LocalPay: Stablecoin Wallet

The app itself is good and works flawlessly. But the exchange rate is ridiculous and it makes no sense to use it on a daily basis. I use it just as a back up, but wouldn’t recommend to anyone as a main way to pay in Vietnam.

Hidden exchange-rate markup — the “fee” they show you is not the real cost. ⭐ Be very careful with LocalPay. The fee they display is tiny and misleading — the real cost is buried in a marked-up exchange rate, and it adds up fast. I sent 20,000,000 VND. At the real market rate (26,322 VND/USD) that’s worth about $760. LocalPay charged me $806.47. The app proudly listed a “$7.26 fee” — but I actually overpaid by $46.66, around 6%. So where did the other ~$39 go? Straight into a worse-than-market exchange rate they don’t disclose. This wasn’t a one-off. I checked several transfers in the same period and the all-in cost ran from about 1% on a tiny amount up to 6%+ on the larger ones. The bigger the transfer, the more they quietly take. The displayed “fee” has almost nothing to do with what you actually lose. Worst part: customer support never replied and just closed my ticket. If you’re sending real money to Vietnam, calculate the effective rate yourself (VND sent ÷ USD charged) before trusting the fee they show you. You’ll likely find a much better deal elsewhere. The competitor has lower fees and it’s stated clearly

You cant top up using a bank or cards if you “live” inside Vietnam, only crypto from an exchange or another person. Residency outside US: You need an exchange or another person to send you crypto. Residency inside US: You can top up using your US local bank or cards to use while traveling abroad.