People’s Bank launches promotion for Western Union service customers

People’s Bank, going an extra mile to reward its loyal customers, is now offering a valuable gift to all Sri Lankans who use People’s Bank’s Western Union money transfer facility to receive money from their loved-ones overseas. 

All Beneficiary who receive money via Western Union for the first time is issued a Loyalty Card from People’s Bank and the number of transfers is recorded in it. If a benefiter uses People’s Bank’s Western Union facility to receive transfers three times or more during the period from 15 June to 31 December, he or she is entitled for a valuable bag courtesy of People’s Bank and Western Union. 

Operating since 1851, Western Union money transfer is the fastest and safest way to send and receive money worldwide. Western Union has been rapidly expanding its agent network internationally and now boasts over 500,000 agent points spread across 200 countries in the world. Customers don’t have to be account holders of People’s Bank and can access this service from any of the 737 branches and service points of People’s Bank island-wide. The sender provides his or her name and address, the name of the Beneficiary, and Western Union then provides a 10-digit Money Transfer Control Number (MTCN) that the sender must provide to the Beneficiary. The recipient then proceeds to any People’s Bank branch, presents the 10-digit MTCN and money is then promptly paid out to the recipient. 

Even if there’s a change in foreign exchange rate, the designated amount will not be subjected to change. As People’s Bank does not charge any fee for the transfer, the whole amount without a cent less, is handed over to the Beneficiary.  He or she only needs an identification document (National Identity Card, etc.) only during the first transfer and once the People’s Bank Loyalty Card is issued he or she does not need to present identification documents again. Anyone who wishes to obtain more details can call 0112386922.  

This valuable gift is offered by the leading State-run bank in order to strengthen and reflect the commitment and dedication of People’s Bank towards the welfare of the families of our migrant workers, who are in fact the economic heroes and heroines of Sri Lanka.  

An important feature of is that the sender is immediately notified that the beneficiary has duly collected the money from People’s Bank. 

Currently there are close to two million Sri Lankan migrant workers working abroad and inward foreign remittances into Sri Lanka averaged $ 450.63 million or Rs. 60,750 million a month, from 2009 until 2015. This reached an all-time-high of $ 708.84 million or Rs. 95,693 million in December of 2014 according to the Central Bank of Sri Lanka, and is projected to surpass $ 20 billion by 2020.