MoneyGram partners with Sri Lankan banks

Executives from MoneyGram International, a global money transfer company, and Bank of Ceylon, along with representatives from MoneyGram's five additional agent banks met recently to discuss the economic impacts on remittances and MoneyGram's growth plans.

National Commercial Bank in Saudi Arabia has joined the company's network making remittances easier with services available from 1400 automated teller machines in Saudi Arabia.

The visit marked the second time in nine months, Harsh Lambah, MoneyGram's regional director of South Asia has visited Sri Lanka and its agent banks Hatton National Bank, Bank of Ceylon, Commercial Bank, Sampath Bank, Nations Trust Bank and Seylan Bank.

"Remittances are extremely important in Sri Lanka and MoneyGram will provide more locations around the world to assist Sri Lankan immigrants who continue to send funds home," said Lambah.

While the economy is pressuring the vital flow of funds, Central Bank of Sri Lanka reported immigrant workers returned more than $250 million to Sri Lanka in January alone.

MoneyGram is working to make network and low fees available to provide Sri Lankans more choices in money transfer services.

MoneyGram has commenced money transfer services with the largest bank in the Middle East, National Commercial Bank in Saudi Arabia.

Money transfers up to SAR 3,750 from Saudi Arabia is only SAR 22, a currency exchange fee will apply as the funds are collected in Sri Lanka rupees.

"Our key task in Sri Lanka is to help the consumer understand the significance of using a safe, convenient and affordable money transfer service that helps them receive money in just 10 minutes from anywhere in the world where agents are available and open," said Lambah.

"Globally, consumers have choices to manage their financial needs and MoneyGram is focused on adding even more locations that support remittances to Sri Lanka."

MoneyGram has hundreds of agent locations in Sri Lanka, including Sunday locations available for consumers to receive money conveniently.

MoneyGram's money transfer service has been available in Sri Lanka since 2002. The company is eager to add more locations and services in Sri Lanka and globally to support the country's remittances.

"While we have a broad network here in Sri Lanka, we continue to look for more and more opportunities to make MoneyGram services available where Sri Lankans prefer to shop and visit. Our discussions are helping to shape our future growth in the country," Lambah said.