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ACB sells Amex travellers cheques   2008-11-23 - VNS

American Express International Inc officially entered the Viet Nam market Friday by launching its American Express Travellers Cheques through the Asia Commercial Bank (ACB).

"We’re delighted to partner with ACB [in order] to make Travellers Cheques accessible to Viet Nam as an important emerging market," said Lawrence Chan, general manager of Travellers Cheques and Payments Services for Japan, Asia – Pacific and Australia.

ACB will initially issue the cheques from 25 of its branches, which will be expanded to 150 branches over the next five months, according to the bank general director Ly Xuan Hai.

The cheques offer currency options including the US, Canadian and Australian dollars, euros and Japanese yen.

Vietnamese wanting to acquire the cheques need to show a passport with in-effect visa (if they go to countries that require a visa) and other documents to clear Government purchase requirements.

According to a recent survey conducted by American Express, most outbound Vietnamese tourists participated in organised tours. They usually brought with them between US$500-1,000 for Asian and $7,000 for American and European trips of one to two weeks. There is also demand by Vietnamese students overseas for the cheques.

American Express offers 24/7 global support services. The cheques can be exchanged into local currencies at worldwide banks, foreign exchange agencies, authorised travel agencies and over 2,200 American Express Travel Services locations.

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