The Eastern Asia Commercial Bank (EAB) and Merchantrade, a Malaysian Money Remittance Co., have signed a deal to offer a remittance service from Malaysia to Viet Nam.
|The EAB offers a new remittance service from Malaysia to Viet Nam (Photo: SGGP)|
Accordingly, Merchantrade will receive money from Vietnamese people who are living, studying, working and visiting Malaysia, and EAB Remittance Co. will deliver the money to beneficiaries in Viet Nam within 24 to 36 hours.
There are about 200,000 Vietnamese staying in Malaysia, said Tran Phuong Binh, EAB General Director. They will be the main clients of the service, which may send approx US$200 million per annum.
The EAB’s remittance amount is expected to reach US$900 million this year, an increase of 15 percent over last year.