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When you need to send money to Sri Lanka, don't let high fees or bad exchange rates get in your way. Compare your options to find a good deal, and ensure your money transfer goes smoothly by understanding the process. Between banks and money transfer companies, you have plenty of options to choose from to get funds to your recipient in Sri Lanka.
Use our comparison calculator to assess transfer fees, exchange rates and other details for sending funds to Sri Lanka with our money transfer partners.
Online money transfer providers typically offer the strongest exchange rates and lowest fees on money transfers to Sri Lanka. Some offer cash pickup in as little as a few minutes, while others seamlessly transfer to bank accounts. Sending money through PayPal or your bank is also an option, but you'll typically face higher fees and weaker exchange rates when going that route.
Companies like XE specialize in foreign currencies, making them some of the most cost-effective transfers. Most offer transfers directly to your recipient's Sri Lankan bank account, often in as little as a day or two.
Services like MoneyGram and WorldRemit allow you to transfer cash for pickup at a local branch in Sri Lanka — often in 15 minutes. While it's a fast way to send money, you'll pay for the convenience in weak exchange rates and high fees.
Several major Australian banks will allow you to transfer funds directly from your bank account to a Sri Lankan bank account. If your bank supports Sri Lankan rupees, beware of high fees and wide margins on the exchange rate compared to digital and other options when sending a wire transfer to Sri Lanka.
Sign up and send money with a digital money transfer specialist in four steps:
Let's say you need to send $1,000 to family in Sri Lanka. Here's what you might face as far as fees and exchange rates as of 11 November 2020.
|Digital money transfer service||Cash transfer||Bank transfer|
|Fee||$7.5||$14||$9 + additional correspondent bank fees|
|Exchange rate||1 AUD = 134 LKR||1 AUD = 131 LKR||1 AUD = 129 LKR|
|Transfer speed||1-2 day||Minutes||2-5 days|
|Amount received||LKR 133,425||LKR 131,012||LKR 128,329|
The bank option ends up being both the slowest and gets the smallest amount of money to your recipient in Sri Lanka. If you go with the digital money transfer service, your recipient ends up with LKR 2683 more than the bank offers. If speed is crucial, a cash transfer can typically have your transfer to Sri Lanka in as little as 15 minutes, just make sure there is a cash pickup location near your recipient before sending.
Weigh costs and fees against convenience to learn how to compare money transfer providers that send to Sri Lanka to best meet your needs:
When urgency trumps cost to get your money to Sri Lanka quickly, look for money transfer companies that support cash pickup in minutes. You can pay with a credit or debit card for fast pickup, but fees are higher than other methods.
Cash transfer services can help you if you don't have a bank account, look for a local company that supports storefronts for cash payments. These services include agent locations in other countries that allow your recipient to pick up cash without a bank account.
The exchange rate determines how much one country's currency is worth in another country's currency. When a country's currency is strong, it yields more money when exchanging it in a country with a weaker currency. Sri Lanka's exchange rate is flexible compared to the Australian dollar, and AUD-JMD relationship may make sharp movements based on global events. Factors that influence the exchange rate include interest rates, economic stability and inflation.
To send money to Sri Lanka from Australia, you'll need government-issued ID and other documents, while documents needed to pick up money in Sri Lanka may be different by company.
To send money from Australia to Sri Lanka, you'll need documentation and details that include:
To pick up money in person, documentation can include:
Sending money to relatives or family members in Sri Lanka may be subject to taxes on the money transfer, but it depends on a lot of variables.
The Department of Foreign Affairs and Trade (DFAT) recommends that Australian travellers in Sri Lanka should "exercise a high degree of caution". Taking this advice on board, it's important that you're very careful when picking up a cash transfer.
Sending your hard-earned money to Sri Lanka shouldn't cost a fortune. Compare money transfer companies that specialize in foreign transactions for the strongest rates, lowest fees and flexible delivery. For transfers to other countries, rely on our country specific guides the next time you need to make a transfer.
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Azimo sends money directly to a bank account or over 280,000 cash pick-up points. It also has fast transfers to 50+ countries.
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
New customers get their first transaction for free with code FIRSTFREE. T&Cs apply.
Send money in minutes at competitive exchange rates with this Australian money transfer service.
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