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 territories and in 9 of the most widely transacted currencies.

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 territories. Meanwhile, 190,000 Vietnamese students are studying in foreign countries, requiring regular allowances from home. Vietnamese patients are also going abroad in growing numbers for medical treatment, with overseas annual healthcare spending reaching US$2 billion 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.