The Lunar New Year is the time when remittances to Vietnam increase due to the demand of overseas Vietnamese and Vietnamese workers abroad to send money back home. Therefore, banks are offering many promotional programs to attract this remittance flow.
Flexible and safe remittance payments
It only took a short time after his relatives in the United States completed the money transfer procedure to the country for Mr. Tran Ngoc Duy (Vinh Phuoc Ward, Nha Trang City) to receive the money through his personal account. Mr. Duy said: “Instead of having to go to the bank like previous years to receive money, this year, I received money directly on the bank's E-Mobile Banking application. The steps to receive remittances online are as simple as: Log in to the E-Mobile Banking application, select the remittance service; fill in the information to receive money (receipt code, recipient information, sender...). When the transaction is successful, the money will be in my account. This form of receiving money is very convenient and safe.”
Most banks provide flexible and safe remittance payment solutions for customers. Previously, to receive money transferred from relatives abroad through money transfer companies, customers had to go to a bank branch, present identification documents (citizen ID, passport), provide a money receiving code, and sender's full name to receive money in their account or receive cash at the transaction counter. However, with the development of digital banking, the form of receiving money has now been expanded on bank applications. Thanks to that, customers can receive money safely, quickly, anytime, anywhere with just a few simple steps on digital banking applications.
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| Customers transact at a bank in Nha Trang City. |
According to Mr. Do Trong Thao - Acting Director of the State Bank of Vietnam, Khanh Hoa Branch, to meet the increasing demand of customers for receiving remittances, banks have actively cooperated with international money transfer companies such as Western Union, Swift Go, MoneyGram, Ria ...; at the same time, investing in technology to expand the form of receiving money, saving time and creating the most convenience for customers. When relatives transfer money from abroad, the money will immediately go into their personal accounts in the country, or after a short time, customers can receive money at the counter. Payment at the recipient's home is also implemented by many banks to create maximum convenience for the recipient.
Many programs "attract" remittances
According to the report of the State Bank of Vietnam, Khanh Hoa Branch, by early December 2024, the amount of remittances from abroad to Khanh Hoa through the commercial banking system reached more than 102.7 million USD, down 6.09 million USD (equivalent to a decrease of 0.6%) compared to the same period last year. The source of remittances to Khanh Hoa is mainly from the following countries: the US, South Korea, Canada, UK, France, Australia, Norway, Switzerland, Germany, Singapore... The reason for the slight decrease in remittances is that the world economy is more difficult when the war between Russia and Ukraine is prolonged, high inflation occurs in most economies. However, from now until the Lunar New Year, the amount of remittances is expected to increase. Therefore, at this time, banks are racing to launch promotional programs to attract remittances. In addition to policies such as: Competitive exchange rates, free cash receipt in VND..., banks also have many attractive promotional programs for customers.
Agribank has a 2025 Remittance Season promotion program "Remittance for Tet - Connecting family ties" taking place from December 15, 2024 to February 15, 2025. Accordingly, customers receiving money via Western Union services at Agribank's transaction counters will have up to 2 chances to win a lucky draw, with prizes of gifts and cash from 100,000 VND to 100 million VND. The total value of the program is up to 1.3 billion VND. From November 2024 to March 31, 2025, Sacombank will launch a promotion program "Receive international money - Bridging the gap" for individual customers receiving remittances via Sacombank Visa payment cards. Specifically, when customers make transactions to receive money from abroad via Sacombank Visa payment cards from 500,000 VND/month or more, they will receive 200,000 VND. During the 5 months of the program, customers can receive 5 gifts, totaling up to 1 million VND. From December 25, 2024 to February 28, 2025, customers receiving remittances at VietinBank have the opportunity to participate in the program "Welcome the Year of the Snake with VietinBank Remittances" to receive massage machines and more than 10,000 gifts. Some other banks also launched promotions to attract remittances at the end of the year such as: BIDV, Vietcombank, ACB , MB Bank...
MAI HOANG
Source: https://baokhanhhoa.vn/kinh-te/tai-chinh-ngan-hang/202501/nhieu-khuyen-mai-don-dong-kieu-hoi-6137f50/
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