Sampath Bank partner ICICI Bank to offer money transfer service to expats in UK, Canada

Thursday, 2 August 2012 00:00 -     - {{hitsCtrl.values.hits}}

Sampath Bank, in partnership with ICICI Bank, India’s largest private sector bank, has launched ‘Money2Srilanka’ (M2SL), an online remittance tracking facility.

M2SL is a convenient, efficient and economical web-based online remittance tracking platform, which facilitates tracking of remittances from countries where the facility is available to beneficiaries anywhere in Sri Lanka.

This facility is currently offered in Canada and the United Kingdom and it will be made available in Australia, USA, South East Asia and the Euro Zone shortly.

To use M2SL service, a user needs to complete a simple one-time online registration at and thereafter can avail of the tracking service for money transfers to beneficiaries in Sri Lanka from any bank account where the facility is available.

Explaining the features of this facility Sampath Bank’s Deputy General Manager Marketing and Business Development, Tharaka Ranwala said that a beneficiary can receive the remittances in his or her account maintained with Sampath Bank or ICICI – Sri Lanka branch directly or to any other commercial bank in Sri Lanka via Central Bank (SLIPS).

He cited as another important feature, the facility for the registered user to check the status of the remittance from the point of initiation until the funds are disbursed to the beneficiary.  

M2SL facilitates multiple modes of remittance using either online or branch-based services. The transfer modes offered on M2SL are: E-Transfer where registered users in Canada can remit money by way of initiating direct debits from their local bank accounts; NetExpress where registered users in the United Kingdom can remit money from their local bank accounts using online banking facility and Power Transfer where in both countries, branch-based wire transfers from the remitters’ account with any local bank branch are possible.

As for the benefits of using M2SL to the remitter, Sampath Bank points out that the transactions can be originated from the comfort of home or office without visiting the bank and by debiting any pre-registered account of the remitter in Canada and United Kingdom.  It is a faster mode of transfer and secures remittances at attractive exchange rates.

The remitter will receive online updates as well as e-mail alerts on every step of the money transfer.

The beneficiary can withdraw the money remitted to his or her account over the counter from 210 Sampath Bank branches  around the island  during normal banking hours, and Sampath Super Bank Branches in Dharmapala Mawatha ( from 8a.m.-10p.m.), Kiribathgoda (from 8a.m.-8p.m.) , and  Wellawaththa  (from 8a.m.- 8p.m.) during 365 days of the year including bank holidays, public holidays, etc.

Sampath Bank customers can withdraw their money through over 1600 ATMs linked island wide, at his or her convenience any time, any day of the year. M2SL also offers competitive costs and attractive exchange rates with a round the clock service throughout the week customer service available via phone and e-mail. Ranwala further added that the need and the timely approach by Sampath Bank was highly appreciated by the Sri Lankan Diaspora in Canada and UK where this facility M2SL has made their lives much relaxed in remitting money to Sri Lanka.