Service available at over 98% of bank accounts in the country
MoneyGram (NASDAQ: MGI), a leading money transfer and payment services
company is making it easier for customers around the world to stay
connected to friends and family in Sri Lanka with the launch of its
account deposit service.
Sri Lankans working overseas can now transfer funds through MoneyGram to
over 98% of bank accounts in the country within an hour, subject to
operating hours. The funds can be received in Sri Lankan rupees directly
from 40 countries, including the United States, Italy, Lebanon, France
and Saudi Arabia.
“We are excited to expand our self-service products in Sri Lanka which
is an important market for MoneyGram’s South Asia business. This
innovative service demonstrates our commitment to providing MoneyGram
customers with more convenient options for sending or receiving money,”
said Grant Lines, EVP Asia Pacific, South Asia and Middle East at
MoneyGram. “Consumers can now choose MoneyGram for both our extensive
cash pick-up network and the new account deposit service in Sri Lanka.”
According to a report published by the World Bank, total remittances
into Sri Lanka were an estimated $6.7 billion in 2013 which represented
approximately 10 percent of the country’s gross domestic product.
MoneyGram has aligned with Commercial Bank of Ceylon, a local bank and a
MoneyGram agent, to facilitate this service. During banking hours, funds
are deposited the same day. Should a customer send funds after banking
hours, funds will be credited the following day.
About MoneyGram International, Inc.
MoneyGram, a leading money transfer company, enables consumers who are
not fully served by traditional financial institutions to meet their
financial needs. MoneyGram offers money transfer services worldwide
through a global network of 339,000 agent locations - including
retailers, international post offices and financial institutions - in
more than 200 countries and territories. MoneyGram also offers bill
payment services in the U.S. and Canada.
MoneyGram International, Inc.
Michelle Buckalew, 214-979-1418
Source: MoneyGram International, Inc.