Vietinbank to Offer Online Remittance Transfer Services

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Nov. 24 – The Vietnam Bank for Industry and Trade (Vietinbank) will begin offering online remittance transfer service to make it easier for Vietnamese overseas to transfer money home.

The service allows a maximum one time transfer amount of US$3,000 or 10 transactions totaling US$15,000 monthly according to VOV News. One can immediately register for the service through the bank’s website and recipients will be able to pick up the money at the bank.

Vietinbank is cooperating with overseas banking partners for the service including Taiwan, Malaysia, the Republic of Korea, the Middle East, the United States and Australia. In Korea, a new service with the Korean Exchange Bank and LG Telecom Korea allows mobile phones to send remittances. American company, Wells Fargo Bank allows remittances within one day and charges US$8 per transaction.