Sacombank inks remittance payment deal

Sacombank hopes to expand remittance payment services for local individual customers with its new deal with Coinstar Money Transfer.

The Coinstar remittance payment service is designed to fasten payments in U.S. dollar and Vietnam dong, enabling local customers to receive money via Sacombank’s banking network.

Sacombank as of the end of 2011 obtained over US$1.6 billion in remittance revenue, a 22% year-on-year increase. The lender has plans to raise the figure by 15-20% this year by developing the service in potential markets like Europe, Asia and the Middle East to attract remittance from Vietnamese there.

The cooperation is to bring better benefits for remittance senders and receivers in and outside Vietnam as well as raise competitiveness of the both sides in the field.