Cargills Bank launches a unique valued added Remittance Service
Sri Lankans working abroad are now able to send money to their loved ones securely and affordably through Cargills Bank’s foreign remittance ser- vice.
Foreign remittance recipients will be able to collect money from any of the 276 Cargills Food City outlets countrywide which are open 365 days from 8.00am to 10.00 pm daily or from any Cargills Bank branches.
A first-of- its- kind remittance service, it allows customers receiving remittances to collect cash at any Cargills Food City and receive a discount on their grocery bill, each time they collect their remittance.
Sri Lankan migrant workers overseas particularly in the Middle East are now able to send money after their regular working hours using Cargills Bank remittance service to any Cargills Food City outlets as they are open until 10.00 pm daily.
The remittance pay out service was launched with the intention of providing a quality and convenient service to Sri Lankan workers overseas while recognising their contribution towards bringing much needed foreign exchange to the nation.
Deputy General Manager Marketing, Corporate Communications, and Public Relations- Rumaiz Rahim and Head of Operations of the bank Buddhika Perera , spoke to Sunday Times Banking on the new service.
Deputy General Manager Rumaiz Rahim had this to say about the concept and shed some light on some of the major aspects of the remittance
QA. Although the bank is new to the market, its shareholder and promoter Cargills (Ceylon) PLC is a well trusted and known brand in our nation. Cargills Bank stands on similar principles and values; we carry with us the legacy of a trusted brand to bring indusiveness and service to the community at large.
Inward remittance from Sri Lankans living and working overseas forms a key component of our country’s national GDP. We salute those Sri Lankans that have ventured overseas and are striving for their families and communities and funneling much valued foreign exchange into Sri Lanka and helping grow our nation’s economy.
Through Cargills Bank remittance services we wish to enhance the value of remittances received by friends and family in Sri Lanka, from our migrant working population, and make it convenient for the beneficiaries to walk into a Cargills Food City or Cargills Bank and collect their cash remittances with added value, through discounts
to all its customers.
QA. Middle East is the main region from which remittances flow into Sri Lanka. As such we focused initially on the Middle East region and tied up with two of the largest remittance houses and brands in the region Xpress Money, and Al Ansari’s Cash Express. The advantage Cargills Bank offers is convenience, easy of access and value in a unique way that is over and above any of its competitors. Remittances can be encashed countrywide presently from any of the 276 Cargills Food City outlets and the 3 Cargills Bank branches. Cargills Food City is opened 365 days of the year, and is open for business from 8:00 am to 10 pm. This makes it very easy for those working in the Middle East especially, as they can remit money to their loved ones in Sri Lanka after they finish work on their way home, and it could be easily collected at any Cargills Food City immediately.
Buddhika Perera, Head of Operations of the Bank , elaborated on the structure and modus operandi of the remittance pay out service
QA. The beneficiaries in Sri Lanka will be able to make purchases from Cargills Food City outlets at the time of collecting their remittances, with a 5 percent discount on groceries, excluding liquor and tobacco, up to a maximum value of Rs. 10,000 purchase value each time they collect remittance. Customer also can avail themselves of the many offers and lowest prices that are available at Cargills Food City throughout the year ,and pay their electricity, water and telephone bills at their convenience The bank has already taken measures and processes to deliver comprehensive services, offer attractive rates, speedier low cost remittance scheme, incentives and to popularize Cargills Remittance services to migrant employees.
QA. Any person above the age of 18 can send money from abroad, while the receiver should be in possession of a valid identification like the national identity card (NIC), driver’s licence or a passport. There is no minimum transaction value, and at present remittances could be sent through Cargills Bank’s remittance partners Xpress Money or Al Ansari’s Cash Express branches
QA. The Bank has linked up with Xpress Money and Al Ansari Cash Express which have branches all over the Middle East and other countries. Sri Lankan expatriates can remit the money from any of their branches to their friends and family in Sri Lanka and the recipients will be able to collect remittances even in hours when the banks are not normally open for business. We have trained Cargills Food City staff at outlets to service the recipient’s. and undertake remittance transactions. We have also set up a helpdesk for inquiries and assistance regarding remittance transactions .
QA. We are cognizant of the national goals and have put in place preliminary measures towards this end, with our present offering being the first step towards it. We will extend our wings in the years to come, conscience of our motto ‘Banking on the Human Spirit,’ supporting the efforts of individuals as they strive towards success across our nation. We will add more value added services and innovative products to the remittance scheme and further improve our services by continuously training our staff, adding more customer touchpoints and partnering and adding key Remittance Houses as we move forward, said Rumaiz Rahm, in closing.