- Binary Brokers with Vietcom Bank
- How Vietcombank Transfers Works
- Transaction Times
- Pricing Review
- Domestic Outward Remittance
- Domestic Inward Remittance
- International Outward Remittance
- International Inward Remittance
- Pros Of Vietcombank Transfer Binary Options Brokers
- Cons Of Vietcombank Transfer Binary Options Brokers
- How To Make Vietcombank Deposits & Withdrawals To Binary Options Accounts
- Verdict On Vietcombank Binary Options Brokers
- Is Vietcombank A Secure Payment Method For Binary Options Trading?
- Is Vietcombank An Expensive Binary Options Deposit Method?
- Are Vietcombank Transfers Available To Binary Options Traders Outside Vietnam?
- Is There A Transaction Limit When Funding Binary Options Accounts With Vietcombank?
- Do They Allow Instant Deposits To Binary Options Brokers?
Vietcombank transfers are not only one of the most popular online payment methods in Vietnam, but they also provide a highly secure way of depositing funds to binary options accounts. This review will cover transaction times, pricing, security, and instructions for making a payment to Vietcombank binary brokers.
We have also compiled a list of the top binary options brokers that accept Vietcombank transfers.
Binary Brokers with Vietcom Bank
How Vietcombank Transfers Works
Vietcombank – the abbreviated brand name used by the Joint Stock Commercial Bank for Foreign Trade of Vietnam – is a large bank in Vietnam that has been operating since 1963.
It launched its IPO raising over $650 million in 2007 and became the Commercial Bank for Foreign Trade of Vietnam the next year, then swiftly moved on to earn a listing on the Ho Chi Minh City Stock Exchange in 2009.
Vietcombank now provides services for commercial banking, investment banking, and fund management with more than 600 branches and office locations.
The bank’s services, including international/overseas transfers, are mostly aimed at Vietnamese customers. This has made it an attractive fit for binary options brokers who are looking to make themselves a more attractive option to customers in this region.
It is also a good solution for binary options traders from neighbouring areas who have an interest in the country and use local financial products.
There are no opening hours for Vietcombank’s online payment services, and therefore money transfers can be made any time of day or night.
However, since transfers are not guaranteed to be instant, processing times can be longer than other binary options payment methods, such as PayPal or debit cards.
Traders should also keep in mind that transaction times with brokers might differ from that of the payment provider itself.
Many binary options brokers that accept Vietcombank transfers will process your deposit as soon as the bank is able to, but sometimes it can take up to three working days before funds will appear in your trading account.
Alpari, for example, aims to process deposits made via the payment solution immediately, while withdrawals can take up to 24 hours.
This also means that binary options brokers operating outside of Vietnam may be charged fees by the bank for payments that they have to process.
The binary broker may cover this fee themselves or the cost may be reflected in the fees they charge to traders. Alpari, for example, charges no commission for deposits using the payment method but there is a 2% commission at the withdrawal stage.
There may also be a commission if you transfer funds in Vietnamese dong (VND) and your binary options broker has to convert the currency into USD or EUR, for example.
Below is an overview of the fees for international and domestic transfers:
Domestic Outward Remittance
- Free if funds are sent from a Vietcombank beneficiary account
- 0.03% fee, minimum $1, maximum $70, for deposits into a foreign currency trading account
- 0.025% fee on VND deposits under 500 million VND, minimum 9000 VND, maximum 125,000 VND
- 0.027% fee, minimum 135,000 VND, maximum 975,000 VND, on deposits of 500 million VND
Domestic Inward Remittance
- Free to beneficiary accounts at Vietcombank
- 0.03% fee, minimum 10,000 VND, maximum 1,000,000 VND, from other banks
International Outward Remittance
- Fees are dependent on the transaction time, speed corridor pricing, promotions and international currency transfer rates
- 0.2% fee, minimum $5, maximum $200, plus a fee from an international bank ($10 for USD, $40 for JPY and EUR, and $20 for other currencies) on Swift transfers
International Inward Remittance
- 0.05% charge, minimum $2, maximum $70, on Swift transfers
- $2 sending for collection fee per sheet, 0.05% service fee on checks
- Fees depend on transaction time, speed corridor pricing, promotions, and international currency transfer rates
Security is one of the key ways in which Vietcombank transfers are a frontrunner for binary options payment methods in Asia. The bank was awarded the Champion Security Award by Visa in 2019 for having the lowest fraud rate in Vietnam and Southeast Asia.
Because it operates as a traditional bank, Vietcombank is obliged to comply with rigorous safety procedures to ensure that funds are kept secure. In December 2021, the bank brought in an upgrade to its 3D secure feature for online transactions, making it safer than ever for online trading.
To open an account, every client will have to submit proof of address as well as their full legal name, and from this point onwards every online transaction will be verified by a code sent to their mobile phone.
However, it is important to also ensure that you only trade with Vietcombank binary options brokers that are trustworthy and reliable. Look for user reviews, industry awards and accolades, plus details of security measures.
Pros Of Vietcombank Transfer Binary Options Brokers
- Highly Secure – Security is the biggest benefit binary options traders can expect from using Vietcombank transfers.
- Easy Sign-Up Process – Opening an account is easy and only takes a few minutes, so if you decide that it is the right payment method for you and find binary options brokers that accept Vietcombank transfers, then you will be able to set up an account within minutes.
- Customer Support – If you have problems depositing or withdrawing money from your binary options trading account, Vietcombank makes it easy to get in contact. The bank’s customer service department is available 24/7 at 1900 545413, or 1800 1565 for priority customers. There is also a comprehensive set of FAQs on the Vietcombank website that aims to answer the most common payment questions.
- Tracking Information – The mobile application allows you to see the current status of your transaction, including any deposits and withdrawals to and from binary options accounts.
Cons Of Vietcombank Transfer Binary Options Brokers
- Slow Transaction Times – Deposits made with Vietcombank should not take longer than one day to complete, and while this is on the shorter side, most of the best binary options brokers are able to facilitate instant deposits via alternative methods, such as Skrill, Neteller, Visa or Mastercard.
- Transfer Limits – Vietcombank customers are limited to transferring a maximum of 100,000,000 VND per month. This is a fairly low transaction limit, especially for those who trade binary options full-time.
- Transfer Fees – How much you will be charged for using Vietcombank as a payment method is at the discretion of your binary options broker, but because they are charged fees for using the bank, they may forward these wire transfer fees to the trader. Check this before you begin trading to ensure costly fees don’t eat into your profits.
- Regional Restrictions – If you are trading binary options outside Vietnam then this payment method may not be available. It is best suited to traders in Asia that already hold an account with Vietcombank.
How To Make Vietcombank Deposits & Withdrawals To Binary Options Accounts
Keep in mind that not all binary options brokers accept Vietcombank transfers, so the first thing you should do is check for their logo on the broker’s website. Alternatively, use our list of the top Vietcombank binary options brokers in 2023.
There will also likely be limits on the deposit size set by the binary broker. This can affect the minimum and maximum amounts you are allowed to deposit and how long it will take for the deposited funds to appear in your trading account, so check this before you sign up.
When you are ready, head to the cashier or similar portal, and select ‘deposit’. Enter the amount, along with your banking details.
Note, you may need to verify the transaction via a code sent to your phone.
To request a withdrawal, return to the cashier portal and select ‘withdraw’. Then simply follow the on-screen instructions. The best Vietcombank binary brokers save payment method details to speed up transactions. The brand may also need to confirm your identity if it is your first withdrawal.
Funds can be withdrawn to Vietcombank accounts in VND, JPY, USD, and EUR. Ensure that your binary options broker is operating in the same currency as your bank account to avoid fees.
Verdict On Vietcombank Binary Options Brokers
Vietcombank is a great option for binary options traders based in Vietnam due to its high security and good customer service. However, traders should be sure that this payment solution meets their binary options trading needs before selecting it, including fees and regional limitations. Traders should also note that the bank does not typically allow instant deposits and has transaction limits.
Head to our list of the best Vietcombank binary brokers to start trading.
Is Vietcombank A Secure Payment Method For Binary Options Trading?
All transactions are secured and verified by a code that is sent to the user’s mobile phone, and the bank uses 3D secure protection to ensure that binary options trader’s funds are kept safe while in transit. Also make sure you only trade with trusted Vietcombank binary brokers.
Is Vietcombank An Expensive Binary Options Deposit Method?
Vietcombank charges fees to binary options brokers so that they can use their service to transfer funds, and the brokerage might pass these fees on to you. Fortunately, the top binary options brokers that accept Vietcombank transfers, including Alpari, offer free deposits while withdrawals come with a small charge, around 2% of the transaction amount.
Are Vietcombank Transfers Available To Binary Options Traders Outside Vietnam?
Vietcombank is a payment method that is primarily aimed at and accessible to binary options traders in Vietnam. Investors in other countries will be better served by alternatives, such as PayPal, Skrill, Neteller, Visa or Mastercard.
Is There A Transaction Limit When Funding Binary Options Accounts With Vietcombank?
There is a monthly transaction limit of 1 million VND which is just over $4000 USD. Note that there might also be transaction limits set by your binary options broker. Alpari, for example, has a $5 minimum deposit requirement with no upper threshold.
Do They Allow Instant Deposits To Binary Options Brokers?
Vietcombank deposits into your binary options trading account can take up to one day to appear, but this also depends on how quickly your broker can process the payment. Alpari, for example, offers instant deposits and 24-hour withdrawals using the payment solution.