Money transfer app WorldRemit today announced a new cash pick-up service for Vietnam, one of the busiest markets for receiving remittances in Asia.
Supplementing its existing same-day bank transfer service, WorldRemit will now allow customers to send money to be picked up as cash.
According to estimates from the World Bank, the total value of remittances entering Vietnam in 2014 was US$13.2 billion, accounting for 6.4% of the country’s total GDP in that year.
With the WorldRemit app, customers in more than 50 countries can send remittances to friends and family in Vietnam. Under the new service, recipients will be able to collect cash instantly from 218 branches of DongA Bank.
The news follows the appointment of Michael Liu as Regional Director for Asia-Pacific in April as part of the WorldRemit’s regional expansion plans.
Commenting on the announcement, Michael Liu says, “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.”