If you are planning to send funds overseas, you may want to consider setting up an expat Sri Lankan bank account. This way, expats can receive their salary monthly, make rent payments, and facilitate larger transfers in and to Sri Lanka. There are many money transfer services that offer expat Sri Lankan bank account accounts and online wallets, that allows expats to hold foreign currency and base currency online. Most Sri Lankan banks also offer free international payments, and expats can manage their money online through the main websites of expat money transfer service and apps in Sri Lanka. If you are not sure which Sri Lankan bank is best for you, we list some money transfer services that offer money services to Sri Lankan expats to and from Sri Lanka.
If you are a expat transferring money from your home country, you should consider using an expat money transfer service in Sri Lanka that is regulated by Sri Lankan financial regulators. Money transfer apps in Sri Lanka are one of the fastest and easiest ways to transfer Sri Lankan expat money internationally.
Visit XE Money Transfer
Used By: 280000000
Currencies Available: 76
Transfer Fees: none
Payment Methods: Bank transfer, credit card, debit card
iOS App : yes, Android App : yes
LiveChat:
Min Transfer: US$1.00
Max Transfer: US$500,000.00 (or equivalent)
Year Founded: 1993
Visit Wise Multi-Currency Account
Used By: 11000000
Currencies Available: 54
Transfer Fees: 0.5%-1%
Payment Methods: Bank transfer, debit card, credit card, SOFORT transfer
iOS App : yes, Android App : yes
LiveChat:
Min Transfer: 1 USD
Max Transfer: 1000000 USD/transaction/day (personal), 3000000 USD/transaction/day (business)
Year Founded: 2011
Visit Remitly
Used By: 3000000
Currencies Available: 63
Transfer Fees: 0-3.99$
Payment Methods: Bank transfer, credit/debit card
iOS App : yes, Android App : yes
LiveChat:
Min Transfer: US$1.00
Max Transfer: US$20,000.00
Year Founded: 2011
Visit Wise Business
Used By: 11000000
Currencies Available: 55
Transfer Fees: 0.5%-1%
Payment Methods: Bank transfer, debit card, credit card, SOFORT transfer
iOS App : yes, Android App : yes
LiveChat:
Min Transfer: 1 USD
Max Transfer: 1000000 USD/transaction/day (personal), 3000000 USD/transaction/day (business)
Year Founded: 2011
Visit Wise
Used By: 11000000
Currencies Available: 54
Transfer Fees: 0.5%-1%
Payment Methods: Bank transfer, debit card, credit card, SOFORT transfer
iOS App : yes, Android App : yes
LiveChat:
Min Transfer: US$1.00
Max Transfer: US$1,000,000 (varies based on currency)
Year Founded: 2011
Visit CurrencyFair
Used By: 150,000
Currencies Available: 17
Transfer Fees: 0.45%
Payment Methods: Bank transfer, debit card
iOS App : yes, Android App : yes
LiveChat: yes
Min Transfer: £5.00 (or equivalent)
Max Transfer: £10,000,000.00 (or equivalent)
Year Founded: 2009
Visit InstaReM
Used By: 130000000
Currencies Available: 11
Transfer Fees: 0%-1%
Payment Methods: bank transfer, POLi payment (Australia), debit card (EU residents), ACH Pull (US residents), FPX (Malaysian residents)
iOS App : yes, Android App : yes
LiveChat: yes
Min Transfer: $1 (minimum sending amounts could differ based on certain currency pairs)
Max Transfer: No limit (different countries have regulatory limits on outward and inward flow of remittances originating from or to the country)
Year Founded: 2014
Visit MoneyGram US
Used By: 150000000
Currencies Available: 46
Transfer Fees: 0-1.99$
Payment Methods: pay by card or directly from your bank account
iOS App : yes, Android App : yes
LiveChat:
Min Transfer: none
Max Transfer: 3000 USD
Year Founded: 1940
Visit Xoom
Used By: 250000000
Currencies Available: 4
Transfer Fees: 0$-40$
Payment Methods: Bank transfer, debit/credit card, PayPal balance
iOS App : yes, Android App : yes
LiveChat: yes
Min Transfer: US$10.00
Max Transfer: 2999 USD/day, 6000 USD/month, 9999 USD/3 months
Year Founded: 2001
Visit Skrill
Used By: 120,000
Currencies Available: 33
Transfer Fees: none
Payment Methods: Cash, bank transfer, debit card, credit card, e-wallet, cryptocurrency (depending on country)
iOS App : yes, Android App : yes
LiveChat: yes
Min Transfer: US$1.00 (varies based on certain currencies)
Max Transfer: US$2,500.00 / day (weekly and monthly limites also apply)
Year Founded: 2001
Visit Scotiabank
Used By: 25,000,000
Currencies Available: 23
Transfer Fees: none
Payment Methods: Bank transfer, debit card, credit card, apple pay, google pay, Scotiabank Saddletone gift cards
iOS App : yes, Android App : yes
LiveChat: yes
Min Transfer: none
Max Transfer: 10000 USD
Year Founded: 1832
Visit OFX
Used By: 1000000
Currencies Available: 54
Transfer Fees: 15 AUD below 10k AUD
Payment Methods: ETF, BPAY (Australia), Direct debits
iOS App : yes, Android App : yes
LiveChat: yes
Min Transfer: 1000 USD
Max Transfer: none
Year Founded: 1998
Visit Credit Suisse
Used By: 1000000
Currencies Available: 1
Transfer Fees: none
Payment Methods: eBill, QR-bill, standing orders, payment orders, online & mobile banking, direct debit, multi-payment orders, bank transfer, debit card, credit card
iOS App : yes, Android App : yes
LiveChat: yes
Min Transfer: none
Max Transfer: none
Year Founded: 1856
Visit Western Union
Used By: 15000000
Currencies Available: 38
Transfer Fees: up to 3%
Payment Methods: Cash, bank transfer, debit card, credit card (varies from country)
iOS App : yes, Android App : yes
LiveChat:
Min Transfer: $1.00
Max Transfer: $10,000.00 (varies)
Year Founded: 1851
Visit TransferGo
Used By: 2,500,000
Currencies Available: 39
Transfer Fees: 0.5%-1.5%
Payment Methods: Bank transfer, debit card, credit card
iOS App : yes, Android App : yes
LiveChat: yes
Min Transfer: 1.5 GBP
Max Transfer: 1000000 GBP
Year Founded: 2012
Visit Moneycorp
Used By: 15000000
Currencies Available: 161
Transfer Fees: none
Payment Methods: debit card via our online platform or a wire transfer, cash
iOS App : yes, Android App : yes
LiveChat:
Min Transfer: 50 USD/GBP/EUR
Max Transfer: none
Year Founded: 1962
Visit Currencies Direct
Used By: 325,000
Currencies Available: 22
Transfer Fees: none
Payment Methods: Bank transfer, debit card
iOS App : yes, Android App : yes
LiveChat: yes
Min Transfer: none
Max Transfer: 25000 GBP
Year Founded: 1995
A wire transfer in Sri Lanka is an electronic method of sending money to and from Sri Lankan bank accounts. It is quick and secure. It requires the recipient to have specific information, such as their account number. The amount of the transfer for example is required. These details are then passed between Sri Lankan and international banks, which is why this method of sending money is known as a wire transfer in Sri Lanka. Expats can initiate a wire transfer in Sri Lanka in a variety of ways, including online using a expat money transfers service in Sri Lanka or through a branch.
Despite their convenience, wire transfers in Sri Lanka can be costly for expats, if done improperly. Although these transfers are safe, the recipient's Sri Lankan bank or financial institution can recoup some of its costs. In addition, wire transfers in Sri Lanka can be a bit risky if the recipient's Sri Lankan bank details are not correct. expats can send the money to the wrong account or even deceive the recipient. To protect yourself against these risks, expats should gather all the necessary information in advance. For example, expats should have all of the recipient's account numbers, detailed contact information and the date on which you are submitting the payment to or from Sri Lanka.
The process of sending money overseas for Sri Lankan expats is a simple one. You have to secure the best possible conversion rate while avoiding transaction fees and finding the best money transfer deal in Sri Lanka. To avoid the hassle and waste of time, here are some tips to finding the best international money transfer provider for expats in Sri Lanka. Remember that the fastest money transfers in Sri Lanka will cost more, so make sure to choose a slower option if time is not an issue. Regardless of the reason for your transfer, Sri Lankan expats can save money with a top-rated international money transfer provider.
Many online money transfer providers in Sri Lanka will actively help expats send money abroad. Using the internet has made it easier than ever. These money transfer companies in Sri Lanka provide expats the best prices and have a lot of experience with international payments and the LKR. And while these services might cost a little more than Sri Lanka banks, they are often more affordable and offer hassle-free transfers in Sri Lanka. If you need to send money overseas, it is important to find a specialist Sri Lankan expat money service that offers excellent rates and a hassle-free experience.
If you plan to send money abroad from Sri Lanka, you may be wondering what is the best way to do it. Well, it all depends on your needs. Basically, you will need to know how much money you want to send and how fast you can transfer it from Sri Lanka. You can get your IBAN from your Sri Lanka bank or online account. Besides IBAN, you will also need your SWIFT/BIC codes. You can find these codes on your Sri Lankan bank statements or by calling your financial institution in Sri Lanka.
Although Sri Lanka banks are considered to be safest places to transfer money in Sri Lanka, there are many other options available to expats. Another factor for Sri Lankan expats to consider is payment options. You must check whether the provider accepts Sri Lankan bank transfers, ACH, and credit/debit card payments. Some expat money transfer providers in Sri Lanka offer payment options specific to the country you are in, such as POLi or direct to Sri Lanka bank deposits. Some expat money transfer services in Sri Lanka also offer mobile transfers and cash pickups. Although cash pickups are preferred for smaller amounts in Sri Lanka, the best way to transfer money abroad is to use a service that offers a variety of payment methods for expats.
A thing for Sri Lankan expats to take note of is some international Sri Lanka banks will refuse to accept payments from some money transfer apps online. Additionally, some expat money transfer companies in Sri Lanka can offer a limited customer support system, so expats will need to rely on online chat or email. Expats must make sure they only use regulated established money services as some of the unregulated money transfers services may take longer to locate stray funds than established Sri Lanka banks.
Because domestic wire transfers in Sri Lanka are made through Sri Lanka banks, they can be completed the same day, but they do have a processing time which expats should be aware of. Some Sri Lanka banks have cut-off times for same-day wire transfers in Sri Lanka. If you initiate the wire after the cut-off time, the transfer may take a day or two. In either case, you should plan to allow enough time for the transfer to clear. Domestic wire transfers in Sri Lanka are also easy to trace. Once you have identified the recipient, you can proceed with the payment.
If you are thinking about sending money to a foreign account, there are many options to consider in Sri Lanka. While direct deposit is often the most convenient method for regular expat payments, wire transfers in Sri Lanka are more convenient for one-time payments. You can initiate a wire transfer in Sri Lanka from several different locations, including a Sri Lanka bank branch, phone, or online.
When sending and receiving money internationally, International Wire transfers in Sri Lanka are a convenient way to make payments without having to pay fees and exchange rates. If you use a reputable Sri Lanka bank and have the correct recipient information, this process is very safe. One of the major benefits of wire transfers in Sri Lanka is the speed and security of the process. Because the money is not held by a Sri Lanka bank, it arrives quickly, often within 1-2 business days. Traditional methods of sending money for expats include cash, check, Sri Lanka bank draft, and money order. These methods are time-consuming for expats and may not be the most convenient or secure option for international wire transfers in Sri Lanka. The advantage of wire transfers in Sri Lanka is that they are safe, fast and can eliminate delays caused by the postal service, Sri Lanka bank hold, and check clearing issues.
Before transferring money overseas, most expats look up exchange rates. However, Sri Lanka banks markup their rates, using mid-market rates that are found through financial news services or search engines. This means they can charge four to six percent more than an expat would pay if you used a specialized money transfer service in Sri Lanka.
Before you can initiate a wire transfer in Sri Lanka online, you must determine which service you will use. If you already have an account with a particular financial institution, transferring money from there would be a cinch. Sri Lanka banks set limits on how much money can be transferred each day, and Sri Lankan expats can complete the transfer online or in-person at a branch. Non-Sri Lanka bank wire transfer in Sri Lanka providers can help you complete the transfer with a credit card or debit card.
A wire transfer in Sri Lanka is an electronic payment that allows you to send money to another Sri Lanka bank account overseas. The funds will leave the account immediately after the expat initiates the transfer to or from Sri Lanka. There are several options for this type of transfer, so be sure to carefully consider your preferences. The best way to transfer money is to make use of a reliable money transfer service in Sri Lanka.
In general, wire transfers in Sri Lanka are more expensive than other methods. When sending large sums of money, including international transactions, wire transfers in Sri Lanka are a good option. A wire transfer in Sri Lanka usually costs a flat fee of around 30 for domestic transfers, while an international wire transfer in Sri Lanka costs 50 or more. However, the recipient will also have to pay a fee of around 20 for receiving the money. Some Sri Lanka banks have other fees, such as those associated with intermediary Sri Lanka banks. Check with the provider to find out what their exact fees are before you send money.
Domestic wire transfers in Sri Lanka require the recipient's name, account number, and routing number. You can initiate them online or in person at a Sri Lanka bank branch. While wire transfers in Sri Lanka are fast and easy, they do cost a small fee, and Sri Lanka banks often have deadlines. Before sending money via wire transfer in Sri Lanka, it is important to check if the recipient has received it. International wire transfers in Sri Lanka, on the other hand, can only be canceled 30 minutes after they are initiated. Once you have checked for a Sri Lanka bank's policy, you can proceed.
Domestic wire transfers in Sri Lanka tend to be cheaper than international transfers, as the amount of processing is much smaller. However, international transfers are more expensive since they typically involve several different Sri Lanka banking systems and operators. Some Sri Lanka banks offer savings for recurring wire transfers in Sri Lanka, such as from one account to another. Others charge a fee if you initiate wire transfers in Sri Lanka in a branch or by phone.
Using online Sri Lanka banking services to send money is a good way to avoid these fees. While domestic wire transfers in Sri Lanka are free, international wire transfers in Sri Lanka go through several intermediary Sri Lanka banks and incur additional fees. You should also check whether your Sri Lanka bank offers any discount programs or waivers to lower the fees. Check out the fee schedule and compare the fees before making a wire transfer in Sri Lanka. The lower the fee, the better. Expats should make sure to choose the option that works best for your needs. If it is still too high, consider other expat money transfer options in Sri Lanka.
If you would rather avoid dealing with international currency exchange services in Sri Lanka, you can set up international transfers through your Sri Lanka bank. Many Sri Lanka banks offer online services that allow expats to complete the entire process from the comfort of your home. You can also visit your local Sri Lanka bank to make the transfer. You can also make international transfers through a Sri Lanka bank that specializes in sending money overseas.
Before making your international money transfer, consider the exchange rate of the . This is the value of the currency versus another currency. This rate usually includes the Sri Lanka bank's fees for the service, and sometimes there is a small difference in the exchange rate between different Sri Lanka banks. Even a slight difference in exchange rate can affect the cost of sending large amounts of money overseas for Sri Lankan expats. To avoid paying for exchange rates, compare prices on different platforms and Sri Lanka banks.
Before you can send money via wire transfer in Sri Lanka or expat money operators in Sri Lanka, you must determine which type of service you want to use. If you already have an account with a specific financial institution, a Sri Lanka bank is an obvious choice. Sri Lanka bank wire transfer in Sri Lanka policies may allow you to wire money online or at a branch. For non-Sri Lanka bank users, however, there are wire transfer in Sri Lanka providers that will allow you to send money using your credit card, debit card or Sri Lanka bank account.
There are several benefits to wire transfers in Sri Lanka. First, they allow you to send money to people in different countries. This method is fast, secure, and convenient, and you won't need to depend on postal services to send money. The other big benefit of using wire transfer in Sri Lanka is its low cost. Many small businesses use wire transfers in Sri Lanka to send money to clients and employees around the world. This option is also ideal if you need to send money quickly.
There are many advantages to international money transfers in Sri Lanka with online transfer providers, and these are just some of them. Some of them offer zero fees, same-day transfers and local support. Others charge you fees for their services. One of the advantages of using a foreign broker in Sri Lanka is that the exchange rate is fixed. This can be helpful when making a large transfer on a volatile date. You can also lock in a certain exchange rate. A foreign broker in Sri Lanka will alert you when the rate reaches that level.
There are a few things to keep in mind before choosing a transfer provider in Sri Lanka. Some of them charge a fee for their services in Sri Lanka, but it is usually the person who receives the money who pays these fees. That means that expats should check if these fees are included in the final cost of their Sri Lanka money transfer. If not, you may want to choose another money transfer company in Sri Lanka. However, it is important to remember that the exchange rate is an important factor when deciding on an international money transfer to and from Sri Lanka.
When sending money overseas, the expat wishing to send the money typically goes online or to a Sri Lanka bank. There, it gives the Sri Lanka bank an order for the money transfer, usually by giving the Sri Lanka bank an IBAN code or BIC code. This Sri Lanka bank will then transmit a message via a secure system to the receiving Sri Lanka bank. In order to complete the transfer, the sending Sri Lanka bank will need the details of the recipient, including the amount to be transferred. Depending on the Sri Lanka bank, the process may take several hours or even a few days.
While there are many reasons to send money overseas, the most important factor is timing. International money transfers can take several days to complete, so requesting a transfer in the middle of the week will give you enough time before the weekend. Some money transfer service in Sri Lankas will also convert to the currency, which will add additional time to the processing time. Some Sri Lanka banks will transfer the money directly into the recipient's account, while others will require the recipient to open a Sri Lanka bank account.
Expats should choose a currency broker in Sri Lanka based on your preferences. Expats can find comparison sites online to help you choose a foreign exchange broker in Sri Lanka based on their preferences. Some money services offer expats additional money exchange tools and services that can money transfer easier in Sri Lanka. If you are sending a large amount of money to a foreign country, a currency broker in Sri Lanka can protect you from the risk of currency fluctuations and stabilize regular expat payments in Sri Lanka. Expats will save money and time by using a foreign exchange broker in Sri Lanka, so make sure to compare all the available options before choosing a foreign exchange broker in Sri Lanka.
When choosing a foreign exchange broker Sri Lanka, you should make sure to compare the fees and features of each company that services Sri Lanka. Most foreign exchange brokers Sri Lanka will not charge any fees for sending money, although they might have minimum withdrawal amounts. Another important factor to consider is the customer support in Sri Lanka, service levels, and availability of the money transfer service in Sri Lanka. If you plan to send money overseas, expats will want to choose a money provider in Sri Lanka that offers customer service around the clock.
When sending money overseas from Sri Lanka, using a specialist money transfer service in Sri Lanka is often the best choice. These services adhere to the highest security standards and adhere to the strictest regulations and laws of the country you're sending to. Though specialist providers in Sri Lanka may offer slightly lower exchange rates, they often charge a service fee, commission, or percentage-based fee. Check the fees of each provider before sending money abroad to or from Sri Lanka. Expats should also compare the payout amounts in LKR before committing to a particular provider.
One of the most important considerations for international funds transfers in Sri Lanka is the amount of money being transferred. While there are many companies offering small amounts of money transfers in Sri Lanka, larger transfers might require a company that specializes in large business transfers for expats in Sri Lanka. The Sri Lanka banks usually charge exorbitant fees for large transfers. It is therefore best to shop around for the best rates of sending and recieving LKR. Once you have figured out the amount you wish to send to or from Sri Lanka, choose a method that best fits your needs.
The maximum amount Sri Lankan expats can send abroad depends on the country you are sending to, the money transfer operator, and the currency. While most major currencies can be transferred internationally without restriction, some smaller or regulated currencies may be restricted due to government regulation in Sri Lanka. When sending money abroad form Sri Lanka, be sure to always check the exchange rate of the currency. The exchange rate in Sri Lanka is very volatile and can make a large difference in the total amount of money you receive. Be sure to protect your investment with a foreign currency fund. If you cannot make it to your new home, you may want to consider a forward contract instead. Forward contracts in Sri Lanka lock in the current exchange rate for up to two years, which can give expats peace of mind.
Depending on the amount of money, you may need to provide additional information to complete the transaction. You may need the recipient's full name, Sri Lanka bank account number, and other personal details. If the money is large, you might need to send the receiver an IBAN, an international Sri Lanka bank account number, which begins with a country code. While Canadian Sri Lanka banks do not currently use IBAN's, they do use BIC and SWIFT codes to facilitate transfers.
Wire transfers in Sri Lanka are another common way to transfer large amounts of money. They are an electronic means of sending money to another account, and they are popular for urgent transfers. Domestic wire transfers in Sri Lanka are processed the same day, while international transfers can take just a few days to complete. Wire transfers in Sri Lanka also tend to have high limits, but this is dependent on the money transfer provider in Sri Lanka. They are often used for invoices, sending funds to family members and real estate transactions to and from Sri Lanka.
XE Money Transfer is a Sri Lanka money transfer service that offers competitive money transfer services to expats. XE Money Transfer offers expats low LKR exchange rates and can be setup online or through a mobile device. It is also free to sign up for an account, and the setup process is quick and easy. If you are sending money to someone else, you may need to make sure that you know the recipient.
A specialist currency exchange provider can get expats the best deal on transferring money internationally to and from Sri Lanka. While most Sri Lanka banks charge a fixed fee, some charge a percentage of the amount transferred by expats. It is important to keep this in mind because you do not want to overpay for a Sri Lankan transfer that will get rejected. The Sri Lanka bank should also offer a fee for processing the payment. However, these fees may be refundable if the recipient of the money decides to accept the money.
Sri Lanka banks and money transfer companies have different reporting thresholds, but any cash transaction greater than 10k LKR must be reported to the Internal Revenue Service. While these thresholds are relatively low, they still mean that individuals need to file their taxes if they receive more than 10k LKR in cash. Luckily, most money transfer companies have lower thresholds than Sri Lanka banks. You can use the table below to compare the different options available. You can also compare fees and transfer speeds to make the best choice for your needs.
To avoid taxing the transfer of money in Sri Lanka, make sure to check with the recipient's country tax laws. Different countries have different reporting requirements for overseas transfers. You may be able to send money to a family member in another country without paying taxes if your recipients have tax residency in Sri Lanka. However, you must remember that tax laws apply to money transfers made from abroad. Depending on your citizenship, you may have to report foreign income or gift.
If you are thinking about transferring money from one currency to another, you may want to consider the benefits of using a foreign exchange provider in Sri Lanka. For one, you can set a limit order for the minimum rate you are willing to accept for the transfer. This is particularly useful if you are planning to send large sums of money on unstable dates in Sri Lanka.
When transferring money to different countries, you should use a foreign exchange provider rather than a Sri Lanka bank. FX providers will often offer better exchange rates and lower fees than Sri Lanka banks, and you will likely save a significant amount of money. Many online FX brokers have calculators on their websites that will give you an estimate of the total costs and exchange rate before you complete your transaction.
Whether you are planning a holiday or making a quick transfer to another country as an expat, the right foreign currency tools can make your money transfer easier and more convenient in Sri Lanka. To begin, you should know the exchange rates of the country you are visiting. A currency conversion calculator in Sri Lanka can help you decide whether a particular exchange rate is right for your needs.
A currency broker in Sri Lanka can also help you with your transfers by offering additional services and exchange tools. You can search for a broker on a currency broker in Sri Lanka comparison site and select a provider in Sri Lanka with the right services and exchange rates for you. With a currency broker in Sri Lanka, you will be able to protect your money transfers from currency risk. You can also use their services to stabilize your expat regular payments. Regardless of your situation, currency brokers can help you find the right foreign exchange provider for your transfer.
When it comes to international money transfers in Sri Lanka, the LKR exchange rate can make or break the transaction. The rate is based on the value of a currency and is usually lower in unstable economies in Sri Lanka. As the value of a currency declines, so does its exchange rate in Sri Lanka. In addition, currencies are affected by a variety of factors, including inflation, interest rates and the national debt of a country.
Currency value fluctuates daily in Sri Lanka, and when you are sending money overseas, you want to pay a low rate. While a low exchange rate in Sri Lanka is good for you when sending money overseas, a high rate will benefit expats when selling your currency abroad. Finally, the LKR exchange rate is important for large transfers. Expats want to send as much money as possible and avoid paying a high LKR exchange rate. A low exchange rate in Sri Lanka means that your money will be worth less in another country. Therefore, a low LKR exchange rate will only make the recipient receive less money.
The easiest way to exchange currency without paying enormous fees is to exchange it with a online money transfer service in Sri Lanka or a bank. Some Sri Lanka banks charge low fees for currency exchange. Some banks in Sri Lanka allow expats to pickup exchanged money in person from a bank branch in Sri Lanka. Before you make the trip, check the current LKR exchange rates online or call your Sri Lanka bank or money transfer service. It is important to compare LKR exchange rates and fees of various Sri Lanka banks and money transfer services.
Sri Lanka banks use the current LKR exchange rate and will charge you a fee for foreign transactions to expats, but many Sri Lanka banks waive these fees for their larger expat customers in Sri Lanka. Expats may avoid paying outrageous exchange fees by using a debit or credit card that has no foreign transaction fees. By doing this, Sri Lankan expats can save up to five percent when making purchases abroad. If you have more than one credit or debit card, you should opt for a credit card with no foreign transaction fee for sending and recieving money in Sri Lanka.
Before making international money transfers, you should consider a few things. First, you should know the exchange rate of the currencies you plan to transfer. Many Sri Lanka banks charge excessive exchange rates, but new laws have made that illegal in Sri Lanka. So you can make international transfers at a more competitive rate. Ensure the currency of the recipient country is accepted by both you and your payee. If the recipient country does not have a Sri Lanka bank account in the country of the sender, consider sending money through an international money transfer service in Sri Lanka. International wire transfers in Sri Lanka are useful for people without Sri Lanka bank accounts or for remote areas that need cash fast. Depending on the amount, this method may be a more expensive option. The recipient will be required to provide his or her Sri Lanka bank account information.
Checking the exchange rate in Sri Lanka is a crucial part of the international money transfer process. Most international transfers are completed within the same day. Before initiating the transfer in Sri Lanka, be sure to carefully read the terms and conditions to avoid any unpleasant surprises. Make sure to choose an institution with a good track record and strong security measures. It is important to avoid any fees if you are sending money abroad in Sri Lanka. If you are unsure, ask your recipient about any hidden charges before making the transfer.
We list reviews for the best money transfer services for sending money to Sri Lanka you can check out some of the best Sri Lanka money services below.
If you would like to see XE Money Transfer compared against some of the best XE Money Transfer alternative Sri Lanka money tranfer services available right now you can do so by clicking on the links below.