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Banking & Finance

Shinhan Bank partners with MoMo to launch overseas remittances

Released at: 20:08, 23/04/2018

Shinhan Bank partners with MoMo to launch overseas remittances

Photo: Shinhan Bank

New service free from transaction charges until August 31.

by Thu Hoang

Shinhan Bank Vietnam (Shinhan Bank) has officially partnered with MoMo e-wallet (owned by M_Service) to launch the “MoMo ID overseas remittance service”.

Vietnamese who are working or studying in South Korea can transfer money from the country’s Shinhan Bank to the MoMo e-wallet app of the recipient in Vietnam.

The service is free from transaction charges from now until August 31.

Applicants in South Korea can use the Shinhan Global S Bank app to transfer money to family or friends in Vietnam, who only need the MoMo e-wallet app to receive the funds immediately.

Money in an MoMo e-wallet can be transferred to bank accounts linked with the e-wallet of the recipient or be used to pay bills, airline, train, bus, and movie tickets, insurance premiums, installment payments, and online shopping, as well as at over 4,000 MoMo-accepted points, such as restaurants, entertainment centers, and shopping centers.

“Through this partnership, Shinhan Bank and MoMo want to create an easy and transparent money transfer service for the more than 150,000 Vietnamese living and working in South Korea,” said Mr. Shin Dong Min, CEO of Shinhan Bank in Vietnam. “With a network of branches and transaction offices stretching from Seoul to Gyunggi-do, Gyeongsangnam-do, Dae-Gu, and elsewhere and an excellent digital banking platform, Shinhan Bank hopes that the partnership with the MoMo ‘transporter’ will bring customers an easy, fast and safe money transfer experience.”

MoMo now has one more practical service for users, according to Vice Chairman Mr. Nguyen Ba Diep. “We hope the service will give users an enjoyable experience, especially those in rural areas, who can receive money immediately without having to travel anywhere,” he added. “From now on, overseas workers in South Korea can send money to parents and family members in Vietnam at the lowest charges in the fastest time.”

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