Seychelles Savings Bank starts ‘10-minute’ money transfers |31 May 2010

Speaking at the launch, the bank’s managing director Michael Benstrong said: “MoneyGram has a global reach through a network of 190,000 local agents across 190 countries and territories – giving you real convenience and flexibility. So with MoneyGram you’re never far away from a fast and easy money transfer.”

Explaining the uniqueness of the system, he said: “The recipient of the money need not go to a commercial bank and has a choice of collecting the money from any one of many MoneyGram agents at the destination such as money changers, travel agents and shops.”

The money transfer service is available to non-customers as well as customers of the bank, he added, and it allows a person to send and receive money in a matter of a few minutes.

When sending money, the customer has to follow four simple steps:

Step 1: Visit any branch of the Seychelles Savings Bank, taking some personal identification with you such as national identity card, passport etc (for non-customers).

Step 2: Complete a simple “send form” and hand this to the cashier along with the money you want to send and the transfer fee.

Step 3: You will be given a receipt with a reference number by the cashier.

Step 4: Contact the person to whom you’re sending the money and give him or her the reference number.
In just 10 minutes, the money will be ready for collection at the destination.

Receiving money is even easier as you have to follow just three simple steps:

Step 1: Ask the person who is sending you money to give you your reference number to speed up your collection.

Step 2: Visit any branch of the Seychelles Savings Bank, along with your identification and reference number.

Step 3: Complete our simple “receive form” and approach the cashier, who will then give you your money.

Non-customers sending or receiving money in excess of R10,000 are required to bring in their proof of address such as a utility bill, bank statement etc along with their identification.

A list of countries and agent locations is available at all branches of the Seychelles Savings Bank.