MoneyGram expands self-service offering in Sri Lanka

Thursday, 5 June 2014 00:01 -     - {{hitsCtrl.values.hits}}

Launches new account deposit product, service available at over 98% of bank accounts in the country MoneyGram, a leading money transfer and payment services company, is making it easier for customers around the world to stay connected to friends and family in Sri Lanka with the launch of its account deposit service. Sri Lankans working overseas can now transfer funds through MoneyGram to over 98% of bank accounts in the country within an hour. The funds can be received in Sri Lankan rupees directly from 40 countries, including the United States, Italy, Lebanon, France and Saudi Arabia. “We are excited to expand our self-service products in Sri Lanka which is an important market for MoneyGram’s South Asia business. This innovative service demonstrates our commitment to providing MoneyGram customers with more convenient options for sending or receiving money,” says Grant Lines, EVP Asia Pacific, South Asia and Middle East at MoneyGram. “MoneyGram’s customers in Sri Lanka can now choose to receive funds through our extensive cash pick-up network or our new account deposit service.” According to a report published by the World Bank, total remittances into Sri Lanka were an estimated $6.7 billion in 2013 which represented approximately 10% of the country’s Gross Domestic Product. MoneyGram has aligned with Commercial Bank of Ceylon, a local bank and a MoneyGram agent, to facilitate this service. During banking hours, funds are deposited within the hour. Should a customer send funds after banking hours, funds will be credited the following morning.