Learn how to maximize the power of your currency by reading our Sri Lanka Money Transfer Guide.
Whether you need to send money to a relative in Sri Lanka or want to invest in a new property, the best way to do it is through a Foreign Exchange (FX) company. The reasons are simple: lower fees, same day delivery and better exchange rates than any High Street banks. Don’t believe us ? Take a look at the table below and see for yourself!
The Guide’s Topics:
- Best Way to Send Money to Sri Lanka
- Best Company to Transfer Money from Sri Lanka
- Today’s Sri Lankan Rupee Rates
- Reasons to Move Funds into Sri Lanka
Best Companies To Send Money To Sri Lanka
* Expected Rates reflect our rate expectations based on our research. We do not guarantee accuracy. For some companies we used a range of rates because they offer wholesale rates for large trades and higher rates for small trades.
Supported Countries & Payment methods
TorFX is a great solution for when you need to send money to Sri Lanka as they can provide a zero fee transfer and a good tool for those that are interested in buying a property abroad. The latter is especially a good idea when you take in to consideration the fact that this FX companies will provide a superior currency exchange rate than any of your local banks.
MoneyCorp is another company we recommend checking out because of two main benefits:
- It has over 35 years of experience in the market. This is great news for those that are a little “scared” of using new companies and will rather stick with banks and pay more.
- The minimum transfer amount is only €50. They are a good solution for those that need to make smaller transfers as most of the FX companies have higher minimums.
Best Company to Send Money from Sri Lanka
|Min. Transfer: £ / € 1,000.|
Transfer: Online or by Phone.
Why Them? 75,000+ Active Clients. 100+ Currencies Available. 98% Positive Client Feedback.
Supported Regions & Currencies
For the past few years, a number of foreign exchange rules have been relaxed in order to create a business environment and to facilitate the growth of the private sector. This translates in to minimum restriction as far as the money transfers are concerned. Furthermore, FX companies can provide their services to customers from all regions of the country.
Currencies: We recommend using WorldFirst when sending money from Sri Lanka because they have access to the biggest database of currencies from all the FX companies that we have reviewed so far. With over 100 international currencies at their disposal, you can confidently send money to the location of your choosing without fearing that it can be supported.
Tip: Because WorldFirst has a minimum transfer amount of € 1,000 (or equal value in other currencies), we would suggest using TransferWise for smaller transfers because they have fixed and lower spreads.
Today’s Foreign Exchange Rates for LKR
Transfer Money To A Sri Lankan Bank Account
The current Sri Lankan rupee is been in use only from 1872. In the past, Sri Lanka had used the British pound (1825 – 1869) and the Indian rupee (1836 – 1872). So it is no surprise that the most popular exchange rates are against the GBP and INR.
Remittances: Sri Lanka has received over $7 billion in 2014 which represents almost 10% of the country’s GDP. Because English is the main recognized foreign language, over 500,000 of the 3 million overseas Sri Lankans are in the UK.
If you need to hire people and feel out of your comfort zone in a foreign country, you should know that the UK is the number one partner with Sri Lanka for higher education opportunities and for training locals.
Tourism: Sri Lanka was named the best valued destination for holidays (in 2012) and had over 1.5 million tourists in 2014. With so many national parks, major sports tourism and 8 world heritage sites, Sri Lanka is on her way to achieve the target of 2.5 million tourist arrivals by 2016.
Thinking Of Relocating To Sri Lanka?
If you consider moving to Sri Lanka and live there as an expat, you may want to know about this facts:
Advantages Of Moving To Sri Lanka:
- Major Economic Growth: Sri Lankan government has targeted economic growth of 1 Billion USD in export revenue.
- Job Opportunities: The government plans on creating 100,000 new jobs by 2017.
- Good Salaries: Sri Lanka boasts the highest per capita salary in Southeast Asia.
Disadvantages Of Moving To Sri Lanka:
- Education System: Poor public education system leaves international schools as the only viable option. These schools can average 5,000 – 10,000 GBP per year.
- Medical Insurance is Difficult to Obtain: It is a lengthy process to get coverage as an expat, thus, do your homework and start early.
- Heavy Tax on Foreigners Owning Property: Residents have fewer issues but foreigners are advised to consider taxation carefully.
How To Send Money to Sri Lanka For Cheap
As we stated at the beginning of this article, the bank-to-bank transfer is the worst possible option. Instead, give the FX companies a chance to show you how cheap and convenient a money transfer can be.
But how can they compete with banks ? The answer is pretty simple – These companies focus solely on money transfers!
And the business model can offer the customer many benefits when compared with banks or remittance companies (such as Western Union). Because they acquire huge amounts of currencies, FX companies receive a wholesale price which empowers them to be very competitive in the currency exchange rates.
When a customer decides to make an international money transfer, the FX company is able to move the money and make the profit from the currency exchange. And when the amounts to be transferred are large enough, they will waive the fee altogether. It’s clearly a win-win situation.
What you need to send money to Sri Lanka
- Bank Name and Address
- Swift/BIC Code
- Account Number
- Receiver’s Complete Name
After you provide all the details listed above, the process is simple:
- You create a free account with the company.
- Receive a quote from one of the dealers – be it online or by the phone.
- Send the money to your account so you can fund the transfer.
- Get a confirmation from the company (usually the same dealer that gave you the quote) that the transaction is completed
Our Company Recommendation:
- Send Money to Sri Lanka: Companies that provide international money transfers to Sri Lanka.
- Send Money from Sri Lanka: Companies that take on Sri Lankan Customers.
Regulations and taxes when transferring money to and from Sri Lanka
Sri Lanka’s currency is the Sri Lankan Rupee. The rupee is fully convertible, making transfers in and out of Sri Lanka relatively simple.
The Central Bank of Sri Lanka
The Central Bank of Sri Lanka oversees payment systems, monitors the proper function of financial systems, and works to preserve price stability.
There are no transfer restrictions on money going in and out of Sri Lanka.
Hard cash equating to over US$10,000 must be declared to customs when departing from Sri Lanka. Sums exceeding US$15,000 must be declared when entering the country.
Taxation on foreign income
Sri Lankan residents are taxed on any foreign income. Non-residents are taxed only on income originating in Sri Lanka.
Biggest banks in Sri Lanka
- Commercial Bank of Ceylon
- HSBC Sri Lanka
- ICICI Bank
- Hatton National Bank
- Sampath Bank
Sri Lanks is a country that relies heavily on remittances and the tourism sector, meaning that it relies a lot on foreign income. That’s why we decided the tackle so in-depth the way people send money to Sri Lanka. Because the banks have been taking huge fees for this money corridor for too much time and is not feasible for many people to see how a big percentage of their money just disappear in thin air every time they send money to or from Sri Lanka.
So stop overpaying and start using one of the FX companies we have reviewed in this guide.