Visa Makes It Easy to Receive Funds in Vietnam From Abroadby Fintech News Vietnam August 11, 2021
Visa has partnered with Vietnam banks to make it easier for Visa debit cardholders to receive inbound remittances using MoneyGram and Remitly. Powered by Visa Direct, cardholders will receive the funds directly to their accounts in near real-time.
Vietnam is one of the 10 largest recipient countries of remittances with funds arriving from about 5.3 million Vietnamese people living and working in over 130 countries. This collaboration connects Vietnamese Visa debit cardholders to a global remittance network making the process of receiving funds simple, fast and secure.
“The partnership with MoneyGram, Remitly and our bank partners will provide a fast and reliable channel for Vietnamese people to receive remittances from their loved ones on the other side of the world,”
said Mrs. Dang Tuyet Dung, Country Manager of Visa Vietnam and Laos.
“This service will streamline and accelerate the inbound remittance process for all Visa debit cardholders in Vietnam (the ones who have a bank account and a Visa debit card linked to that account), supporting the country’s economic recovery and facilitating the shift towards digital payments and a cashless society.”
Mr. Nguyen Tam Khoa, Director of Card Center of ACB, shared:
“On the Visa Direct platform, Visa cardholders from abroad can transfer money directly to ACB Visa debit cards in Vietnam in a handy and modern service connecting the remitters and their loved ones. The new feature makes sending and receiving remittances far simpler, more convenient, and safer than ever before without any documents or procedures because the fund is automatically made available to ACB Visa debit cardholders.”
Visa Direct enables the fast transfer of funds from the sender to the recipient’s bank account or Visa debit card in near real-time (under 30 minutes) 24 hours a day, 365 days a year. Funds received can be used as soon as they are posted to the account, eliminating time wasted waiting in line to withdraw funds as well as the risk of having to carry large amounts of cash from the remittance intermediary to the bank.
Innovation and constant evolution are emerging as key drivers of Vietnamese banks, with 60% already having digital transformation initiatives in place by the end of 20193 to streamline operations and make themselves more appealing to the substantial unbanked adult population.
The Banks involved in that project are ACB, Saxobank and SaiGon Commercial Bank.