Send Money To Sri Lanka

Ways to Send Money to Sri Lanka

Whether you are sending money to your family in Colombo, Kalutara, Gampaha, districts in the northern and eastern regions, or other areas in Sri Lanka, your target should be to find the cheapest provider that will help you save on fees and exchange rates. Safety of transfers, sending limits, and receiving limits are major concerns that you need to look at.

There are various ways you can send money to Sri Lanka. You can use international wire transfers, online money transfer services, and in-store sending options.

International Wire Transfers

The banking system in Sri Lanka is well-diversified. The Central Bank of Sri Lanka is the regulatory authority of the banking sector. This sector comprises state-owned commercial banks, private domestic banks, foreign banks, development banks, housing banks, and national savings banks.

When sending to a bank in Sri Lanka, your transfer may be deposited directly, or it may pass through intermediary banks before it is credited to the recipient’s account. The latter is normally costly and may take additional days for the money to get to your family.

Thanks to recent development, thousands of Sri Lankan workers in Saudi Arabia can now send money to Sri Lanka through the Commercial Bank of Ceylon, one of the leading banks in the country. This was made possible after the bank entered into partnerships with representatives in Saudi Arabia, such as National Commercial Bank, Arab National Bank, Al Bilad Bank, and Al Rajhi Bank.

International wire transfers typically take between 3 and 5 days to be completed. However, without having a bank account in the sending country, you cannot use this service.

The largest banks per share of remittances in Sri Lanka are Bank of Ceylon (BOC), Peoples Bank (PB), Seylan Bank (SyB), Commercial Bank (CB), Hatton National Bank (HNB), and Sampath Bank (SaB).

In the North and East regions of the country, where inter-ethnic clashes have been rampant, residents have to contend with limited access to formal banking. When sending to these border villages, bank transfers may not be the appropriate way of moving funds.

Online Money Transfer Services

Most of the remittances to Sri Lanka, especially from Asia and the Middle East, are made through online money transfer providers. These sending options give you a better rate, low transaction fees, and faster delivery times.

The providers differ depending on the transfer corridor. For instance, if you are sending from the United Arab Emirates to Sri Lanka, you will find providers such as GCC Exchange, Al Fardan Exchange, and Ezremit, among others.

If you are sending from the United Kingdom, providers such as TorFX, WorldRemit, Small World, Xpress Money, Ria, Fast Cash, and Lyca Remit can be your go-to options.

Most of the providers will require you to open an account with them, pay for your transfer, and then choose a payout option which could be cash pickup or direct bank deposit. A number of money transfer providers have mobile applications on both Android and iOS platforms to enable you to send on the go.

Other big names in this category include Wise, OFX, WorldFirst, TorFX, Xoom, Currencies Direct, and Transfast.

In-Store Money Transfers

Western Union and MoneyGram are two of the most frequently used money transfer operators in this category. In addition to the online transfer option they give you, you can also send money to your family in Sri Lanka through their agency network.

Depending on the country you are sending from, you will find most of these agents in grocery stores, supermarkets, mailbox centers, travel agencies, drug stores, and so forth. For instance, Western Union allows you to send money directly to your recipient’s bank account or to an agent’s location near them. With as little as a $4 transfer fee, you can send it to your loved ones conveniently and fast.

Once you sign up for an online account, you choose the payout method and provide the recipient information and how you wish to pay for your transfer. There are several ways you can pay for your transfer. Some providers, such as Xoom, will allow you to pay through a direct bank debit, credit card, or debit card. Others, such as OFX, restrict their payment methods to bank transfers.

Credit cards and debit cards cost a little more, but they ensure funds are available for transfer faster than the other methods.

What is Needed to Send Money to Sri Lanka

When sending money to Sri Lanka, you will be asked for specific information by the providers so that they can identify you and the recipient. Most of this information will be captured when signing up for the account. Regulatory bodies such as FCA and FINTRAC may require certain information to be captured by money transfer service providers. Some of the information you will need to provide include:

• A government-issued-ID document. If you are sending from the United States, you can use a passport, social security card, or driving license.

• The recipient’s name as it appears on their official documents

• The address and phone number of the recipient

• If you are sending directly to a bank account, the recipient bank details (bank name, branch, and account number)

• The amount of money you want to send

Depending on the country you are sending from, you may be asked to disclose the source and purpose of the money.