BOC enhances benefits for expatriate Lankans to support country’s foreign remittances inflows

by R.M.N. Jeewantha
DGM International, Treasury and Investment – Bank of Ceylon

Enhancing convenience for Sri Lankan expatriates with the assurance of highest possible benefit for the hard earned money from overseas assignments they are engaged with, the Bank of Ceylon offers an array of services and products seamlessly through its multi-faceted service channels.

Apart from its specially formulated accounts that offers best possible benefits to the account holder, the Bank has established a service channel that adds value o throughout the transaction process. Enabling expatriates to access the remitting facility seamlessly the bank has placed its representative network across the globe ensuring a secured, reliable, convenient and fast fund remittances service. BOC has deployed 26 Business Promotion Officers (BPO) in seven key foreign employment destinations for Sri Lankans, while providing the services in three countries, offsite.

With the help of the bank’s representative network customers can avail themselves to remit their funds through BOC Smart Remit facility which has been recognized as one of the fastest and most secured remittance transfer services and with the recent system upgrades, it provides real- time fund transfers for BOC customers across the world.

To assure customers that they receive the best attention they require at all times with regard to all their inquiries BOC has formed the “BOC Foreign Circle”, the international support service unit dedicated to response queries related to foreign remittances transactions and other services available for them. which includes instant account opening, obtaining ATM and other cards, loans and online banking services. BOC encourages the Sri Lankan expatriate community to avail themselves of these products and services by simply contacting the BOC Foreign Circle through WhatsApp, Viber or IMO through the following numbers for more information and assistance: 0707 203 203, 0707 204 204, 0707 205 205.

The BOC Personal Foreign Currency Account (PFCA) which is embedded with unique features remains a key product in the portfolio of BOC’s foreign exchange products. Any expatriate Sri Lankan and their family members living in Sri Lanka is eligible to open a PFCA with BOC. BOC Special Deposit Account (SDA) which offers attractive interest rates is another popular product among the expatriate community. While offering the best market interest rates, BOC foreign currency accounts come with a 100% guarantee on the deposit holders’ funds.

Encouraging inward remittance to come through proper channels that would enable the country to benefit largely, the bank introduced “BOC’s Pita Pita Rata Thegi” promotion which has become a successful initiative that rewards and incentivize expatriate Sri Lankans for their patriotism. The expatriates stand the opportunity to win back-to-back valuable gifts in daily, weekly and monthly draws including a grand price, a luxury villa worth Rs. 30 million in the latest Pita Pita Rata Thegi promotion.

Promoting the awareness of risks associated with such unofficial cross-border fund transfer channels and to convince to use secure banking channels, BOC initiated number of awareness programs and campaigns including hosting an exclusive TV programme ‘Ethera Methara’ on Rupvahaini and a radio programme titled ‘Ran Kahvanu’ on SLBC and has built a closer relationship with many respective customers.

Aligned with the Government’s recently announced special incentive scheme for the migrant workers a concession to import electric vehicles based on their level of foreign currency remittances through official banking channels, BOC is already underway to implement this scheme by initiating discussions with the Ministry of Labour and Foreign Employment to partner with the Government.

BOC also plays a major role in pre-departure loan facilities for foreign employment seekers who have registered with Sri Lanka Bureau of Foreign Employment (SLBFE). Recently the bank decided to extend pre-departure loan facilities for foreign employment candidates irrelevant of their destination. Further, to granting financial relief to foreign employment seekers amidst rising travel expenses, the Bank has decided to further reduce interest rates on pre-departure loans.

Bank of Ceylon overseas presence consists of foreign branches in Chennai, Male, Hulhu-Male, Seychelles and a banking subsidiary in London along with a strong affiliation with the international banking network developed over the years.

Over the past 83 years, Bank of Ceylon continues to cement its position as the No.01 Bank in the country while serving the national interest, as reflected by numerous global and local accolades. Bank of Ceylon was yet again recognized among the world’s top 1,000 banks by ‘’The Banker Magazine UK”. BOC operates 648 branches connected online and maintains 1,415 ATMs, CDMs, and CRMs altogether with more than 2,000 touch points spreaded across the nation.