Business

Visa, Sacombank cooperate in developing int'l money transfer service

Visa, one of the world’s leading electronic payment technology companies, announced that it has partnered with Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) to deploy the inbound remittance transfer service through Visa Direct.
Visa, Sacombank cooperate in developing int'l money transfer service ảnh 1Poster of the service (Photo: Visa)

Hanoi (VNA) – Visa, one of theworld’s leading electronic payment technology companies, announced that it has partneredwith Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) to deploy the inboundremittance transfer service through Visa Direct.

Vietnamese people who areSacombank Visa debit card holders can use the service to transfer money to anyother Visa card issued in 44 countries and territories. It is applicable to the nine most traded foreign currencies in the world.

Sacombank is the first bank to implement this form of money transfer in theVietnamese market based on Visa's secure technical platform and meets thecriteria of a fast and convenient service.

According to statisticsconducted by Visa, there are 5.3 million Vietnamese peopleliving and working in 130 countries and territories around the world. About190,000 overseas Vietnamese students are studying abroad with the need toreceive monthly allowances from their relatives in Vietnam. The number of patientswho need to go abroad for medical examination and treatment is also on therise. Vietnamese people spent 2 billion USD to travel abroad for medical services in 2018.

Dang Tuyet Dung, countrymanager for Visa Vietnam and Laos, said the partnership between Visa andSacombank to develop Visa Direct service exclusively for Vietnamese consumers wasa breakthrough.

The overseas Vietnamesecommunity is growing stronger, so the demand for services to support their relativesin Vietnam to transfer money abroad is also increasing.

Thanks to Visa Direct, Vietnamese people can provide monthly financial assistance for their childrenor relatives living abroad more easily and conveniently than ever before.

Sacombank Visa debit card holders can transfer money to their relatives and friends living overseas with upto 8,000 USD per transaction and up to 8,000 USD per month or equivalentvalue if using other foreign currencies. For non-residents or foreigners, VisaDirect service helps them transfer their legal income from salary totheir home country or to other countries in the world quickly and easily.

Visa Direct aims toprovide a reliable platform to transfer money directly to a Visa card or bankaccount, minimising inconvenient intermediaries and potential risks in moneytransfers./.

VNA
#Visa #Sacombank #inbound remittance transfer service #Visa Direct #Sacombank Visa debit card #vietnam #vietnam news agency #vietnamplus
Follow VietnamPlus

Related News

Vietnam Banks Association urges Visa, Mastercard to reduce fees

Vietnam Banks Association urges Visa, Mastercard to reduce fees

The Vietnam Banks Association (VNBA) has urged international card organisations Visa and Mastercard to reduce several types of fees on Vietnamese banks as the fourth wave of COVI-19 pandemic in Vietnam has seriously affected the lives and production of people and businesses.

See more

The event "The Essences of Vietnam Fruits" promotes typical fruits of localities across Vietnam. (Photo: congthuong.vn)

High-quality Vietnamese fruits to be showcased in Hanoi

Each displayed product will have a QR code which helps visitors easily access detailed relevant information, such as product origin, growing area, production and preservation processes, and official sales addresses.

A worker checks information on product origin at Dong A steel factory (Photo: www.sggp.org.vn)

Vietnam tightens product origin rules to boost global trade edge

As Vietnam deepens its integration into the global economy through more than 15 free trade agreements (FTAs), including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU-Vietnam Free Trade Agreement (EVFTA), origin transparency has become a non-negotiable requirement to access tariff preferences and avoid trade defence measures.

Production at a small enterprise in Thanh Hoa province. Linkages will help small and medium sized enterprises diversify markets. (Photo: VNA)

Local businesses should strengthen links to overcome global challenges: Experts

Tran Thi Hong Minh, Director of the Institute for Policy and Strategy Studies under the Party Central Committee’s Commission for Policies and Strategies, said: "In a world of rapid and complex changes, linkages help businesses diversify markets, connect with new models and better use resources. They are also critical in mitigating risks and enhancing overall competitiveness.”

Nestlé Vietnam announces investment expansion in Vietnam operations (Photo: thanhnien.vn)

Nestlé announces investment expansion in Vietnam operations

Since 2011, Nestlé’s NESCAFÉ Plan has supported over 21,000 coffee farming households in adopting internationally recognised sustainable farming practices. These efforts have helped reduce water use by 40–60%, cut chemical fertiliser use by 20%, and increase farmers' incomes by 30–150% through crop diversification

Vietnam to diversify markets for agricultural products amid global trade shifts. (Photo: VNA)

Vietnam to diversify markets for agricultural products amid global trade shifts

According to the Ministry of Agriculture and Environment (MAE), Vietnam’s agricultural product exports are inevitably affected by disruptions in global supply chains and the imposition of unilateral, stringent tariff policies by major economies. Nonetheless, these challenges also present an opportunity for Vietnam to adjust its export strategy and focus more intently on emerging and high-potential markets.

Delegates commence the construction of AEON Hai Duong Shopping Centre in Hai Duong Province on April 19. (Photo courtesy of AEON Vietnam)

Construction of AEON Hai Duong Shopping Centre kicked off

With a total investment of around 1.18 trillion VND (45.6 million USD), the AEON Hai Duong Shopping Centre is designed with a total floor area of approximately 3.6 hectares. Spanning an estimated gross floor area (GFA) of roughly 38,100 sq.m, the shopping centre will feature ample parking space for nearly 600 cars and 1,200 motorcycles.