The improvement comes at a time when the need for international transfers typically rises, driven by tuition payments, travel, healthcare and remittances. — Photo courtesy of VPBank

HÀ NỘI — VPBank has upgraded its international money transfer feature on the VPBank NEO app, offering customers a more flexible and convenient way to conduct cross-border transactions.

The bank said the upgrade aims to address long-standing challenges for people transferring money abroad for purposes such as overseas study, medical treatment, living expenses or family support.

Traditionally, customers were required to visit a bank branch, submit a stack of documents and wait for approval. With the new version of the service, all steps – from submitting information and uploading supporting documents to tracking processing status – can now be completed via a mobile device.

Rising demand toward year-end

The improvement comes at a time when the need for international transfers typically rises, driven by tuition payments, travel, healthcare and remittances. In response to these seasonal peaks and the broader trend toward digital banking, VPBank has enabled customers to conduct nearly all cross-border transfers directly on the VPBank NEO platform.

A key change is the expansion of permitted transaction purposes. The bank now supports 14 categories of overseas transfers on its app, compared with just three previously. This move, VPBank said, helps reduce administrative barriers for customers and offers more flexibility for three major user groups: residents, non-residents and foreign nationals.

Vietnamese residents can make payments for tuition, living expenses, travel or family support, while non-residents and foreigners working in Việt Nam can transfer legitimate income abroad. All transactions are performed online and protected by the bank’s security protocols.

Alongside the expanded range of purposes, VPBank said it has optimised transaction limits, exchange rate offerings and processing time. Customers also have access to foreign-exchange specialists for consultation during the transaction process. Depending on the receiving country, beneficiaries can receive funds within one to two working days.

The bank offers multiple currencies, including USD, CAD, AUD, EUR and JPY and says its foreign-currency supply is maintained to meet customer demand.

VPBank also plans to introduce the 'Global Connection' promotion, under which customers will receive a 100 per cent fee waiver for international money transfers conducted at its nearly 300 branches nationwide or through VPBank NEO.

A VPBank representative said the upgrade is part of the bank’s broader digitalisation strategy aimed at enabling customers to manage financial needs anytime, anywhere.

As international mobility and economic integration deepen, overseas money transfers have become routine for many Vietnamese households. With the upgraded online service, VPBank aims to streamline procedures and make it easier for customers to conduct global financial transactions while supporting the country’s expanding international links. — VNS