Do regularly send money to Vietnam? If you said yes, you can take pride knowing you are part of the $7 million – or 11% of Vietnam’s gross domestic product (GDP) – flowing into the country.
Of the 1.2 million Vietnamese Americans, 40% live in California as political refugees who frequently wire money to friends and relatives back home. You are one of many immigrants and 1st-generation Americans financially assisting parents, grandparents, cousins and other family members residing in Vietnam.
Facts show industry and service workers make up 70% of Vietnam’s GDP while agricultural workers make up 65% of the work force. Not to be forgotten the money sent into the country by people like you adds up to over 11%! But who exactly is accepting the cash?
Most of the people receiving money are households in which a woman is the breadwinner. Although this group only makes up one-fifth of the population, it still accounts for half of the funds transferred into Vietnam. Most often it is the children sending the money. Research shows after the women come siblings or other family members, followed by spouses wiring to their significant others.
These aren’t, however, the only reasons people transfer funds Vietnam. Many wire money to make an investment, seeing as there is no limit on how much you can send, nor will you be forced to pay taxes. The Vietnamese government has projected that in a few years $100 million will be sent on a yearly basis.
There is bad news for your pocketbook though, most businesses charge a hefty fee for their services. This is just one reason why re-loadable debit cards are increasing in popularity. Because not only can’t the money be stolen by a parcel worker or desk operator, but to add funds, you simply go online. And to retrieve the funds the recipient can easily go to one of the 8,000 ATM machines in the country. Cards such as these help deter theft, extortion or even misplaced mail. Most who have used it now swear by it as the best way to transfer
With services like these ones, a rechargeable ATM card is sent, and after the recipient lets the sender know they received the card the sender simply must transfer the money online or even through a toll-free phone number.
Related posts:
- Where Can I Find Further Facts on Franchising
- Want to Gain More Money in Your Business? Learn The Best Tactics