RIA Money Transfer Co. Enters Vietnam
The US-based RIA Telecommunications Corporation will provide foreign currency transfer services in Vietnam after reaching a cooperation agreement with the Vietnam International Bank (VIB Bank) on November 22.
Under the agreement, overseas remittances can be transferred to Vietnam through more than 41,000 RIA agents in 83 countries worldwide to all VIB Bank branches. Payees will pay no fee for the service and both payers and payees will not have to open banking accounts.
The money transfer will be conducted very fast, possibly within the transaction day.
RIA manager Juan Bianchi said the corporation expanded its service to Vietnam as a target market because the country has seen increasing remittances in recent years.
The cooperation with the RIA, one of the giants in currency transferring, is expected to help the VIB Bank stir up competition in the market.
Trinh Thanh Binh, deputy general director of VIB Bank said with the service, his bank aimed to exploit the remittance sent to Vietnam from the US, France, Australia, Canada, UK, and Germany.
Vietnam reportedly received overseas remittance worth nearly US$4 billion in 2004 and looks to see more than that figure this year.
Lan Anh
Vietnamese
