The Bank for Agriculture and Rural Development of Viet Nam (Agribank) and the Republic of Korea (RoK)’s NongHyup Bank (NHB) on Tuesday officially launched the service of transferring money without using bank account.

According to the agreement, the two banks will cooperate in transferring remittances without using US dollar accounts from RoK for individuals in Viet Nam, through the NHB and Agribank network, in accordance with international laws and regulations of transferring money.

Specifically, customers in RoK may reach 1,163 NHB branches or use the application on mobile phones to transfer money; customers in Viet Nam can receive money at any of the over 2,300 branches and transaction offices of Agribank nationwide.

Through the launch of this service, Agribank and NHB target to serve nearly 150,000 Vietnamese people living and working in RoK.

Agribank and NHB have established correspondent bank relations since 2000. After signing a comprehensive cooperation agreement in 2013, the relationship between the two banks has been growing, as reflected in the signing of the cooperative agreement on money transferring services for Vietnamese workers in RoK in 2014. After that, NHB opened a US dollar payment account at Agribank since 2016 and the transaction between the two banks has nearly doubled in only one year.

In 2017, Agribank and NHB continued to sign the agreement on remittance services without using an account. In addition, the two sides have organised many training exchange programmes, surveys and experience sharing. Last year, Agribank sent 300 employees to study and conduct surveys at NHB and also trained approximately 60 NHB staff at Agribank. — VNS