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How to Send Money to Sri Lanka - Fastest, Cheapest, and Safest!

Updated on May 21, 2019 05:07 pm
Srilankan curreny

Sri Lanka is undoubtedly one of the most beautiful island countries in South Asia. The current population of Sri Lanka is 21 Million as of 2019, based on the latest United Nations estimates. And the Sri Lankan diaspora around the world is estimated to be around 3 Million. After a crippling civil war of 30 years that ended in 2009 Sri Lanka’s economy grew exponentially. Although there are some signs of a slowdown in the last few years, Remittances still remain one of the highest contributors to the GDP at 8.2% in 2017.

Source: World Bank

So, how to send money to Sri Lanka?

Before we dive deeper, it is important to understand that there are parameters on both the sender and the receiver’s side that you must consider.

Sender’s side

  • Medium of payment – Would you be paying by cash, card or online?
  • Exchange Rates – What is the best exchange rate? Is it locked or Indicative?

Receiver’s side

  • Speed of Delivery - How fast does your recipient need the money?
  • Availability of the Internet - Does your recipient have access to the Internet?
  • Location of the recipient - Is the recipient in a remote location?

Now, there are many ways of sending money. For example;

  • Cheques
  • Demand Drafts
  • Money Order
  • Foreign Exchange Agents
  • Cash Pickup
  • Bank Transfer
  • Online, etc

Traditional methods like Cheques and money order are cumbersome and expensive. Agents and Bank transfers are still widely used today but they come at a higher cost. Cash pickup service providers like Western Union and Ria are the fastest way of moving money from one country to another but it comes at a significantly higher cost. Sending money online to is the best way of sending money. It is cheap, safe, convenient, and fast.

How to send money online?

First, compare the different service providers using the parameters above. You can easily use our filters to rank them depending on your preference as shown below. For example, whether you are looking for the best exchange rate, lowest transfer fees, the fastest speed of delivery, etc.

Case study

Let’s say you have saved up your hard earned money and you want to send $1000 from the USA to Sri Lanka. You want the highest exchange rate possible and lowest transfer fees so that your family can receive more money.

Simply go to www.compareremit.com, select the US as the sending country and Sri Lanka as the receiving click on Find the Best Rate. The search comes back showing Xoom as the best value as shown below. It gives you zero transfer fees and a locked exchange rate of Rs. 176.13 for every $1. In this case, you select Xoom and initiate a transfer.

 

What if you are in an emergency and want to send the money immediately?

In that case, you can use the filter and click on the “Fastest” instead of “Best Value”. The result comes back with Ria on top with a transfer fee of $5 at a locked exchange rate of Rs. 174.18 for every dollar.

You will notice that the fastest way of sending money sets you back Rs. 3000 more but it will move your money within the 1st hour

So, the best depends on your needs entirely. If you are sending the money for an emergency to Sri Lanka, go ahead and select the fastest. If you are willing to wait a few hours, you can take advantage of the highest exchange rate so that you get every single dollar’s worth.

There you go. Now, you know how to send money to Sri Lanka. Happy sending!

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Users can send money now, pay later at zero APR, and control card balances monthly at a competitive USD to PHP exchange rate.SBICFor fast money transfers from the United States to India, consider SBIC (State Bank of India-California), a subsidiary of India's State Bank of India. As a full-service bank with multiple California branches, SBIC provides various financial solutions and international services. Key features include zero-cost transfers to any Indian bank within hours, competitive USD to INR exchange rates, and flexible transfer options through the SBIC Mobile App, online, or in-person.PlacidPlacid offers a comprehensive platform for international money transfers, focusing on speed and security. It streamlines currency exchange across 25+ countries through direct affiliations with various banks. It ensures rapid transfers, allowing recipients to receive funds directly in their bank accounts or through convenient cash pickup at local agents. 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Explore these options to make informed decisions based on your specific transfer needs.To compare your options for international money transfers, use CompareRemit's comparison tool and find a provider that best fits your money transfer needs!

Diwali 2023 Offers
Best Diwali Money Transfer Deals in 2023

As the joyous festival of Diwali approaches, the spirit of giving and connecting with loved ones in India is more vibrant than ever. To help you make the most of this Diwali season, we've compiled an exclusive guide to the Diwali 2023 offers from some of the leading money transfer companies featured on our platform. With CompareRemit's powerful comparison tool, you can easily compare and contrast live exchange rates, ensuring that you find the best deal for sending money home during this festive season.We have searched across multiple money transfer companies to find the best Diwali deals for you and put them all in one place! Check back with this article regularly as we update the deals available this Diwali season. SBIC Diwali Remittance Offer: Illuminate Lives with Exclusive Rates!State Bank of India (California) is dedicated to making your Diwali celebrations brighter and more special than ever before. Introducing the SBIC Diwali Remittance Offer, where you can send money to India and receive an exclusive exchange rate benefit of 20 paisa higher than SBIC’s regular base exchange rate! This offer is valid for a limited period only, from November 1 to November 16, 2023. To avail this exclusive offer and send your Diwali Remittance, visit SBIC's official website. Terms and conditions apply.ICICI Money2India Diwali Offer: Catch the Money2India Offer and Enjoy Cricket on Sling TV!ICICI Money2India is adding excitement to your Diwali by offering a fantastic deal. Register and transact with Money2India using the promo code WORLDCUP60 before November 30, 2023, to enjoy 1 month of cricket on Sling TV and get an exchange rate that's 60 paise better on your first transfer. New customers will also receive a $10 Sling Gift Card via email upon the successful completion of their first transaction.Explore More Offers Beyond Diwali DealsWhile not every money transfer company is running Diwali-specific promotions, several are still offering great deals this festive season:Instarem Money Transfer: New customers can take advantage of special rates and zero fees on their first transfer up to USD 500 with Instarem.Western Union: Enjoy zero fees on your first transfer.Ria Money Transfer: Use the promo code HELLORIA at checkout for a $0 fee on your first transfer with Ria.Keep an eye on this article as we actively update it with new offers that emerge during the Diwali season. With CompareRemit’s comparison tool and these exclusive Diwali offers, you can navigate the festive season with confidence, finding the best deal that suits your needs. Wishing you a radiant and prosperous Diwali filled with love and happiness!

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