1,000 sent to the UK for collection in British pounds AUD65 + possible exchange rate markup

In some cases, as well as making a payment from a Vina branch for your recipient to collect in person from a MoneyGram outlet in their home country, you can make a payment through Vina directly into your recipient’s bank account. However, it's worth knowing that, if the payment is made direct to a bank account, there may also be additional fees from intermediary banks, or the recipient’s bank, on top of the fees outlined here⁵. More about these later.

What are the currencies that Vina money transfer supports?

Vina money transfer doesn’t specify the full list of currencies it supports, online. Instead, you’ll need to visit a branch in person, or give them a call using the contact details at the end of this article, to check if your currency pairing is available.

If Vina doesn’t cover the currency you're looking to send, then check out the broad range of currencies offered for transfer through TransferWise.

What is the Vina money transfer exchange rate?

You need to visit a Vina branch in person to place an international payment, and the branch staff will tell you the current exchange rate they can offer for your currency route. That’s because exchange rates move up and down all the time, along with the market.

What is important to know, is that many international transfer services, and money exchange providers don’t use the the real exchange rate to process payments. Instead they take the real, mid-market rate, and add a markup to it, to increase their profits. That’s why you need to check the exchange rate Vina - or any other money exchange service - gives you, against the current mid-market exchange rate for your currency. You can do that simply using an online currency converter, which will give you the real exchange rate for the day.

If your chosen international payment service won’t give you the real, mid-market exchange rate for your transfer, then it's time to find a new provider. TransferWise always make international payments using the real exchange rate, and only ever charge a small upfront, transparent fee. This could mean you pay less overall in charges, and your recipient gets more money in the end.

How long can a transfer with Vina money transfer take?

Vina international money transfers can be delivered to your recipient in a few different ways, depending on the country you’re sending money to. You could send money to be collected in person by your recipient at a MoneyGram location in their home country, or have it transferred directly to their bank account. In some countries you can even arrange to have the money delivered direct to the recipient’s door for convenience. Not all services are available in all countries, though, so you'll have to check your options when you visit a Vina branch.

When you send money for collection, it's typically ready within minutes of the transfer being confirmed. A bank transfer will take a little longer - in a few countries money will arrive in the recipient’s bank account in as little as an hour, while others may have to wait a day or so. BPAY payments can take up to 4 business days to arrive⁶.

One common reason for international bank transfers to take a few days is that they're often processed via the SWIFT network. Under this system, your transfer is passed through a network of partner banks, and could be handled by up to 3 intermediary banks before it reaches its final destination.

Not only does this mean that a SWIFT transfer takes a day or two to complete, it can also cost more than you expect, as each bank involved in the transaction is able to charge a fee.

Here’s what MoneyGram International say, in their online Terms and Conditions, about the possibility of additional fees⁵:

“Fees imposed by your financial institution or by any other person not directly a party to the Transfer, such as the Recipient’s financial institution, will not be reflected on the breakdown of costs provided to you for your Transfer.”

That means that the estimate of fees you're given by Vina can not take into account any extra costs added by your own bank or credit card provider, any intermediary banks, or the recipient’s own bank.

If you’re worried about hidden fees being added to your international transfer, it could be time to find an alternative option like TransferWise. TransferWise don’t use the SWIFT system, and all costs are described upfront, so there are no hidden charges to worry about.

How does Vina work?

Vina money transfer offers several different payment routes, including direct bank transfers, and sending money to be collected in person at a MoneyGram International 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?

All international transfers with Vina are made in person at a Vina location or agent². That means you have to visit a local branch to get started. You’ll need to take cash along with you, which you'll pay to the agent to make the transfer. Here’s how to make different types of transfer²⁺⁷:

Collection by recipient:

  • Visit a Vina branch or agent
  • Show your valid ID documents to prove your identity
  • Give your details, and those of the recipient to the agent, specifying the MoneyGram International agent location you want the payment to be sent to
  • Hand over the cash you wish to transfer, plus fees
  • Get an 8 digit PIN number, which you give to the recipient
  • Recipient then goes to the location you have agreed, with their ID and the 8 digit PIN to collect the cash

Payment direct to bank account:

  • Visit a Vina branch or agent
  • Show your valid ID documents to prove your identity
  • Give your details, and those of the recipient to the agent, including the recipient’s bank account details
  • Hand over the cash you wish to transfer, plus fees
  • The payment will arrive in the recipient’s account in a short while

Delivery at door:

  • Visit a Vina branch or agent
  • Show your valid ID documents to prove your identity
  • Give your details, and those of the recipient to the agent, specifying where you want the payment to be sent
  • Hand over the cash you wish to transfer, plus fees
  • Once there’s an estimated time of delivery of the money, your recipient will receive a call
  • The payment is then delivered to the nominated address by a courier

Does the recipient have to sign up with Vina money transfer?

The recipient does not need to sign up with Vina money transfer, but they'll need to show valid ID, and have an 8 digit PIN provided by the sender, if they’re collecting their cash in person⁷.

Are there any limits to the amount you can transfer?

For an online transfer Moneygram has a limit of up AU$7000 per transfer or per 30 days - whichever comes first - for most countries⁶. There are no specific limits imposed by MoneyGram for sending money via an agent location such as Vina - however, the local laws in the place you’re sending to will be applied. This may mean you have to provide more details, specifying the reason for the payment, for high transfer amounts.

Is the service available to anyone?

The service is available to anyone, but all international transfers with Vina must be initiated in person, so you’ll need to visit a branch or agent location yourself to get started².

How can you contact Vina money transfer?

You can contact Vina through a number of routes for further information. Either call into a branch or agent location near you, or try the following⁸:

  • By email on contact@vinamoney.com.au
  • Py phone on +61-2-97541923
  • By mail to their head office address: PO Box 733, Cabramatta NSW 2166

Vina money transfers are convenient for some customers, but it’s a good idea to check the fees being added, and the exchange rate being used, to make sure they’re offering a fair deal for your currency pairing. If you’re not happy with the deal on offer, it’s good to know that there are options out there to suit every different customer’s needs.

One smart option, if you’re sending or receiving money from abroad often, is a TransferWise multi-currency borderless account. This new account type lets you hold your money in any of dozens of different currencies, all in one account, and switch between them when you need to, using the real mid-market exchange rate, and for just a small fee. You can also receive fee-free payments from the UK, US, Australia and the euro area, with your own local bank details for these regions.

See if a borderless account could save you money, today. 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.http://vinamoney.com.au/Gioi-thieu.aspx?CateID=11&ArticleID=6
2.http://vinamoney.com.au/Dich-vu.aspx?ArticleID=9
3.https://secure.moneygram.com/mgo/au/en/
4.https://secure.moneygram.com/mgo/au/en/estimate
5.http://www.moneygram.com.au/terms-and-conditions
6.http://www.moneygram.com.au/faq
7.http://vinamoney.com.au/Dich-vu.aspx?ArticleID=11
8.http://www.vinamoney.com.au/Lien-he.aspx
*All sources have been checked on October 8, 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.

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