Recently the BOC has made some important changes in the way it implements monetary policy like explicit target of inflation (1-3%) or increasing transparency and reducing market uncertainty. Furthermore, its responsibilities focus on the goals of low, stable and predictable inflation a safe and secure currency a stable and efficient financial system in Canada and internationally and effective and efficient funds-management services for the Government of Canada. It is the only issuer of banknotes and holding a monopoly on the printing and issuing of the Canadian banknotes, the central bank directly influences the value of the country’s currency. Unlike many central banks, the BOC is not a commercial bank and does not offer public bank services. The “Bank of Canada Act” of 1934 founded the institution as a privately owned corporation but in 1938, the bank became a Crown corporation belonging to the monarch in right of Canada. Contact the Travel & Remittances Department for further details.The Bank of Canada (BOC) is a financial institution that serves as Canada's primary central bank. Eligible customers can conveniently obtain this Card at any Bank of Ceylon branch across Sri Lanka. Reloading facility is available during the validity of the card and remote loading facility is available for students who are overseas for their higher education. Any traveller who is a resident Sri Lankan and above 18 years of age can obtain this facility under exchange control regulations. The cardholder can switch the card funds from one currency to another via card holder self-care portal. One card can be loaded up to five different currencies namely US Dollars, Sterling Pounds, Euro, Japanese Yen and Australian Dollars. Additionally, the Bank of Ceylon provides a free backup card at the time of issuing the original card to assist the user in times of loss/theft or damage to the original card and the owner of the card is offered a free Travel Insurance cover up to $ 250,000 (conditions apply). A smart traveller can use this update to keep a track of his/her expenses and manage the budget. On completion of each transaction SMS and e-mail alerts will be forwarded to the given telephone number and e-mail address of the user. Provided with a secured EMV complaint chip that keeps the card information safe whilst using it in places where there could be a possible identification theft. BOC MCTC provides the user an ideal solution to manage exchange rate fluctuation and keep the traveller informed about transactions via SMS or email. Carrying physical currency notes also leads to practical issues such as portability. This card also replaces currency notes which may be exchanged at a loss when travelling across different countries. This card can be used on ATMs, POS and for online transactions where MasterCard acceptance mark is present and card holder can enjoy dining, shopping and travelling whilst abroad or can use at duty-free shopping outlets in Sri Lanka. Being a globally-acclaimed technology company, MasterCard International is in the global payments industry and operate payments processing network, connecting consumers, financial institutions, merchants and businesses in more than 210 countries and territories.īeing a bank which is focused on enriching its customer’s lives through adding value, Bank of Ceylon introduced the BOC Multi-Currency Travel Card that offers the convenience of carrying multiple currencies in one digital card, allowing the customer to travel overseas freely and transact with confidence without being exposed to exchange loss. With the trust and stability built over the years, the BOC MCTC that is produced jointly with MasterCard International is accepted around the world to assist travellers to conduct their transactions seamlessly. This convenient yet secured BOC MCTC will secure travellers from possible threats that could occur and use the card confidently.Ĭonsidering the need for overseas students, this service was recently extended for them to carry out overseas transactions conveniently. The trusted travel partner BOC Multi-Currency Travel Card (MCTC) is an upgraded and a convenient method of payment for foreign travellers that comes with secured Near Field Communication (NFC). Cabraal by Bank of Ceylon Chairman Kanchana Ratwatte. The card was officially presented to CBSL Governor Ajith N. The Bank of Ceylon presented a personalised BOC Multi Currency Travel Card (MCTC) to Central Bank Staff members in ceremony held recently at the Central Bank’s Governor’s Office.
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