NSB partners KEB Hana Bank to service remittances from Korea

National Savings Bank (NSB) is one of the premier state banks in the country that encourages Sri Lankan people to save in a State Bank at competitive interest rates. The bank prides itself with (AAA) ratings from Fitch Ratings Lanka Ltd., for the 14th consecutive year and is the third largest bank in terms of the brand value.

In recognition of its capabilities in mobilising domestic savings, the bank was permitted to mobilise deposits from Sri Lankans living and working abroad. Such persons are permitted to open accounts in designated foreign currencies. Accordingly, foreign remittance business was commenced in the year 2005. 

Among them South Korea is one of the lucrative employment markets for Sri Lankan migrants as they have been paid attractive salary packages by the Korean employers. Accordingly, the country receives a considerable amount of remittances from Korea. The Sri Lankan Bureau of Foreign Employment sends Sri Lankans to Korea for employment annually. Purporting to ensure a safe and convenient remittance service for the Sri Lankans employed in South Korea the bank has entered in to a remittance relationship with Korea Post in 2008 initially and later measures were taken to extend its remittance relations to Hana Bank and Woori Bank in 2012 and Industrial Bank of Korea and Woori Bank. 

In the meantime, the Hana Bank, with which we have already commenced relations, has acquired the Korean Exchange Bank (KEB), the popular remittance channel to Sri Lanka in South Korea in February, 2015. With this merger the bank has been able to establish remittance relations with KEB Hana Bank in June 2016. 

In order to further strengthen the remittance relationship and to enhance the remittance business of the bank with KEB, NSB is sponsoring a series of musical shows in South Korea during the period from 14 to 17 September and would like to invite all Sri Lankans working in Korea together with their families to participate and enjoy this event. These programs are scheduled to be held in four main cities in Korea namely, Paran, Mokpo, Ujumbo and Ansan.

National Savings Bank has recently re-launched its remittance service under the brand name U-Trust, through which the funds remitted by any person will reach to NSB Sri Lanka speedily and securely. The NSB’s SWIFT Code is NSBALKLX. 

To assist the customers further the bank has identified a European Post Office based transfer system named Eurogiro which is a low cost secure and fast transfer mechanism setup by the Postal Network. Accordingly, remittances from Korea Post are being received through Eurogiro. Any cash pickups from Express Money and Instant Cash could be collected at any of the 650 Post Offices. The remittances sent through SWIFT could be collected at any branch through its 250 branch network.

Further, the bank often strives to be a helping hand to Sri Lankan migrant workers employed in many countries by providing training on how to manage their cash, fund transfers etc., at the training centres of Sri Lanka Bureau of Foreign Employment in Athurugiriya, Bogawantalawa and Batangala in Avissawella. The bank provides pre-departure loans for the purpose of purchase of air-tickets, insurance etc., and Rs. 25, 000 as recurrent expenses for each migrant worker. 

NSB, having a branch at SLBFE opens NRFC and ‘Rata Ithuru’ Accounts prior to the departure of migrant workers and enable them to remit money from Korea. 

The bank requests all the Sri Lankan migrant workers employed abroad to remit money through any of the above channels and also to indicate the Account No. together with SWIFT Code of the bank. The branch of SLBFE also collects registration fees on behalf of the bureau and provides money exchange facility to migrant workers.

NSB is one of the leading housing banks in Sri Lanka where Housing and Personal Loans are granted to Korean migrant workers on property mortgaged basis. For any further details you can contact Shamalie Perera at Housing Loans Division on +94112574819.