Saturday, 18 Nov 2017
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ECONOMYBANKING & FINANCE

Quick remittance service from Korea to Vietnam saving up to $25

Updated at Wednesday, 23 Aug 2017, 16:09
The Hanoitimes - This service is provided by the Korean Government to save depositors up to $25 compared to other forms of direct international remittance.
According to National Payment Corporation of Vietnam (NAPAS), in addition to Vietinbank, ABBank and GPBank, Agribank has also begun to provide this service.
Transaction is implemented by a connection  system between NAPAS and Korea Financial Telecommunications Vietnam National Payment Corporation (NAPAS). Customers in Korea can go to KFTC's member bank to make a transfer to beneficiary 's Vietnam Dong account in Vietnam. Right after the remittance transaction is completed, the beneficiary will receive the money immediately. Customers based in South Korea can visit any of the transaction counters of the 10 KFTC member banks to transfer money to recipients in Việt Nam who have đồng accounts in Agribank, Vietinbank, ABBank and GPBank. The recipient will receive the money as soon as the sender completes the transaction.
Agribank is now the newest NAPAS’ member bank, following Vietinbank, ABBank and GPBank – that can provide fast money transfers from South Korea to Việt Nam via the switching system between NAPAS and KFTC.
The fees of the direct international money transfer service are reasonable and the service is secured and supported by the Korean government. Customers can save up to 28,000 Won (US$25) compared to other forms of direct international money transfers. The limit for international money transfers is $2,000 per transaction for beneficiaries of Agribank, and $5,000 per transaction for Vietinbank, ABBank and GPBank beneficiaries
 
Tu Anh
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