National Payment Corporation of Vietnam (NAPAS) cooperating with South Korea Financial Telecommunications and Clearings Institute (KFTC) have successfully implemented the money transfer service from the Republic of Korea to Vietnam via Vietnam Bank for Agriculture and Rural Development (Agribank).
Accordingly, beneficiaries with VND accounts at Agribank are now able to receive deposits transferred from 10 South Korean banks which are members of KFTC including KBKookmin, KEBHana, Woori, NongHyup, Deagu, Busan, Kyoungnam. Jeonbuk, Gwangju, Jeru.
Agribank is now the 4th member bank of NAPAS along with Vietinbank, ABBank and GPBank prodiving fast money transfer service from South Korea to Vietnam viaswitching system between NAPAS and KFTC.
With this cooperation, customers in South Korea can come to the transaction counters of 10 member banks of KFTC to transfer money to recipients in Vietnam with VND accounts in 4 banks: Agribank, Vietinbank, ABBank and GPBank. The recipient will immediately receive the money as soon as the sender completes transaction. This is a direct international money transfer service with a reasonable fee, secured and supported by the Government of Republic of Korea. Customers can save up to 28,000 won (approximately 25 USD) in comparison with other forms of direct international money transfer.
The transfer limit applies to the international money transfer service is 2,000 USD per transaction with the beneficiaries are Agribank customers, 5,000 USD per transaction with beneficiaries are Vietinbank, ABBank and GPBank customers.
VA