The Commercial Bank of Ceylon’s continuing effort to stimulate remittances from Sri Lankans living and working overseas recently focused on Singapore, which has a significant Sri Lankan migrant population.
The Bank engaged with Sri Lankan expatriates living in the city state at a two-day programme conducted in collaboration with the Sri Lankan High Commission in Singapore.
Attendees were made aware of the formal remittance channels available to them and the personal and national benefits of transacting through these, and also received special remittance rates and gifts.
The Bank said it conducted this programme to support Sri Lankans residing in Singapore by presenting special remittance offers and information on banking products and services, including ComBank Digital.
The Bank also promoted remittance services such as Ria Money Transfer, one of the Bank’s main remittance partners, and Lucy, the exclusive mobile banking app for women in Singapore.
Over the two days of the programme the Bank signed up over 100 Sri Lankans for new accounts and offered its digital banking services with a waiver on the joining fee and first-year annual fee.
Speaking at the event, Sri Lanka’s High Commissioner in Singapore Shashikala Premawardena said this initiative is just a beginning and that more could be done for Sri Lankans in Singapore whose hard earned earnings contribute to Sri Lanka’s economy.
With encouragement from the Bank, some of the participants initiated remittances via the Lucy application and visited the Ria Money Transfer outlet in the locality to transfer US dollars to their personal foreign currency accounts.
Officials from both service providers were present at the venue and remitters were able to instantly view their updated account balances via ComBank Digital. To sweeten the customer experience, Ria offered special foreign exchange rates to the participants of the programme, while the Lucy app provided S$ 5 cashback rewards and gifts to everyone that downloaded the app on the spot.
Furthermore, visitors were provided the opportunity and information necessary to select the most suitable investment plans and bank accounts, including Rupee and Foreign Currency Accounts, Fixed Deposit Accounts, and Special Deposit Accounts. Additionally, new Foreign Currency Account holders were furnished with free Debit Cards, the Bank said.
“As one of the most trusted banks in Sri Lanka, Commercial Bank has to play a lead role in encouraging Sri Lankans to step up their remittances to Sri Lanka,” the Bank’s Head of Retail Products and Digital Channels & Remittances r Pradeep Banduwansa commented.
During their visit, representatives of the Bank also negotiated beneficial partnerships with remittance and fintech companies in Singapore to facilitate easy and quick money transfer facilities for Sri Lankans in Singapore.
To attract investments from foreign sources, the Bank recently launched ‘Forex Plus,’ a special Foreign Currency Fixed Deposit scheme that offers interest rates of up to 9.5% per annum for tenures of up to five years on term deposits in four international currency denominations.
