Sending money to Sri Lanka doesn’t have to break the bank. Here’s how to send a secure and affordable transfer from the US to Sri Lanka.
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Compare international money transfers to Sri Lanka
How do international money transfers work?
International money transfers allow you to send money to a recipient in Sri Lanka by converting your US dollars to Sri Lankan rupees. All you need to do is provide the funds to a bank or independent money transfer provider. Then your money will be converted to rupees, sent to your recipient in Sri Lanka and made available for cash pickup or directly deposited into their bank account.
Banks versus money transfer companies
The Sri Lankan rupee is an exotic currency, which means it isn’t widely traded. If you’re looking to your bank to make a transfer, you may be out of luck — many banks don’t conduct transfers for exotic currencies. Those that do often charge high fees and offer a low exchange rate.
Money transfer companies are a popular alternative to banks. They often offer transfers for exotic currencies like the Sri Lankan rupee, and you may not be charged as high of a fee as with a bank. On top of these two excellent features, money transfer companies also tend to have faster processing times, meaning you can get money to your recipient quickly.
James Sends Money to Sri LankaJames is working in the United States and wants to send some money back home to his mom and dad. His bank doesn’t offer international transfers to Sri Lanka, so James decides to shop around for the money transfer company that offers the best deal.
|Money transfer company 1||Money transfer company 2|
|Exchange rate||1 USD = $169.10 LKR||1 USD = $167.95 LKR|
|Transfer method||Bank account deposit||Cash pickup|
|Processing time||2 business days||10 minutes|
|Amount received (in LKR)||169,100 LKR||167,950 LKR|
While James’ parents would have to wait a little longer for the first transfer company, he thinks the extra 1,150 LKR is worth the longer processing time and higher fee on his end.
How to send money to Sri Lanka
- Compare your options in the table above.
- Click Go to site to be redirected to the provider’s website.
- Create an account with the provider.
- Start a transfer, then supply your recipient’s information.
- Select how much you want to send.
- Pay for your transfer.
- Keep your tracking number handy to check on the progress of your transfer.
Foreign exchange rates explainedBanks and other international companies use exchange rate to calculate how much one currency is worth when traded for another currency. A country with a strong currency, like the United States, has an advantage — it will yield more money when exchanged for a weak currency. As of September 2018, 1 USD was worth about 169.23 LKR. This number is flexible and can change with fluctuations in the market. If you’re planning on making multiple money transfers to Sri Lanka, keep an eye out for dips in the exchange rate that could get your recipient even more money.
Emergency cash transfers in Sri Lanka
When you need to send an emergency transfer to Sri Lanka, watch out for high fees and poor exchange rates. The fast processing time often translates to a worse deal, but when you’re in a rush, it could be worth it. If you decide an emergency transfer is your best decision, you should still check and make sure that you know exactly how much your transaction will cost.
Tips for picking up cash in Sri Lanka
If your recipient decides to pick up a cash transfer, remind them to stay safe and be on the lookout for thieves. Avoid high crime areas and never take out large sums of money in public. The best course of action is to deposit all cash in a safe or at the bank as quickly as possible to lower the chances of losing any money or having it stolen.
Money transfers to Sri Lanka may not be readily available through your bank, but you still have choices when it comes to getting a decent deal. Compare your money transfer company options and review our guide to money transfers to ensure that you know how to spot a good exchange and take advantage of low fees.