- Partnership will be with HD Bank
- New offering will allow for faster remittance times
- “MoneyGram is committed to enhancing our product offerings in Vietnam and we believe this is a progressive and mutually rewarding step towards that goal”, says chief revenue officer
Well-known international payments service MoneyGram has announced that it will work alongside a local bank to offer a money delivery service to customers’ homes in Vietnam.
According to a press release, the network will work alongside HD Bank.
This new network will work alongside MoneyGram’s existing network in the country.
According to MoneyGram, it will also speed up the process for customers in the country.
Customers who use the new network will be able to gain access to the cash within three hours if they are in one of Vietnam’s urban areas, such as the capital Hanoi.
This will be possible as long as the remittance transaction is placed by 10:30am GMT.
For those who aren’t living in the centres of cities, such as in the suburbs or in the countryside, the cash can be delivered either on that day or the day after.
This represents a significant speed-up of online money transfer policies in the region, and will allow customers to receive remittances much more quickly than at present.
Representatives of both firms expressed their happiness at the news.
Lê Thành Trung, who is deputy general director of HD Bank, said that it was looking to “continue [its] legacy” of partnering with MoneyGram.
“We are proud to continue our legacy of working with MoneyGram to ensure our customers have products and services for their needs”, said Trung.
“It’s a very exciting time to add home delivery to our range of services and we look forward to seeing the positive impact it will make in the lives of our customers.”
For MoneyGram, chief revenue officer Grant Lines said that the partnership would be “mutually rewarding”.
“HD Bank has been a wonderful partner since the beginning of our relationship and we are proud to continue our work with them to provide money delivery services in this fast-growing region”, he said.
“MoneyGram is committed to enhancing our product offerings in Vietnam and we believe this is a progressive and mutually rewarding step towards that goal.”
The economy of Vietnam might not be as big as those of major Asian economic hubs like Hong Kong or Singapore, but this size and market type is still very important to firms like MoneyGram.
That’s because there is a market demand for easy and fast cash transactions that are in part “real-world” in nature.
Many remittance senders might be able to place transactions on the web, for example, but relatively low uptake of services like the internet means that recipients aren’t always able to cash out online.
There’s no doubting that MoneyGram has spotted a key opportunity to expand in markets like this and will continue to do so in the future.
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