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Seylan
Bank entered into a business co-operation agreement
with Korea Exchange Bank (KEB), to provide a special
and an unparallel remittance service to Sri Lankan migrant
workers.
Korea Exchange Bank is the leading Bank in Korea which
provides specialized services for migrant workers. As
per the co-operation agreement reached, the Korea Exchange
Bank will offer remittance services through their 326
branch network and over 9,000 ATM outlets.
Sri Lankan migrant workers to Korea can now enrol with
this scheme through Seylan Bank’s office at the
Foreign Employment Bureau and enjoy a host of remittance
services jointly offered by the Seylan Bank and Korea
Exchange Bank.
Migrant workers who sign up will open a NRFC account
with Seylan Bank and an interest bearing Savings Account
with Korea Exchange Bank. The account holder will have
several options of remitting money to Sri Lanka.1.Visit
any branch of Korea Exchange Bank and apply for a TT
remittance. 2. Mobile phone remittance (called “Korean
Dream phone” service). 3. Pre-arranged remittances
through designated accounts of remitter and beneficiary
(called “Easy One” service). 4. ATM remittance
service-overseas money transfers with Cheque card/Debit
card. Moneys credited to beneficiary’s account
within 24 hours at the lowest remittance fee.
“Korean Deam Phone” remittance service offers
a very high level of convenience and will be the cheapest
mode to remit money to Sri Lanka.
Seylan-KEB
arrangement provides the migrant worker a free mobile
phone (LG) on a very low call rate package with the
feature of remitting money, a cheque/debit card to operate
the account and effect remittances through the ATM.
The transactions could be carried out in Sinhala or
English.
Further, Seylan Bank will operate a mother tongue “Help
Centre” at Korea Exchange Bank, Itaewon branch
for Banking needs and support of the thousands of Sri
Lankan migrant workers.
The migrant workers will immensely benefit through the
“Thilina Sayura” Grant scheme and attractive
interest rates on Foreign Currency savings and fixed
deposits, all purpose flexible loans and housing loans
offered by Seylan NRFC.
Seylan Bank will use their long relations with Korea
Exchange Bank to enhance its market share on migrant
worker remittances to Sri Lanka from Korea through this
high-tech, user friendly and innovative remittance channel.
Since November 2006 to date Seylan Bank together with
“Ceylinco Fast cash” Global Money Transfer
Service has mobilized 75,000 worker remittances to the
value of LKR.3.2 billion. Beneficiary accounts are credited
round the clock through Seylan’s 24 hour remittance
call center.
Ceylinco FastCash, the brain child of Seylan’s
Founder Chairman, Deshamanya Dr Lalith Kotalawela offers
a secure, reliable and a speedy remittance service different
to any other money transfer service. Its value additions
differentiate the service from other and has made it
popular among the Sri Lankan expatriates. Ceylinco FastCash
operate in 16 countries and plans to start its operations
in Korea as well.
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