SCB introduces Western Union money transfers into bank accounts in realtime

On June 19, 2023, Sai Gon J.S. Commercial Bank (SCB) held a launch event of a new service enabling Western Union money transfers into bank accounts in Vietnam. From now on, customers can easily receive money from relatives and friends abroad via SCB’s service.

The event marks an important milestone when receivers in Vietnam can get the money in real time into their bank accounts. SCB is also the first bank in Vietnam to sign a cooperation agreement with Western Union to provide this service for receiving money from more than 200 different countries and territories.

With this service, there are no complicated procedures for receivers in Vietnam. Customers simply need to have domestic bank accounts that will be automatically credited instantly. The service is available 24/7, including weekends and public holidays and is applicable for banks connected to the National Payment Corporation of Vietnam (NAPAS).

At the launch event of APN service, Mr. Nguyen Thanh Nam – Deputy CEO of SCB expressed that: "As the first Vietnamese bank to cooperate with Western Union in launching the bank account payout service, SCB would like to bring our customers optimal experiences when receiving money from overseas, not only in periodic large amounts but also in normal daily transactions. Customers can now easily receive convenient and free of charge international transfers without having to be present at a bank counter".

Mr. Nguyen Thanh Nam – Deputy CEO of SCB at the launch event of APN service

Mr. Hassan Chatila, Western Union's Global Head of Account Payout Network, said: “Customers of today increasingly expect the financial system to keep up with their flexible lifestyles. That’s why it is important to provide greater choices to them, by offering easy and trusted ways to move their money, especially into bank accounts. Today, we are excited to launch this capability with SCB, enabling seamless money transfers that offer speed, transparency, reliability and scale as customers move money in this increasingly interconnected world.”

Mr. Hassan Chatila, Western Union's Global Head of Account Payout Network, said that the event was one of Western Union’s important cooperation in Vietnam

As an important resource in socio-economic development, the remittance inflow of Vietnam has been increasing positively. According to the World Bank, in the past three years, Vietnam has been among the top 15 overseas remittance recipients worldwide. The growth rate of remittances to Vietnam remains at a stable rate of 5% - 10% per year with an inflow of USD19 billion in 2022.

Mr. Pham Quang Tien - CEO of SCB and Mr. Hassan Chatila - Western Union's Global Head of Account Payout Network celebrated the official launch of the service

The bank account payout service is expected to bring a new step forward in the field of international transactions in Vietnam, meeting higher demand for international money transfers. With enhancements in transactional efficiency and speed, this service will lead to more favorable inflows of remittances, improving people’s lives, contributing to socio-economic development and promoting global connectivity.

Representatives of SCB and Western Union at the launch event of APN service on June 19, 2023