When I was a young and poor student I used to work as a waiter in a Vietnamese restaurant. When I was there I felt that the pay was quite low, being the legal minimum wage for New Zealand, but my Vietnamese workmates felt that they were making bank. I wondered if they were making more than me, because they were always talking about how rich they were going to be! But I later discovered that they were not making more than I was, but rather their money would go further when they eventually spend it, because they were saving it up to take back home to Vietnam.
Apparently, the cost of living in Vietnam is very cheap, and the conversion rate between Vietnamese money and New Zealand money is very favourable. What looks like poverty money in New Zealand is glistening riches in Vietnam. So my Vietnamese workmates would work hard in a restaurant in New Zealand and transfer money to Vietnam until they felt they had enough, then they would go home and enjoy their fortune.
Just another day in the office.
Why do you care about this? Unless you are Vietnamese, you probably don’t want to quit your job, cash in all of your money and go to live in Vietnam, because your money will run out eventually and you will need to either go home again (without a job to go back to?) or stay in Vietnam and get a job there (earning a Vietnamese wage).
However, if you can work on the internet, making money selling affiliate products, then you can turn what would be a reasonable amount of money into a large fortune. You would be earning US dollars, but paying Vietnamese living costs. This is what they in the online marketing world call a ‘Digital Nomad’. You don’t need to be rich, in fact most ‘digital nomads’ are not really earning much more than most people, you just need to earn money online, and then go spend it in a country with a favourable conversion rate. In Vietnam, you can buy a three course meal for the Vietnamese equivalent of $3. You can rent a room in the fanciest beach hotel with a spa for the Vietnamese equivalent of roughly $50 a week. Your little money goes a much longer way in small Asian countries than it does back home!
So if you haven’t yet started making money on the internet, go to Commission Junction and start today! Earn Western money in the East.
There is a lot of information that can be found when it comes to doing money transfers. If you would like to know more, you can also check out this video which goes into the process of sending cash abroad. This video, as well as further research, should make the process less intimidating and more straightforward for you.