VIB provides innovative foreign currency services

August 23, 2023 | 14:49
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Vietnam International Bank (VIB) has been recognised by Global Business Outlook for its innovation in creating unique value with its foreign currency services for individual customers.
VIB provides innovative foreign currency services

Meet the demand for foreign currency with a limit of up to $70,000 and competitive exchange rates

VIB applies a maximum limit on foreign currency purchases equal to the per capita income at the current price level in the destination country, up to $70,000. The list of foreign currencies traded at the bank has been expanded to 16 popular currencies that are applicable in 50 countries around the world.

VIB's foreign currency services meet the needs of individual customers in terms of overseas study, travel, work, healthcare, resettlement, and allowances for relatives living abroad.

For oversea travel and business, VIB will convert foreign currency into cash for customers to conveniently spend. With overseas study and healthcare, VIB will provide some foreign currency in the form of cash, with the remainder being transferred directly to the education unit or the place where the customer's treatment records are received in the host country.

For those spending longer abroad, transferring allowances to relatives, or trading with foreign partners, VIB will transfer money directly to the beneficiary's account in the destination country.

VIB continuously updates the exchange rate at a competitive level, currently placing it in the most beneficial group for all the offered foreign currencies.

The most innovative foreign currency service for users

For the convenience of individual customers, VIB deploys various forms of foreign currency transactions, from in-branch to online, with a quick and convenient process for users.

With direct transactions at the counter, VIB has streamlined a set of documents to save time and ensure compliance with the provisions of the State Bank of Vietnam's Circular 20. As a result, it only takes 15 minutes for customers to receive foreign currency in cash, or to complete the wire transfer to the beneficiary.

VIB provides innovative foreign currency services

In addition, customers can transfer online at anytime and from anywhere on their smartphones with the digital banking app MyVIB. When opening the app, customers can select the International Money Transfer feature to make transactions instantly with a list of 11 popular foreign currencies and 200 countries.

They can make transactions up to an unlimited amount if the outward remittances are supported by invoices or documents, such as tuition fee notices, hospital bills, goods service charge notices, and others.

For outward transfers without receipts or supporting documents, for example, living expenses for studying abroad and allowances for relatives, the annual transfer limit is equal to the average per capita income at the current rates in the destination country.

For each money transfer purpose, MyVIB provides a dedicated set of documents for the account holder's convenience prior to conducting the transaction. VIB will process the money transfer request within 24 working hours. MyVIB also helps customers easily track the status of the transaction process anytime, anywhere.

VIB provides innovative foreign currency services

VIB has applied cutting-edge technology to the design of the International Money Transfer feature on MyVIB, providing outstanding convenience for customers. This has helped VIB to excel in the field of foreign currency services.

MyVIB is designed to leave a strong impression on users with its modern and easy-to-operate interface.

VIB is implementing a free international money transfer programme for customers when making transactions on MyVIB from now until September 30. Additionally, the first 30 customers to make transactions each month will be given VND1 million ($41.98) each.

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By Thanh Van

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