Cash to Vietnam (Cash2Vn) enables Vietnamese abroad to send money home using Bitcoin

Country: Vietnamcash2vn1

Year: 2015

Concept

  • Created by Bitcoin Vietnam (a fully-registered brokerage service in Vietnam), the Cash2Vn platform provides an international remittance service for the Vietnamese diaspora to send money back to friends and family in Vietnam
  • Users buy Bitcoins and Cash2Vn converts these into VND directly into the beneficiary’s bank account.
  • With around 80 000 Vietnamese leaving the country each year to work abroad, many families rely on money being sent back by their relatives
  • Current estimates indicate that international remittances make up 8% of Vietnamese GDP with $13-14bn in remittances in 2015 alone
  • The service predominantly targets urban, well-educated middle-class populations in Hanoi and Ho Chi Minh; but is expanding as more and more users learn about Bitcoin
  • Combined with a high unbanked population and a lack of faith in the Vietnamese Dong (VND), Cash2Vn uses Bitcoin to facilitate fast and frictionless cross-border transactions

Consumer Benefits

  • Lower fees: than traditional monetary exchanges (bank transfers or credit cards, etc.)
  • Speed: transactions typically take a couple of hours (if made within business hours) to the recipient receiving it
  • P2P transfers: no middleman involvement

How To Use

  • Users must already have some Bitcoin in order to use the service. The site automatically detects the user’s current country and lists available exchanges in that country to buy Bitcoin
  • Accounts can be created by signing up with Facebook and the user must have a verified Vietnamese bank account (efforts are underway to include users who have foreign accounts)
  • The user enters the amount of VND that they would like to send. Next, the user is presented with a payment request (QR code) for a Bitcoin transaction
  • The Bitcoins are sold as soon as Cash2Vn receives them with the recipient receiving the money a few hours later

Illustration

Coin Telegraph interviews Cash2Vn founder Dominik Weil

cash2vn-coin-tel