Seylan Bank to improve remittances for Sri Lankans in South Korea

Seylan Bank has announced its partnership with South Korea’s STAREMIT, enabling a convenient real-time money transfer option for Sri Lankans in South Korea. The partnership comes at the opportune time when many Sri Lankan expatriates have chosen to send money to Sri Lanka to support the nation, and Seylan Bank’s dedicated remittance opportunity makes it safe and affordable to transfer funds into the country, the bank said in a media release. 

Expatriate Sri Lankans can use the STAREMIT app to conveniently carry out transactions 24/7 through a smart device, for a “ZERO fee” until November 30, 2021, incurring no commission costs from either party, when remitting funds to or through Seylan Bank. Senders will be able to leverage on competitive exchange rates, and receive an additional Rs. 2 above the rate for every dollar remitted. The exchange takes place in real-time, with money credited to any bank account in Sri Lanka.

“At a time when foreign exchange inflows are invaluable to the country, Seylan Bank is proud to be able to provide convenient and affordable options for Sri Lankans living overseas to make their remittances. The partnership with STAREMIT opens up our facilities for the many Sri Lankans working in South Korea, to safely send money to their loved ones back at home,” said Malik Wickramanayake, Deputy General Manager - Operations Seylan Bank. 

STAREMIT joins the strong lineup of international remittances partners of Seylan Bank, through whom the bank facilitates convenient remittance services for Sri Lankans living and working abroad.