Digital money transfer service Xoom has partnered with Sacombank to expand remittance services in Vietnam.
The partnership allows Xoom users to make direct deposits to Sacombank, Vietcombank and DongA Bank. They can also send fast bank deposits to nine other Banknet banks, including Saigonbank, PVComBank and VietinBank.
Recipients' funds will be available in the Vietnamese dong or the U.S. dollar. Funds can be received via direct deposit into bank accounts, home delivery or pickup at more than 400 Sacombank locations countrywide.
"Together, we offer a revolutionary money transfer service where the sender sends in just seconds, and the receiver picks up in seconds giving instant access to their money," said Le Vu Bang, Sacombank's head of retail banking, in a May 11 press release.
Senders can remit cash using a mobile phone, tablet or computer. Recipients don't need to have a Xoom account to receive funds. Xoom is a San Francisco-based company. Since its inception it has expanded its services to China, Latin America, India, the Philippines and Pakistan.