Money transfer app WorldRemit today launches remittances to Vietnam. Customers can now send money from the WorldRemit app direct to any bank account in Vietnam.
Backed by early investors in Facebook, Spotify and Dropbox, WorldRemit enables people to send money to friends and family overseas using its award-winning iOS and Android mobile apps. Customers already send over 300,000 transactions with WorldRemit every month.
Vietnam’s large diaspora – numbering some 4 million individuals – plays an important role in contributing to economic growth in the country. According to the World Bank, Vietnamese abroad sent home $12bn in remittances in 2014, or 6.4% of GDP.
Ismail Ahmed, CEO & founder at WorldRemit, comments: “Remittances help Vietnamese all over the world connect with their friends and family abroad. Up until now, most Vietnamese have had to queue at high-street money transfer agents and incur high fees to send money home. With the WorldRemit app, people all over the world can send money to Vietnam with just a few taps on their smartphone.”
In February 2015 WorldRemit received a $100m investment round led by Technology Crossover Ventures (TCV), early investors in Facebook, Spotify and Dropbox.