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.
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 𒀰foreigners, 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./.
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Poster of the service (Photo: Visa) 
