According to World Bank estimates, approximately $7bn in remittances arrive in Vietnam each year, primarily from the US and Canada.
Previously, DongA Bank joined MoneyGram’s agent network and in addition to providing money transfer services at its 130 branch locations, the bank also offers the added convenience of home delivery for MoneyGram. Customers in Vietnam can collect their funds at a home or business with DongA’s delivery service.
John Hempsey, executive vice president of EMEA and Asia Pacific at MoneyGram, said: “Vietnam is a leading recipient of global remittances and a country of significant focus for MoneyGram in 2010. As consumers seek greater value, our latest expansion will provide highly convenient money transfer services and more choices for consumers to collect MoneyGram money transfers from a leading remittance organization, including their current trusted bank location.
“We recently added money transfer services to mobile phones in the Philippines and we look forward to bringing greater convenience to remittances in Vietnam with our future network developments.”
Nick Cunnew, senior regional director of Asia Pacific and South Asia at MoneyGram, said: “Many Vietnamese are sending funds home to invest with preferred financial institutions as well as to support family. By adding our services to a financial institution already known as a remittance leader, consumers have a compelling reason to try our brand and discover the value of MoneyGram’s services, including low fees and convenient and reliable agent locations.”
