Inward remittances have steadfastly been the premier foreign exchange earner of Sri Lankan economy. With a large expatriate workforce employed in countries such as Saudi Arabia, Kuwait, the UAE, Lebanon, South Korea, Qatar, Jordan, Singapore, Malaysia, the UK, etc., who sends substantial remittance to the country, more integrated services are expected by the people to meet their financial needs.
The 2014 annual report of the Central Bank of Sri Lanka cited the total number of departures for foreign employment has shown a growth by 2.5 percent compared to 2013. The report also states an increase in terms of skilled labour, professionals and middle level, clerical and unskilled categories.
Being a pioneer in real-time international money transfer business, Seylan Bank has its very own, innovative remittance platform ‘SeyCash’, which offers a secure, reliable and a speedy remittance service on par with any other global money transfer service. In addition to serving the Sri Lankan diaspora overseas through SeyCash, Seylan has also partnered with other exchange houses and global banks.
Seylan Bank has entered into strategic partnerships with many leading global money transfer companies such as MoneyGram, Xpress Money, Unistream, SAMBA, RIA, Tempo and many more to offer more choices for people distanced from their loved ones. As a major player in the industry, the bank enjoys an enviable reputation in serving the beneficiaries of the working community internationally, to transmit their remittances for their loved ones in Sri Lanka. The bank has partnered with overseas agents around the globe to facilitate both remitters and beneficiaries to send and receive money, respectively. Seylan Bank DGM Marketing and Personal Banking Tilan Wijeyesekera said, “Our key objective is to ensure simple and friendly banking services to the Sri Lankan expats abroad and serve the loved ones here to use a safe and secure money transfer service, at an affordable cost within a few minutes from anywhere in the world. The bank with a heart, fostering close relationships during Christmas and Thaipongal among families and friends who live apart, has decided to offer a definite gift of IDD call card valued at Rs.500 with a free sim for remittances collected over Seylan counters from December till the end of January 2016.
This offer is valid for Pay on Identification-based transfers made via SeyCash, Moneygram, Ria, Unistream, Express Money, Speed Cash Now, Enjaaz, Ez Remit, Tempo and Mondial Bony Services. We believe this gift of connectivity will bring loved ones together this season despite the distance.”
Whilst offering banking and financial solutions to migrant workers, Seylan Bank also takes initiatives in looking after their social well-being. Many events and annual gatherings are conducted through the sponsorships extended by Seylan Bank, especially in the Middle East where the majority of the migrant population is based. Seylan also has its own bank representatives based in Lebanon, Saudi Arabia and United Arab Emirates offering advice and guidance in banking and remittance matters to Sri Lankans working abroad, in their mother tongue.
Seylan Bank’s value additions to the remittance business have differentiated the service from others and have made it popular among the Sri Lankan expatriates. Extensive location coverage islandwide, latest IT systems and a broad spectrum of options, which enable convenient access to all customers, places Seylan Bank in the forefront of the remittance business.