ComBank links up with MoneyGram for fund transfers

TIE-UP: The Commercial Bank of Ceylon has signed up with MoneyGram, the global funds transfer company, to further enhance the Bank's market share in the remittance business and to expand its presence to the other parts of the world, especially the West.

The Bank will now be able to offer remitters the ability to transfer funds quickly from over 104,000 locations in 170 countries and for payments in Sri Lanka to be collected at 150 branches of Commercial Bank.

The benefit of collecting payment through Commercial Bank would be that these funds can even be collected on any day of the year through the Bank's Holiday Banking Centres at Colombo 07, Ampara, Negombo and Galle and also from the Bank's 17 Supermarket Counters covering most major towns which are open till 7.30 pm everyday.

Deputy General Manager - Operations of Commercial Bank Sanath Bandaranayake said through this link the Bank was able to overcome the problems faced in setting up its own money transfer system in other countries due to various restrictions.

"We are proud to have signed up with MoneyGram and hope to expand our remittance business to other parts of the world where we do not have direct agency arrangements. This new link would be a great advantage to both remitters and beneficiaries," he said.

Customers who use MoneyGram from Commercial Bank are also guaranteed that the full amount of the remittance will be paid, with no charges to the beneficiary.