Commercial Bank launches Sri Lanka’s first Remittance Card
View(s):Commercial Bank of Ceylon has launched Sri Lanka’s first Remittance Card, a branded debit card along with an ATM Card licensed by Visa Inc. A media release this week by the bank stated that the Remittance Card which was officially launched on June 16 is issued locally to recipients of remittances and eliminates the need to visit a branch of the bank to collect remitted funds. Instead, it permits an overseas sender to deposit funds directly into a beneficiary’s account via Commercial Bank’s e Exchange platform. The funds may be withdrawn from any ATM across Sri Lanka at the recipient’s convenience.
The Remittance Card also enables the recipient of the funds to retain all or a portion of the funds in his or her account and use the card to make purchases. According to the bank, it also offers the Remittance Card holders an emergency loan facility in times of need, adding significant value to the card. Remittance card holders will also have additional chances of winning prizes at the consumer promotions conducted by the bank and will be eligible for special loyalty programs that will reward them based on the amount of money received to their accounts. Commercial Bank’s Chief Operating Officer S. Renganathan described the card as a simple and extremely logical solution with several benefits.
“It is a secure option for receiving cash and promotes the savings habit while ensuring that the funds are easily accessible 24/7. Additionally, the card may be used for direct purchases at over 15,000 merchant establishments across the country and the holders will enjoy the benefits and discounts offered to debit card holders.” Mr. Renganathan further stated that for the first time in Sri Lanka, remittance recipients have been formally recognised by a bank and given preferential status. “The Remittance Card offers them long term solutions to better manage money received from abroad, thus uplifting their lives while they enjoy many benefits from the Bank,” he said. - (NG)