Risks of Sending Tuition Money Abroad Through Unofficial Channels
Ms. H.M (45 years old) lost nearly 50 million VND while transferring tuition and living expenses to her eldest daughter, who is studying in Canada. Ms. M shared that she had contacted an international transaction agency introduced as “reputable” in North America, with simple procedures and quick money transfer. After three successful transactions with a fee of 1-1.5% of the transferred amount, she trusted the agency and, on the fourth occasion, transferred the money without any paperwork or commitment.
However, a few days later, her daughter informed her that she had not received the money. When Ms. M tried to contact the agency, all their phone numbers were unreachable, and their supposed office address did not exist.
According to economic security experts, cases like Ms. H.M’s are not uncommon. Each year, an estimated 45,000 young Vietnamese go abroad in search of educational opportunities and self-improvement. Scammers often take advantage of the peak season for foreign currency transactions (August to October) to carry out their illicit activities.
Many parents may encounter the risk of fraud, black-market loans, or money transfer scams, facing difficulties in currency exchange, expensive receiving fees, and even the risk of property appropriation.
“Money transfers through unofficial channels that do not require proper documentation rely mainly on trust and are fraught with risks. There have been numerous cases of people losing money with no recourse. The ambiguity in exchange rates and transfer times, loose security mechanisms, unclear procedures, and lack of transparency in legal bases could inadvertently involve parents in international money laundering networks if they do not conduct thorough research,” emphasized the experts.
Banks: The Trusted and Secure Choice
Financial experts recommend that to ensure the money reaches the intended recipient, parents and individuals transferring foreign currency should opt for banks that provide tuition and living expense transfer services. Banks offer a legitimate, safe, and secure channel for such transactions, backed by the State Bank, providing absolute trust.
SHB, for instance, is one of the trusted choices for customers when it comes to international money transfers. Besides its strong financial standing in the domestic credit system, SHB also boasts a high success rate for SWIFT money transfers, recognized by leading financial institutions as per international standards. With a vast network of over 400 correspondent banks worldwide and supporting more than 100 foreign currencies, receiving money from abroad is seamless and absolutely accurate.
Banks Remain the Top Choice for Most Customers
To initiate a money transfer, parents and individuals are required to provide a complete set of documents, including proof of admission, a copy of the passport and valid visa of the student, student ID, and proof of relationship between the sender and the student. SHB’s dedicated staff will explain the international money transfer process transparently and provide detailed guidance throughout.
Mr. K.H (50 years old, Hai Phong) shared that despite being recommended various quick money transfer options, he still trusts and relies on bank services as they are the safest and most reputable, especially for older parents who may not be tech-savvy.
“As a long-term customer of SHB, I am assured that all my documents are verified. I can directly discuss any queries with the bank officers, monitor and track the status of my transfers at any time, and benefit from their high transfer limits. The bank’s processing speed always meets expectations, ensuring that my grandchildren’s tuition fees in Australia are paid on time,” emphasized Mr. K.H.
SHB’s representative added that besides convenience and security, customers opting for international money transfer services during the 2024 enrollment season would also enjoy exclusive privileges, including fee waivers or reductions, no limits on the number of transfers or promotional periods, and assistance in arranging foreign currency for those with justified needs.
In addition to tuition transfers, SHB also offers other services such as medical treatment transfers, family allowance transfers, emigration transfers, inheritance transfers, and payment of various fees and charges to foreign countries. Moving forward, the bank will continue to upgrade and adopt modern and advanced technologies in its international payment and transfer services to provide customers with the best experiences, convenience, security, and privacy.
