Visa and Sacombank make it easier to send money abroad
Visa, the world’s leader in digital payments, and Sacombank are making it easier for Vietnamese to send money abroad with Visa Direct. The service will allow Sacombank Visa debit cardholders to transfer money to Visa cards in 44 countries and territories1 and in 9 of the most widely transacted currencies2.
Sacombank is the first bank to launch this service in the market, providing outbound money transfer services backed by Visa’s security, speed, reliability and convenience.
There are about 5.3 million Vietnamese people living and working in over 130 countries and territories3. Meanwhile, 190,000 Vietnamese students are studying in foreign countries, requiring regular allowances from home4. Vietnamese patients are also going abroad in growing numbers for medical treatment, with overseas annual healthcare spending reaching US$2 billion5 in 2018.
Ms. Dang Tuyet Dung, Country Manager for Visa Vietnam and Laos, shared: “I am proud to announce this new service with Sacombank, which is specifically tailored to Vietnamese consumers. With a large Vietnamese community abroad, there is a growing need for families at home to financially support them. Visa Direct is now here for parents to support their children or loved ones in need of a regular allowance.”
Sacombank Visa debit card holders can transfer up to $8,000 in a single transaction, with a monthly limit of $8,000 (or the equivalent in foreign currencies), to friends and relatives abroad. For non-residents and foreigners, the new service offers a fast and hassle-free means of transferring their income back home or to their next destination.
Mr. Nguyen Minh Tam, Deputy General Director of Sacombank, said: “The new Visa Direct service will be the perfect complement to our recent collaboration with Visa which allows our clients to receive remittances directly on their bank accounts. Visa cardholders will be able to receive and send money with the greatest convenience. This takes our ecosystem of financial services yet another step towards completion to become the bank of choice for Vietnamese people for any occasion.”
Visa Direct aims to provide a reliable channel to transfer money directly to the transferee’s Visa card or bank account, eliminating inconvenient and potentially unsafe intermediaries.
1 Applicable to Visa cards issued in the following countries: Andorra, Austria, Brunei Darussalam, Bulgaria, Cambodia, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Fiji, Finland, Germany, Greece, Hungary, Indonesia, Israel, Italy, Latvia, Lithuania, Luxembourg, Macau, China, Malaysia, Maldives, Malta, Mongolia, Netherlands, New Zealand, Norway, Philippines, Poland, Portugal, Romania, San Marino, Singapore, Slovakia, Slovenia, Spain, Sri Lanka, Switzerland, Thailand, Turkey, United Kingdom.
2 Applicable currencies: USD, AUD, CHF, EUR, GBP, JPY, NZD, SGD, THB.
3 The overseas Vietnamese community is growing stronger and sticking closer to the homeland, Nov 2020, https://www.qdnd.vn/xa-hoi/cac-van-de/cong-dong-nguoi-viet-nam-o-nuoc-ngoai-ngay-cang-lon-manh-va-gan-bo-voi-que-huong-644730
4 Statistics from the Department of International Cooperation, Ministry of Education and Training.
5 “Vietnam: Growing Demand for Healthcare Services” Vietnam Briefing, 2018 https://www.vietnam-briefing.com/news/vietnam-growing-demand-healthcare-services.html/
About Visa Inc.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit About Visa, visa.com/blog and @VisaNews.