People’s Bank offers ‘People’s InstantRemit’ for migrant workers
Thursday, 8 January 2015 01:09
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People’s Instant Remit, the fastest foreign currency transfer service in Sri Lanka offered by People’s Bank, strengthens and reflects the commitment and dedication of the leading State-run bank towards the welfare of Sri Lanka’s migrant workers.
Money sent via People’s InstantRemit can be withdrawn within minutes from any account held in People’s Bank. Even if the beneficiary does not hold an account at People’s Bank he or she can receive the money by presenting his or her National Identity Card (NIC) and PIN (Personal Identification Number) to the nearest branch of People’s Bank. An important feature of People’s InstantRemit is that both the remitter located overseas and the beneficiary in Sri Lanka are immediately notified via SMS that the money has been sent and received by People’s Bank.
People’s Bank Deputy General Manager (International Banking) Sunil Wanniarachchi said: “During its 53 years of existence, People’s Bank has been at the forefront of bringing banking facilities closer to the public and made giant strides in utilising technology in order to optimise efficiency and convenience for our valued customers. We introduced People’s InstantRemit in order to give the best of the best to our migrant workers to whom we owe so much.”
“Through People’s InstantRemit, the money is transferred immediately to Sri Lanka. Not only is it convenient and fast as it is an online and realtime transaction, but it is well-secure and 100% safe. Any person can obtain this service 24/7, through any of the 735 bank branches and over 2,300 ATMs spread throughout the island.”
Currently there are close to two million Sri Lankan migrant workers working abroad. In 2013, migrant workers contributed $ 6.4 billion in remittances, which accounted for over a third of Sri Lanka’s foreign earnings, 9.5 % of Gross Domestic Production (GDP), and over 3.5 months’ worth of goods and services imports. By the end of 2014, this amount is expected to exceed well over $ 7 billion and is projected to surpass $ 20 billion by 2020.
“Our goal is to facilitate and help Sri Lankans receive money transferred from overseas with utmost security and convenience. People’s InstantRemit ensures the maximum reliability and security offered by a State bank.”
