New remittance service to lower cost of sending money to Ja
NATIONAL COMMERCIAL Bank (NCB), in collaboration with its majority shareholder, AIC Limited led by Michael Lee-Chin, has launched Senvia Money Services, a remittance service that makes good on Mr. Lee-Chin's promise to dramatically lower the cost of sending money to Jamaica.
"It is a fact that international remittance inflows contribute significantly to the Jamaican economy - on par with tourism," Mr. Lee-Chin said in an interview. "Yet, while technology has created efficiencies and reduced costs to money transfer firms, these savings have not been passed on to consumers."
Mr. Lee-Chin said, "With Senvia Money Services, that is about to change."
Formerly known as Zip Cash, Senvia already boasts the lowest flat-fee pricing for money transfers to Jamaica:
Canada - send up to C$ 2,500 for a flat-fee of C$ 7
Grand Cayman - remittances up to CI$ 1,000 for one flat-fee of CI $5
United Kingdom - a market-leading fee of £5 for transfers up to £500.
When it comes to money transfer, what is most critically important is not how much is sent but rather how much arrives. In fact, as recently as two weeks ago, the Minister of Finance and Planning, Dr. Omar Davies appealed to firms to take a closer look at the fees they were charging, because by and large they are dealing with working class people to whom remittances are vital to economic survival.
Senvia Money Services provides a real choice for Jamaicans living abroad wishing to maximise the amount of money that actually makes it into the hands of family and friends in Jamaica, said NCB remittance manager, Darcy Parkins.
PRICING: A WORLD OF DIFFERENCE
When it comes to money transfer fees, less really is more. The lower the fee charged abroad, the greater the amount that makes it to Jamaica.
When you consider that for many, remittances from abroad may be made monthly (or even more frequently), the Senvia advantage is clear. For example, a £300 monthly remittance from the United Kingdom through Senvia would result in an annual savings of approximately £266 vs. a major money transfer competitor. In short, simply by sending through Senvia, recipients in Jamaica would realise over J$25,000 in additional income annually.
CONVENIENCE & SECURITY
On the matter of security, Mrs. Parkins notes "The Senvia saving is significant. However, we did not stop at price alone. Our customers have the assurance that from start to finish, their money is treated with the highest regard to security and professionalism - exactly what you would expect from major financial institutions like AIC and NCB."
Customer convenience has also been enhanced. Senvia Money Service is already available at 52 NCB branches across Jamaica. Beginning on October 27, customers will be introduced to the Senvia Card which will allow recipients of remittances to access their funds from the convenience of over 100 ABM and approximately 7,000 point-of-sales terminals that currently accept NCB Keycards. The new Senvia card programme effectively introduces 24/7 remittance service - no more line-ups, no more waiting. With Senvia Money Services, remittance convenience has never been better.
NCB's assistant general manager of retail banking division, Courtney Campbell, said "the goal was not to simply offer a marginally lower price as others have done in the past. Rather, we looked at what was most important to customers - value, convenience, and security - and set about to create a solution that addressed these customer needs in a very meaningful way." Senvia also looks to expanding its reach into new territories in the future.
