Send money internationally to Sri Lanka (LKR) using the mid-market exchange rate. Check and compare the rates from the major financial providers.
Send money to Sri Lanka
What is the best LKR exchange rate today?
How much does it cost to send money to Sri Lanka?
- International money transfers shouldn’t be expensive.
- Make sure your provider doesn’t add hidden fees or bad exchange rates to your money transfer.
- You should choose a provider that uses the mid-market exchange rate to convert your money.
The remittances to Sri Lanka
According to the UN department, 1.2 million of Sri Lankans actually live outside of their country. They are settled in several different countries, mainly in Asia, in Europe and in North America. The emigration of Sinhalese people to other countries is mainly due to the civil war that began in 1983.
The countries where they are the most represented are:
- India (160'000)
- Saudi Arabia (150'000)
- The United Kingdom (135'000)
- Canada (125'000)
- The United Arab Emirates (110'000)
- Australia (100'000)
- Italy (80'000)
- The United States of America (55'000)
- Germany (40'000)
- France (40'000)
Sri Lanka received a lot of money each year from abroad. The remittances are estimated at 6.9 billion of US dollars sent to the country last year. Half of remittances were sent from the middle east countries, especially Saudi Arabia with $2.2 billion, the United Arab Emirates with $630 million and Qatar with $510 million.
The solutions to send money to Sri Lanka
From bank transfers, foreign exchange brokers and online solutions to cash pickup options, the solutions to send money to Sri Lanka are multiple as the market is competitive. Depending on the need the best option will not be the same. But some best practices are common for every transfer.
First you better have to avoid banks to do an international transfer. Too expensive. The Sri Lankan Rupee in an exotic currency. Only a few banks allow to convert money into Sri Lankan Rupee. Then banks are generally not the best option as they offer a poor exchange rate to convert the money.
If you need to send money on a Sinhalese bank account the best option is probably to use a money transfer operator or a currency exchange broker as those two are specialized in money transfers. They offer a wide range of options to send and to receive the money and you'll get more Sri Lankan Rupees for your money. Online money transfer operators are good for small amount transferred as they are easy to use while brokers are good for large amounts transferred as they offer good prices for bigger transfers.
If your recipient needs cash in Sri Lanka the best option is to use an international cash service. This is the fastest way as the money can be collected almost instantly everywhere in the world.
Finally for a specific transfer the best solution will not be the same because it depends on the country from which the money is sent, on the way to pay the transaction, on the way to receive the money, on the speed of transfer, on the transferred amount, and on the day you transfer. Indeed as the currencies exchange rate, rates of operators vary every time so the cheapest solution one day is not obviously the cheapest one the following day. Same applies each hour. That's why it is important to compare the solutions before any transfer to choose the one that offers the best rate.