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Korea to start int'l remittance service with Vietnam

Thursday, 25 February 2010 10:15

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Source: The Korea Herald

Korea plans to begin international remittance services to Vietnam in June that could reduce handling fees for the transfer of funds, the post office said Wednesday, according to Yonhap news agency.

 Korea Post said the signing of the remittance agreement planned for Thursday in Vietnam will be followed by the setting up of a related system to permit money transfers between the two countries.

It typically takes two to three months to set up the online remittance system, although more time may be needed depending on infrastructure conditions in Vietnam.

Once set up, Vietnamese workers in Korea can send remittances of $1,000 to their families for a service fee of 8,000 won ($6.90), the report said.

In addition, the postal service under the Ministry of Knowledge Economy said because there are not too many financial services available in rural parts of Vietnam, the remittance program will be designed to handle so-called postal money orders to recipients who can take the orders to the nearest post office where they can be changed into cash.

There are about 90,000 Vietnamese nationals in the country, representing the third-largest group after Americans and Chinese.