WorldRemit, a UK-based remittances start-up, has launched a new cash pick-up service for Vietnam.
Supplementing the company’s existing same-day bank transfer service, WorldRemit will now allow customers to send money to be picked up as cash.
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Under the new service, recipients will be able to collect cash instantly from 218 branches of DongA Bank.
Commenting on the announcement, WorldRemit regional director for Asia-Pacific Michael Liu said: "Remittances from the Vietnamese diaspora, numbering some three million individuals worldwide, play a critical role in supporting families back in Vietnam. However, until now Vietnamese abroad have had to endure long waiting times and high fees at some money transfer agents.
"With the WorldRemit app, Vietnamese can now send money just like an instant message. We’ll be looking to further expand our range of services in South East Asia in the near future."
Customers in more than 50 countries can send remittances to friends and family in Vietnam using the WorldRemit app.
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By GlobalDataAccording to estimates from the World Bank, the total value of remittances entering Vietnam in 2014 was $13.2bn, accounting for 6.4% of the country’s total GDP in that year.
