BoC holds 40% of inward remittances

The Bank of Ceylon (BoC) which introduced the Non Resident Foreign Currency (NRFC) account to the country, has a 40% share of the inward remittances and a 35% share of the NRFC deposits. Steps were taken recently by the Bank to increase the volume of NRFC deposits and inward remittances, said Deputy General Manager, International, Treasury and Investments, P. A. Lionel.

Excerpts of the interview with the Deputy General Manager.

Could you explain the remittance programs the Bank of Ceylon, has introduced for the benefit of our countrymen who live in foreign countries?

The Bank of Ceylon celebrated its 75th anniversary in August last year. As part of its anniversary celebrations steps were taken to boost its NRFC accounts and foreign currency remittances. We focus a lot of attention on the safety and security of the deposits made by the public.

Using the BoC Smart Remit facility which was introduced recently, any person residing in a foreign country can send money quickly to their friends, family and relatives.

Could you give us more details about Smart Remit?

This remittance method is simple, safe and reliable and the money reaches the person instantly. The recipient or beneficiary has the convenience of withdrawing the money at any of our 620 branches islandwide.

Under the Smart Remit method the person sending the money and the person receiving the money get SMS messages. The sender gets a message that the money has been sent and the person receiving it gets a message that the money has been received. The Bank also gives customers attractive exchange and interest rates.

What are the countries where this system is available and what was the reason for the introduction of such a system?

As a State bank, it is a part of our commitment to contribute to economic development and help Sri Lankan expatriates to send home the money they earn in foreign countries.

We have over 30 representatives in Middle Eastern countries such as Qatar, United Arab Emirates, Oman, Bahrain and also in Italy, South Korea and Israel.

Could you tell us about methods, other than Smart Remit, which could be used to send money?

Apart from Smart Remit, we also have channels such as Swift, Moneygram, Ez Remit, X Press Money, Al-Far dan, Coin star, RIA, PrabhuMoney and Segue.