Vietnam - VietinBank Cooperates With Malaysian MayBank to Provide Inbound Remittance Service

VietinBank has recently cooperated with MayBank to introduce new remittance services from Malaysia to Vietnam via MayBank Money Express (MME) system.

In order to create another effective money transfer channel for Vietnamese labourers in Malaysia, VietinBank has recently cooperated with MayBank, one of the largest banks in Malaysia (with 384 branches domestically and more than 90 branches and offices abroad) to introduce new remittance services from Malaysia to Vietnam via May-Bank Money Express (MME) system.

With MME system, remittance senders can go to any branches of Maybank, present their passports and provide information about the beneficiaries (name, address, identity number, telephone number). Maybank will provide senders a code of 16 characters,which they must notify the beneficiaries.

The beneficiaries then can  go to any branches or transaction offices of VietinBank, present their identity documents and money transfer code to receive money without being charged any fees.

MME allows the beneficiaries to receive remittances within 10 minutes with maximum transfer amount per day of RM10,000 or $3,000 for a single customer.

There are currently 130,000 Vietnamese labourers in Malaysia, working mainly in such sectors as textiles, production - manufacturing, restaurants - hotels and construction.

VietBiz24

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