While someone might be looking for a way to send euros to Sri Lanka, you may want to convert U.S. dollars into Sri Lankan rupees, and someone else may need to convert sterling pounds to Sri Lankan rupees. No matter where you live and what your need is when carrying out a money transfer to Sri Lanka, you get o choose from different service providers.
provider that suits your needs is important.
Transfer Money to Sri Lanka
- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
- Two Transfers Fee Free
- 1 - 3 Days
- $250 / £100 / €250
Currency Corridors & Swift Codes
Currency Symbol and Swift Codes
The Sri Lankan rupee (LKR) is the official currency of Sri Lanka. One rupee is divided into 100 cents. While the currency is denoted using “Rs” within the country, “SLR” is more commonly used to distinguish it from other rupee denominated currencies.
The Sri Lankan banking system relies on the Society for Worldwide Interbank Financial Telecommunications (SWIFT) payment network to carry out cross-border fund transfer. Given below are SWIFT codes of some popular banks in Sri Lanka.
|Commercial Bank of Ceylon||Colombo||CCEYLKLXXXX|
|Sampath Bank PLC||Colombo||BSAMLKLXXXX|
|National Savings Bank||Colombo||NSBALKLXXXX|
|Hatton National Bank||Colombo||HBLILKLXXXX|
Popular Currency Corridors
Considerably more money flows into Sri Lanka when compared to how much money leaves the country. In 2016, more than U.S. $7.25 billion was sent to Sri Lanka in remittances from different parts of the world. In the same year, a little over U.S. $1.16 billion made its way out of the country as remittances.
The corresponding tables give you an indication of how much money was sent to and from Sri Lanka across its top currency corridors during 2016. The numbers are listed in U.S. dollars.
|United Arab Emirates||AED-LKR||$659,000,000|
How Do I Compare Companies When Sending Money to Sri Lanka?
When you are looking for companies that let you send money to Sri Lanka, compare them across these parameters.
- Cost effectiveness. The cost of carrying out a money transfer to Sri Lanka depends on how much you pay as fees and the exchange rate that applies on your transfer. Since money transfer companies do not follow the same pricing pattern, if you want to find the most cost effective way to send money to Sri Lanka, simply look at how much money the recipient stands to receive at the end of the process.
- Turnaround time. To send money to Sri Lanka quickly, consider turning to a company that lets the recipient collect transferred funds from a physical location. Most transfers to cash pickup centers tend to process almost immediately. Transfers to Sri Lankan bank accounts may take up to six working days to process. The actual turnaround time may vary depending on where you live, the company you select, and the recipient’s bank.
- Payment methods. Just about every company lets you pay using a bank account transfer. Paying using a debit or credit card is possible depending on the company you select. Some even accept payments via various other methods such as Apple Pay, Google Pay, ACH, SOFORT, iDEAL, Interac, and POLi.
- Customer service. Review-based online platforms such as Trustpilot and Feefo give you an easy way to look at what previous customers of different money transfer companies have to say about their experiences. Some companies provide over the phone support for customers from different countries. However, online support via chat and email is available more easily.
How to Transfer Money to Sri Lanka?
You may begin the process of carrying out a money transfer to Sri Lanka in different ways.
- Online. Several banks let their customers send money to Sri Lanka online. However, specialist money transfer companies usually fare better when it comes to cost and speed.
- Over the phone. Depending on the company you select, you can get a currency dealer to carry out your money transfer to Sri Lanka by speaking with one over the phone. Some companies give all their customers access to dedicated currency dealers, so you do not have to speak with a new person every time.
- In-person. You might want to walk into your local bank to send money to Sri Lanka in person. However, take time to compare its cost effectiveness and speed with money transfers companies that have offices or agents in your vicinity.
Sampath had moved from Sri Lanka to the UK as a student to pursue higher education. Upon the completion of his studies, he found a job that enabled him to continue living in the UK. Since he earned more than he needed to get by, he decided to start sending some money back home to his parents. He figured he could afford sending around £1,000 each month.
He could use the services of the bank he banked with to carry out the transfer, but he felt he might benefit by comparing it with a leading money transfer company. This is what he found.
|Bank||Money Transfer Service|
|Exchange rate||GBP 1 = LKR 195.0173||GBP 1 = LKR 209.9114|
|Transfer fee||GBP 20||GBP 0|
|Amount received for GBP 1,000||LKR 191,116.95||LKR 209,911.40|
|Transfer time||2 to 6 days||1 to 2 days|
|Transfer options||Bank account||Bank account|
|Difference of||LKR 18,794.45|
Sampath used the money transfer company instead of his bank, because of which his parents ended up receiving some extra money each time. The company he selected let him schedule his transfers so he did not have to go through the entire process each time. In addition, if he found exchange rates to be favorable, he could lock them for up to six months.
Cash Pickup Locations in Sri Lanka
You may send money to Sri Lanka quickly by using the services of companies such as WorldRemit, Western Union, MoneyGram, Azimo, and Ria. These companies have extensive agent networks in the country.
|WorldRemit in Sri Lanka|
|Colombo Sampath Bank, No. 103, Dharmapala Mawatha, Colombo||Hatton National Bank, 60, Sea Street, Colombo|
|Kandy Sampath Bank, No 29, Cross Street, Kandy||Bank of Ceylon, No 447, Kurunegala Road, Kandy|
|Western Union in Sri Lanka|
|Colombo, Dedigama Group, Armour Street Pawn Shop 58, Sumanathissa Road Armour Street, Colombo||Dedigama Group, Maligawattha Pawn Shop, 57/d, New Pradeepa Mw, Colombo|
|Kandy People's Bank, Kandy City Center, Sri Dalada Veediya, Kandy||D A Kurukuththala and Sons, No 101, Kandy Road, Kaduganna, Kandy|
|MoneyGram in Sri Lanka|
|Colombo Bank of Ceylon Navajeevanam Boys Home Tharmapuram, Kilinochchi Wanna, Colombo||Commercial Bank of Ceylon, Shop No 3-31, Magestic City, No. 10, Station Road, Colombo|
|Kandy Commercial Bank of Ceylon Limited L 1-2, Level 1, No 30 Dalada Veediya, Kandy||Bank of Ceylon No 22, Dalada Veediya, Kandy|
Safety Tips for Picking Up Cash in Sri Lanka
Petty crimes such as bag snatching and pickpocketing are common, especially on public transportation. Violent crimes targeting foreigners have known to take place. Thefts have been reported from guest house and hotels, so keep your belongings with care. If picking up a large sum from a cash pickup center, take someone you trust along and do the needful during daylight.
Never leave your drink unattended as instances of drinks being spiked are not uncommon. Credit card fraud is common so never leave your card out of sight. When possible, stick to using cash.
Women travelling to Sri Lanka need to take particular care because they are prone to getting unwanted attention, and instances of physical and verbal harassment by groups of men are common.
What Information Do I Need to Transfer Money to Sri Lanka?
The information required to carry out a money transfer to Sri Lanka depends on the desired transfer method.
- Sending to a bank account. You will need the recipient’s complete name, an account number, an IBAN, the receiving bank’s name, and the receiving bank’s SWIFT code.
- Sending to a cash pickup center. You will need the complete name of the recipient and the location of a suitable cash pickup center. The recipient will need to present a valid form of ID and a reference or transaction number to collect the transferred money.
Regulations When Transferring Money To and From Sri Lanka
The Sri Lankan rupee is fully convertible, which makes carrying out transfers to and from the country easy. The Central Bank of Sri Lanka is responsible for overseeing the country’s payment and financial systems, and it also works in preserving the rupee’s stability.
While there are no restrictions on transfers into the country, you need an exchange control permit issued by the Central Bank of Sri Lanka to transfer money out of the country.
Worker remittances are exempted from taxation in Sri Lanka. People returning to the country may carry up to U.S. $10,000 or its equivalent without prior permission. Sri Lankans travelling overseas may carry up to U.S. $5,000 without requiring any kind of exchange control permission.
Before carrying out your next money transfer to Sri Lanka, take some time to compare your options across all important parameters. Look for ongoing promotional offers as they may lead to added savings.
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