JIS News

Michael Lee-Chin’s AIC Limited, the largest Mutual Fund company, in Canada, has launched a new money transfer company aimed at the Jamaican community in Canada. The company, Senvia Money Services, is promising competitive rates for its service to customers.
Associate Vice President at AIC Limited, Nigel Gray informed that Jamaican/Canadians could send up to Cad$2,500 to Jamaica for a flat fee of Cad$7. He said that there was no reason why the fee charged for sending the funds should be increased because the sums being sent were greater. “It is the same electronic transaction, whether it is $100, $500 or $1,000,” he stressed.
During a meeting with Jamaica’s Consul General to Toronto, Vivia Betton and Trade Commissioner Cherita Girvan-Campbell, Mr. Gray and AIC’s Executive Vice President, Kris Astaphan explained that Senvia was launched because of Mr. Lee-Chin’s commitment to helping the Jamaican economy.
Stressing security, the executives reported that Senvia was totally electronic, utilizing the secure banking system of both Canada and Jamaica. After a one-time registration by telephone or online, the person adds Senvia Money Services to his list of bills that are paid via the Internet, telephone or at an automated banking machine. Money transfers are then done just like paying a bill electronically, which makes Senvia accessible 24 hours per day.
For now, only account holders of Bank of Montreal, Royal Bank and Scotiabank in Canada can access Senvia, but more banks will be added soon. The sender will be able to keep track of his account through his monthly bank statement.
In Jamaica the receiver collects the money the next business day at any of the 52 branches of the National Commercial Bank. “You don’t have to have an account with NCB to collect the money,” said Mr. Astaphan.
AIC’s Executive Vice President also explained that there were plans to post the remitted funds to the receiver’s debit card and this would facilitate the person getting access to the funds even on the weekends when NCB is closed.

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