Sri Lanka gets much of its profits from remittance that US migrant workers send home to their family and friends. In fact, remittance is so important to the country that the Central Bank of Sri Lanka thanked foreign workers who support their natives for helping the country wipe out a trade deficit in 2013 and for improving its foreign reserves that, to a large extent, rely on foreign aid. Remittances to Sri Lanka are a crucial factor in the country’s economic development, where they are usually larger and less volatile than foreign direct investments, portfolio flows and official development assistance.
Sri Lanka's remittance has had an up-and-down flow over the past few years with remittances in Sri Lanka averaging 475.96 USD million from 2009 until 2016. The highest peak came in Dec. 2014, with a 708.84 USD million high. From August 2015 to July 2016, incoming remittances increased to 618.29 USD million from 572.77 USD million.
To help migrants transfer their money legally and fast, lending banks and remittance service providers, also called Exchange Houses or Remitting Agencies, have turned remittance into a booming business by offering money transfers to accounts of beneficiaries or they help beneficiaries collect cash from certain banks. Each bank and money-transfer company has its own transfer fees and exchange rates, with some more competitive than others. That being so, many migrants wonder if they are using the right service provider for sending money to Sri Lanka.
To answer these questions, CompareRemit displays fluctuating rates on one platform, so you can compare exchange rates and choose your own company. CompareRemit realizes that transferring your hard-earned money is a serious responsibility. It makes the task easier for you by tabulating daily rates so that you don't need to go from site to site spending hours searching for all the information.
Helps remittance users to find the best way to send money abroad to their loved ones, friends and family
Makes it easier & more profitable for businesses to make international payments & global transfer
Creates a marketplace for money transfer providers to reach out to a highly valuable remittance audience
Every morning, the first thing I do is refresh the CompareRemit page on my phone browser. It used to be a search for "dollar rate in India today" on Google. After CompareRemit, I have registered to half a dozen online services and choose the best one on pay day to remit money to India.
CompareRemit has helped me save lots of money by being able to compare the rate of exchange on multiple websites as well as the transfer fee. With so many fish in the pond, it's difficult to choose the best one, but CompareRemit makes it so easy. Thanks to the team for this amazing service!