MoneyGram to expands its Vietnam agent network by 30% this year

MoneyGram International, a leading global money transfer company, announced today that Eximbank is the latest financial institution to join the company’s agent network. Earlier this year, Vietnam’s Sacombank added MoneyGram’s money transfer service. Together, the two banks have added nearly 400 locations in Vietnam this year, growing MoneyGram’s countrywide network by 30 percent.

“Eximbank marks another milestone in our growth in Vietnam and especially expends our convenience in the areas around of Ho Chi Minh City and Hanoi,” said John Hempsey, MoneyGram’s executive vice president of Europe, the Middle East, Africa and Asia Pacific. “In Vietnam, most remittances are received at bank locations and adding two banks to our network already this year is an important part of our growth plan.”

Approximately $7 billion in remittances arrive in Vietnam each year, primarily from the United States and Canada, according to World Bank estimates.

Nick Cunnew, MoneyGram’s senior regional director of Asia Pacific and South Asia, explained, “Adding MoneyGram money transfer services at more financial institutions give consumers a compelling reason to try our brand and discover the value of MoneyGram’s services, including low fees and convenient and reliable agent locations.”

Previously, DongA Bank joined MoneyGram’s agent network and in addition to providing MoneyGram money transfer services at its 190 branch locations, the bank also offers the added convenience of home delivery for MoneyGram. Customers in Vietnam can collect their funds at a home or business with DongA’s delivery service. Other bank agents in Vietnam include Vietcombank, Vietnam International Bank, Saigon Bank, and Maritime Bank.