Inward remittance transferred via EAB reaches US$631m in Jan-Jun
16-JUL-2008 Intellasia | Thanh Nien
Jul 16, 2008 - 7:00:00 AM
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Total inward remittance being transferred via Eastern Asia Commercial Bank (EAB or DongA Bank) Overseas Remittance Co last year was recorded at US$1 billion, accounting for nearly 20% market share. The figure is expected to be US$1.2 billion in 2008, up 20% year-on-year, reported Le Tri Thong, deputy general director of EAB and chair.
In the first half of 2006, the overseas remittance amount transferred into the country via the company reached US$631 million, making up 52.6% of the year's target while that via Sacombank attained US$420 million, via ACB grew by 125% against the same period of 2007.
Recently, EAB combined with US based MoneyGram-a group has average amount of money transference of US$1 billion a day throughout 152,000 agent locations in 180 countries—to launch the service "remittance come to your door" whereby customers receiving their remittances are able to apply to MoneyGram for delivering money transfers right to their home or business address.
Nick Cunnew, MoneyGram's senior regional director for Asia Pacific and South Asia said that Vietnam's inward remittance is at high potential thanks to over three million Viet Kieu are living in foreign countries. Many of them, especially elders have demand to receive remittance at your home. When the remittance comes a customer in Vietnam to use the home delivery service need call DAB for the service. In case a receiver lives in the central district money will be delivered within 12 hours. If the address is in rural areas the remittance will be brought to the door within 24-36 hours. Receivers will not be charged any additional fees for the service.
Also, EAB is studying the service of overdraft account as for domestic people that have relatives working overseas. The estimated overdraft for each card account is US$100.
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