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

Poster of the service (Photo: Visa)

Hanoi (VNA) – 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.

Vietnamese people who are Sacombank Visa debit card holders can use the service to transfer money to any other 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 the Vietnamese market based on Visa's secure technical platform and meets the criteria of a fast and convenient service.

According to statistics conducted by Visa, there are 5.3 million Vietnamese people living and working in 130 countries and territories around the world. About 190,000 overseas Vietnamese students are studying abroad with the need to receive monthly allowances from their relatives in Vietnam. The number of patients who need to go abroad for medical examination and treatment is also on the rise. Vietnamese people spent 2 billion USD to travel abroad for medical services in 2018.

Dang Tuyet Dung, country manager for Visa Vietnam and Laos, said the partnership between Visa and Sacombank to develop Visa Direct service exclusively for Vietnamese consumers was a breakthrough.

The overseas Vietnamese community is growing stronger, so the demand for services to support their relatives in Vietnam to transfer money abroad is also increasing.

Thanks to Visa Direct, Vietnamese people can provide monthly financial assistance for their children or 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 up to 8,000 USD per transaction and up to 8,000 USD per month or equivalent value if using other foreign currencies. For non-residents or foreigners, Visa Direct service helps them transfer their legal income from salary to their home country or to other countries in the world quickly and easily.

Visa Direct aims to provide a reliable platform to transfer money directly to a Visa card or bank account, minimising inconvenient intermediaries and potential risks in money transfers./.