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|
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.
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|
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.
The information required to carry out a money transfer to Sri Lanka depends on the desired transfer method.
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.