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Lanka’s Commercial Bank launches Remittance Card

commercial bankSri Lanka’s Commercial Bank of Ceylon has launched Remittance Card, thus becoming the first bank in the country to launch such a product. A branded debit cum ATM card licensed by Visa and issued locally by Commercial Bank to recipients of remittances, the new card eliminates the need to visit a branch of the bank to collect remitted funds. Instead, it permits an overseas sender to deposit funds directly into a beneficiary’s account via Commercial Bank’s e Exchange platform. The 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. Remittance Card holders an emergency loan facility in times of need. The card holders will also have additional chances of winning prizes at the consumer promotions conducted by the Bank and will be eligible for special loyalty programmes that will reward them based on the amount of money received to their accounts. Bank’s COO S Renganathan said the Remittance Card is a secure option for receiving cash and promotes the savings habit while ensuring that the funds are easily accessible 24/7. Additionally, 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, he said.

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