Sampath Bank offers reward of Rs.10 per US dollar for inward foreign remittances

Sampath Bank PLC is offering an additional reward of Rs.8 per US dollar for remittances made through the Sampath e-remittance service and converted into Sri Lankan rupees during the month of December 2021. 
With an incentive of Rs.2 per US dollar already being offered under the Incentive Scheme on Inward Workers’ Remittances, the bank is now offering a total incentive of Rs.10 per US dollar.

This is applicable to all funds that are remitted through the Sampath e-remittance service and converted into Sri Lankan rupees by Sampath Bank customers as well as all others, during the period December 01 to 31, 2021. In doing so, Sampath Bank goes live in providing the incentive in real time for over-the-counter payment and Sampath Bank accounts. 

The rewards programme is yet another way in which Sampath Bank seeks to support the Central Bank of Sri Lanka’s (CBSL) ongoing efforts to encourage all Sri Lankans living and working around the world to remit money to their loved ones in Sri Lanka through licensed banks (LBs) and other internationally accepted formal channels. Aimed at attracting more workers’ remittances to the country through formal banking channels, the additional incentive being provided is set to help improve foreign currency liquidity in the domestic foreign exchange market. Sampath e-remittance is an internet-based instant money transfer service that enables Sampath Bank customers as well as all others to receive money in Sri Lanka from their loved ones around the world. 

Anyone looking to send money to the country can simply visit one of its over 160 agents around the world or simply send money via the app of the respective agent. Paying the amount to be remitted along with applicable charges to the agent in the foreign country, they need to provide the details of the beneficiary, including full name and national identity card or driving licence or passport number. The agent will provide the sender with a reference number.

Senders can make three types of payments in Sri Lankan rupees, viz., over-the-counter payments at Sampath Bank branches, credits to Sampath Bank accounts and credits to other Sri Lankan commercial banks through SLIPS (Sri Lanka Interbank Payment System), CEFT (Common Electronic Fund Transfer) or RTGS (real-time gross settlement)

In case of over-the-counter payments, the beneficiary can access these funds instantaneously at any of the 228 Sampath Bank branches spread around the island by simply producing the reference number and applicable identification proof. Account credits may be obtained via over 400 MyBank agents in addition to the Sampath Bank branches islandwide. Transfers to bank accounts are completed in a matter of seconds.