The Best Ways to Send Money to Sri Lanka (2023 Edition)

The Best Ways to Send Money to Sri Lanka (2023 Edition)

Whether you are living in Sri Lanka, an expatriate, or wish to send money from one country to another, it’s important to understand the various options available and choose the most convenient and cost-effective method. In this article, we explore the best ways to send money to Sri Lanka, including bank transfers, mobile banking apps, and popular international money transfer service providers.

Bank Transfer Methods for Sending Money to Sri Lanka

Bank to Bank Transfer: This is one of the most traditional methods of sending money globally. For residents of Sri Lanka, you can transfer money to another bank account or have cash deposited directly by visiting your bank branch.

Steps to follow for a bank transfer:

Visit your bank branch or use their online banking system. Initiate an international wire transfer. Provide the recipient's bank details, including account number and SWIFT code.

Mobile Banking Apps for Residents in Sri Lanka

Residents in Sri Lanka have the option to send money via mobile banking apps provided by their respective banks. These apps allow you to transfer money directly to another bank account without the need to visit a branch. Money can also be deposited into the recipient's bank account by visiting the bank physically if needed.

International Money Transfer Service Providers for Expatriates

For expatriates living outside Sri Lanka, the most affordable and convenient option is to use international money transfer service providers. These providers offer lower transaction fees and better exchange rates compared to traditional banks.

Popular Service Providers: Some of the biggest players in the industry, such as Ria, Western Union, and MoneyGram, can be used to send money to Sri Lanka and many other foreign countries. Once you sign up with them and submit the required documents, you can initiate the transfer within a few clicks.

Top Reputable Providers in the UK

If you are based in the UK and wish to send money to Sri Lanka, consider looking at 2-3 different money transfer service providers. Based on my personal experience, companies like Global Exchange (located in Wembley) and Teeparam Exchange (located in Croydon, Wembley) offer the best Sri Lankan exchange rates. You can view their daily rates on their websites or via social media posts.

Global Exchange: Visit their website for more information.

Teeparam Exchange: Check out their Instagram page for daily rates and updates.

User reviews and ratings can also be a good way to gauge their performance. Always take the time to read customer feedback on platforms like Yelp, Google, and Trustpilot.

Morningstar Transfer for Bank Accounts in Other Regions

For residents in countries where Morningstar Transfer is available, you can send money through your usual bank account. This service offers easy and secure money transfers and adheres to the same principles of affordability and convenience.

Typical transfer methods include:

Bank Transfer: Directly into the recipient’s bank account. Payment Gateway Methods: Through platforms like Western Union, PayPal, TransferWise, OFX, etc.

These methods all charge a commission based on the services and current exchange rates.

By carefully choosing the right method, you can ensure that the money reaches your intended recipient quickly, safely, and without unnecessary financial strain.