Whether you are supporting your family back home or buying property on the island, sending money to Sri Lanka is easier than ever. However, fees, exchange rates and transfer speeds can vary widely, which is why it's crucial to compare your options first.
FXcompared can help you compare the most trusted money transfer providers for your transfer to Sri Lanka. Here are some of the key things to bear in mind.
Methods for sending money to Sri Lanka
There are several options for sending money to Sri Lanka, but the main options are as follows:
-
Banks: Traditional high street banks offer secure transfers, but they often come with high fees and uncompetitive exchange rates. Banks often rely on the Swift network for transfers, which can mean using lots of intermediaries along the way.
- Money transfer specialists: Services such as TorFX, Currencies Direct and OFX specialise in money transfers via their own local partnerships and networks, meaning they often offer more competitive pricing, faster delivery speeds and more transparency.
Comparing providers side by side helps you find the most efficient and affordable way to send money, maximising the amount of rupees you’ll get for your pound.
Key factors to consider when sending money
Before you transfer any money from to Sri Lanka, consider the following:
- Exchange rates: Even a slight difference in rates can impact how many rupees your recipient receives. The value of the Sri Lankan rupee has declined in value against the pound significantly in the wake of the country's recent economic crisis. However, the exchange rate has still fluctuated over time, which is why it's important to keep track of margins and the cost of sending money abroad.
- Transfer fees: Some services charge flat fees, while others base it on the amount you're sending. Bear in mind that if you’re sending a higher amount of rupees, it could be cheaper to use a provider that offers a flat fee. Some providers (e.g. Remitly) may even offer you special rates and no fees on your first transfer to Sri Lanka.
- Transfer speed: Do you need the money delivered instantly or can you wait a couple of days? Different providers offer different options and some will let you pay more to expedite the process.
- Payment and delivery methods: Choose between bank deposit, cash pickup, mobile wallet or even home delivery. Many providers will give you a choice between different methods of paying in and paying out to your recipient, meaning you can tailor the transfer how you want.
- Customer service and reliability: Make sure the provider you choose is trusted and easy to contact if something goes wrong. The providers featured on FXcompared are well-known, established money transfer providers, but you can also check our reviews section for more in-depth discussion of their performance.
FXcompared shows all these details in one place so you can pick the best option with confidence.
How to use a money transfer comparison website
It’s simple to use a comparison tool. Just follow these steps:
Enter the amount you want to send.
Select your sending country (e.g. the UK) and Sri Lanka as the receiving country.
Instantly view a list of providers with their assigned cost, speed and user review.
To save time, follow this link to compare transfers to Sri Lanka now. Once you’ve picked a provider, click through to their website to complete the transaction.
Benefits of comparing providers before sending money to Sri Lanka
In short, comparing money transfer providers will help you:
- Save money on fees and get better exchange rates.
- Avoid hidden charges and unnecessary delays.
- Use reliable, well-reviewed providers with a solid track record.
Ready to transfer money? Compare money transfer specialists now to find the fastest, least costly and most reliable way to send money to Sri Lanka.
