Commercial Bank launches Sri Lanka’s first Remittance Card

Sri Lanka’s first Remittance Card has been launched by the Commercial Bank of Ceylon to introduce a new dimension in convenience to the process of transferring funds from overseas to local beneficiaries.

A branded Debit cum ATM Card licensed by Visa Inc. and issued locally by Commercial Bank to recipients of remittances, the new Remittance Card 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 The funds may be withdrawn from any ATM across Sri Lanka at the recipient’s convenience.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.

Commercial Bank Chief Operating Officer S. Renganathan (top left) presents the bank’s new Remittance Card to the Sri Lankan Ambassador to Kuwait Kandeepan Bala at an event in Kuwait City

Adding significant value to the card, Commercial Bank said it offers Remittance Card holders an emergency loan facility in times of need. 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, the bank said. 

“This is a simple and extremely logical solution with several benefits,” Commercial Bank’s Chief Operating Officer S. Renganathan said. “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.”

He also stated that for the first time in the country, remittance recipients have been formally recognised by a bank and been 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. The first Commercial Bank Visa Remittance Card was presented to Sri Lanka’s Ambassador to Kuwait Kandeepan Bala at a recent event hosted by the Bank in the State. It was formally launched in Sri Lanka on 16 June, designated International Day of Family Remittances.

Chief Guest at this event was the Deputy General Manager – Training of the Foreign Employment Bureau Mangala Randeniya who addressed the remittance recipients in the audience and explained the importance of managing the money received from overseas for better returns.

The bank’s Managing Director Jegan Durairatnam (second right) and the Deputy General Manager – Training of the Foreign Employment Bureau Mangala Randeniya (centre) with officials of the bank at the launch of the card in Sri Lanka