Cake GlobalX, launched by Cake digital bank in late March 2026, enables users to receive international remittances directly into their Vietnamese dong (VND) accounts on the same day. The service distinguishes itself by simplifying the international money transfer process, allowing users to complete transactions entirely through the Cake app on their mobile phones, bypassing intermediaries or physical bank branches.
The service supports receiving up to 10 foreign currencies via SWIFT and four major currencies—USD, EUR, CAD, and GBP—through local payment channels abroad. These channels include ACH in the United States, SEPA in Europe, Faster Payment in the United Kingdom, and EFT in Canada. Transaction limits range from 2 USD to 50,000 USD per transfer, offering low, transparent costs with no hidden fees.
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Customers use Cake GlobalX service to receive income from abroad. Photo: Gato
Statistics from Cake indicate that after two months of operation, USD transactions accounted for over 50% of the total volume processed through Cake GlobalX. Markets such as the United Kingdom, Europe, Japan, and China are also among the top sources for remittances to Vietnam via the platform. On average, each account receives more than 65 million dong per month.
Minh Tan, a 26-year-old IT freelancer in Ho Chi Minh City, previously relied on multiple platforms to receive payments from clients in the United States and Japan, often waiting several days for funds to reach his domestic account. "I used to wait days for money to arrive in my account in Vietnam. With Cake GlobalX, processing time is significantly faster, and fees and exchange rates are clearly displayed in the app, making it easier to track," Tan shared.
A Cake representative stated that approximately 47% of Cake GlobalX users are aged 18-25. This demographic frequently works on digital platforms, engages in cross-border e-commerce, or earns income from international sources. Beyond work-related payments, a portion of Cake GlobalX transactions involves sending money to families. The service targets overseas workers, freelancers, international sellers, and individuals conducting business on global e-commerce platforms.
Market reports indicate that the global cross-border e-commerce market reached 791.5 billion USD in 2024 and is projected to continue growing. In Vietnam, cross-border payments are a key focus of the National E-commerce Development Master Plan for the 2026-2030 period.
Cake developed the service to meet the increasing demand for international money transfers among Vietnamese individuals who work remotely, provide services to international markets, or operate businesses on global digital platforms.
From now until 30/9, Cake is running a promotion offering fee refunds for the first 2,000 customers who register for Cake GlobalX. Specifically, customers will receive an 11,000 dong refund for service management fees; a 25,000 dong refund for international money reception fees in USD, EUR, CAD, or GBP for their first five transactions; and a 125,000 dong refund for reception fees in other foreign currencies for their first two transactions.
In addition to receiving funds directly through the Cake app, customers can register for Cake GlobalX and withdraw cash at over 3,000 The Gioi Di Dong and Dien May Xanh stores nationwide.
(Source: Cake)
