Commercial Bank expands money transfer services in Saudi Arabia

Friday, 5 November 2010 05:55 - - {{hitsCtrl.values.hits}}

The Commercial Bank of Ceylon has expanded its Instant Money Transfer Service, in Saudi Arabia for the benefit of thousands of Sri Lankans working in the Kingdom.

The Bank said it will also deploy banking officers in Saudi Arabia to assist its growing Sri Lankan customer base in the country with their diverse financial needs.

Commercial Bank’s Deputy General Manager – Operations Sanath Bandaranayake

The money transfer service can be obtained via the Bank’s representatives in Saudi Arabia, the Al Rajhi Bank, Arab National Bank, National Commercial Bank and Al Bilad Bank. In addition to sending money to Sri Lanka, customers can also open local and foreign currency accounts and enjoy a host of other services offered by the bank rated Sri Lanka’s best.

Commercial Bank’s Deputy General Manager – Operations Sanath Bandaranayake said: “Our money transfer service became very popular among Sri Lankans employed in foreign countries as soon as it was introduced a few years ago. The positive response we received from our service expansion in the Middle East led us to widen access to the service in Saudi Arabia as well.”

“This will enhance our support to workers in Saudi Arabia who remit substantial revenue to our country,” he added.

Commercial Bank’s money transfer service, known as ‘e-Exchange’ locally and in most of the Middle Eastern countries, is a sophisticated yet low cost real time on-line money transfer facility which is available to remitters through a network of agents in over 50 countries.

Those receiving money through this facility can collect the proceeds from any of Commercial Bank’s 185 branches and 385 ATMs. More than 40 of these branches are open on public and mercantile holidays. This facility allows users to transfer money to a person, to a Commercial Bank account and any other Bank account.

The Commercial Bank has been adjudged Sri Lanka’s ‘Bank of the Year’ seven times by ‘The Banker,’ ‘Best Bank in Sri Lanka’ for 12 consecutive years by ‘Global Finance’ Magazine, and ‘The Best Bank in Sri Lanka’ by FinanceAsia twice. It has also been rated ‘Best Local Trade Bank’ in Sri Lanka by the UK based ‘Trade Finance’ magazine.