Vietnam is among the top 10 remittance-receiving countries globally, according to a report by the International Organization for Migration, coordinated by the World Bank. For 2024 alone, remittances to the country are estimated to reach around USD 16 billion, contributing to foreign currency reserves and supporting macroeconomic balance. Beyond supporting family expenses, this financial flow is increasingly shifting towards investment, driven by a stable domestic economic environment and an increasingly open legal framework for overseas Vietnamese.

However, individuals receiving remittances often encounter two main issues: transaction costs and exchange rate differences. High cash withdrawal fees or unfavorable conversion rates can erode the actual value of these funds, particularly for large sums intended for long-term investment purposes.

Customers can sell foreign currency on the MSB mBank app or at transaction counters. Photo: MSB

To address these challenges, MSB launched the "profitable remittances, x2 incentives" program, effective until 31/3/2026. Under this program, customers receiving remittances via an MSB account who sell foreign currency (USD) for VND will receive preferential exchange rates of up to 50 points compared to the listed transfer buying rate. This benefit applies to transactions conducted at counters and on the MSB mBank app. Additionally, for customers receiving remittances via SWIFT, the cash withdrawal fee for USD is adjusted to 0.16%, with a minimum of 2 USD per transaction.

An MSB representative stated that the bank focuses on optimizing costs and transaction conditions. This ensures remittance flows retain their value and are used more effectively upon arrival in Vietnam.

"In addition to ensuring transaction speed and security, we focus on designing accompanying financial solutions that help overseas Vietnamese remittances grow most effectively right here at home", a bank representative shared.

Beyond receiving international transfers, the bank also provides international money transfer services for various needs. These include studying abroad, tourism, business trips, medical treatment, settlement, supporting relatives abroad, and other legal transfer transactions. The bank also offers promotional programs for transfers during holidays and competitive exchange rates.

The bank currently partners with international money transfer organizations such as Western Union, RIA, and SWIFT. These collaborations help recipients in Vietnam access cross-border funds quickly, with simple procedures and shortened processing times. According to MSB, expanding cooperation with international money transfer partners aims to meet the increasingly diverse transfer needs of both domestic and international customers.

Minh Ngoc

Customers can find detailed information about remittance incentive programs here or via hotline: 1900 6083.