Commercial Bank introduces Sri Lankan remittance card

ECONOMYNEXT – Sri Lanka’s Commercial Bank said it had introduced a remittance card licensed by Visa Inc. enabling more convenient funds transfer from overseas to local beneficiaries.

The debit cum ATM card issued to recipients of remittances eliminates the need to visit a branch of the bank to collect remitted funds, a statement said.

“Instead, it permits an overseas sender to deposit funds directly into a beneficiary’s account via Commercial Bank’s e Exchange platform,” it said. “The funds may be withdrawn from any ATM across Sri Lanka at the recipient’s convenience.”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 said it also offers Remittance Card holders an emergency loan facility.
 “It is a secure option for receiving cash and promotes the savings habit while ensuring that the funds are easily accessible 24/7,” Commercial Bank’s Chief Operating Officer S Renganathan said.

“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.”
(COLOMBO, June 27, 2016)

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