Visa, the world’s leader in digital payments, has partnered with Vietnamese banks to make it easier for Visa debit card holders 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.
|Visa makes it easy to receive funds from abroad with Visa Direct |
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 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.”
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.
|Visa debit cardholders can now receive inbound remittances using MoneyGram and Remitly |
“Remittances are a significant source of foreign currency for the economy and we are constantly working to make these transactions as simple, enjoyable, and convenient as possible. The Visa Direct solution that we have implemented recently will contribute to increasing inbound remittances. In the future, we will integrate international fund transfer service into our digital banking platform so that customers can transact anytime, anywhere,” said Nguyen Minh Tam, deputy general director of Sacombank.
The service operating through Visa Direct will allow customers to send and receive remittances via their Visa debit cards, allowing them to support friends and family wherever in the world they may be – while enjoying the ever-expanding portfolio of fast and convenient services Visa cards offer. From now to 30 September 2021, Vietnamese cardholders receiving a remittance to their Visa debit card will also receive a $5 incentive statement credit. Terms and conditions apply.
Nguyen Cuu Tinh, deputy CEO of Personal Financial Services Division of Sai Gon Commercial Bank (SCB), added: “The outlook of the Vietnamese economy is brighter as more strategic partnerships like this one continue to bring a multitude of benefits to consumers in Vietnam. We believe together with Visa, SCB can bring the most modern and secure payment technologies as they enter the digital age.”
Innovation and constant evolution are emerging as key drivers of Vietnamese banks, with 60 per cent already having digital transformation initiatives in place by the end of 2019 to streamline operations and make themselves more appealing to the substantial unbanked adult population.
|The service operating through Visa Direct will allow customers to send and receive remittances via their Visa debit cards |