How to send money to Sri Lanka
Remittances play a crucial role in Sri Lanka’s economy. Every year, tens of millions of dollars flow into the country from Sri Lankans living abroad. These funds are more than just money—they’re lifelines for many families.
People use the money to support their families, invest in businesses, and build homes. Remittances help Sri Lanka’s economy by providing a steady stream of foreign currency. They support local businesses and contribute to development projects. In short, sending money to Sri Lanka doesn’t just help individuals; it strengthens the nation.
With many Sri Lankans living in countries like Australia, the need for easy and affordable ways to transfer money is growing. This guide is designed to help you understand how to transfer money to Sri Lanka effectively, ensuring that both the senders and the recipients are well-informed and prepared. We’ll explore various methods for sending money to Sri Lanka and how each can make a difference.
Before starting
How to transfer money to Sri Lanka
1. Define which method you will use: mobile wallet, bank transfer, or cash pickup in Sri Lanka.
2. Create an account with Rocket Remit money transfer service.
3. Load the money you plan to send to Sri Lanka using a bank transfer, debit or credit card.
4. Verify your beneficiary details in Sri Lanka, including their name, address, mobile number or bank account details.
5. Transfer the money to your beneficiary.
6. Confirm the transfer status by verifying with your beneficiary to see if they received the money.
Sending money to Sri Lanka and its diaspora
The Sri Lankan community in Australia is vibrant and growing. According to Cultural Atlas the last Census 2021, 131.904 Sri Lankans live across the country, with significant populations mainly in Victoria 51.6%, New South Wales 23.8% and Queensland 9.1%. Many Sri Lankans moved to Australia for better opportunities, education, and quality of life.
Sri Lankans also migrate to other countries, such as Canada, the United Kingdom, and the United States. Each country hosts large Sri Lankan communities, which contribute substantially to remittance flows back home. For instance, Sri Lankans in Australia send millions of dollars annually to support their families and invest in their homeland.
Understanding AUD to LKR
When you send money to Sri Lanka, understanding the exchange rate between Australian Dollars (AUD) and Sri Lankan Rupees (LKR) is crucial. This rate determines how much your money is worth once it reaches Sri Lanka. The AUD to LKR exchange rate can change due to various factors such as economic conditions and global market trends. Check reliable sources like XE.com for current rates and trends for the best value. This knowledge helps you make informed decisions and get the most out of your transfers. Explore our detailed blog on exchange rates to gain a comprehensive understanding. Click here to read more.
The connection between Sri Lankans abroad and their home country is strong. By knowing how to transfer money to Sri Lanka effectively, you ensure that your support reaches those who need it most, contributing to both personal and national growth.
How to send money to Sri Lanka
Traditional bank transfers
Transferring money to Sri Lanka through traditional bank transfers is a reliable method many prefer due to its familiarity and perceived security. Major banks in Australia, such as Commonwealth Bank, ANZ, and Westpac, offer international money transfer services.
The process involves visiting a bank branch or using online banking services to initiate the transfer. You will need the recipient’s bank account number, the bank’s SWIFT code, and other relevant details. While this method is secure, it often comes with higher fees and slower processing times than newer methods like mobile apps. Transfers usually take 2-5 business days to complete, depending on the banks involved and the countries’ financial processes.
Despite the higher costs, traditional banks’ robust security and extensive networks make them a trusted option for many. These transfers support significant remittance flows, helping families, businesses, and investment projects in Sri Lanka. Keeping track of exchange rates and fees is essential to ensure you get the best value for your money.
Mobile apps or online money transfer services
Mobile apps have changed the way people send money to Sri Lanka. These apps offer a convenient, fast, and often cheaper alternative to traditional bank transfers.
Here are some of the most popular mobile apps used for sending money to Sri Lanka:
Rocket Remit: is a popular choice for sending money to Sri Lanka. It’s known for its speed and simplicity and great FX rates. Users can send money directly to mobile wallets and bank accounts. Rocket Remit offers competitive exchange rates and low fees, making it a preferred option for many.
Remitly: allows users to send money directly to Sri Lankan bank accounts or mobile wallets such as Dialog and eZ Cash. The app offers different delivery speeds, including an express option that delivers money within minutes.
PayPal is widely recognised; PayPal allows users to send money internationally with ease. Both the sender and recipient need to have PayPal accounts. While it might not always offer the best exchange rates, its user-friendly interface and widespread acceptance make it a convenient choice.
Let’s see an example of how to set up an online money transfer account with Rocket Remit to send money to Sri Lanka to a bank account or a mobile wallet:
How to send money to Sri Lanka using Rocket Remit
1. Download the App or visit the website: The Rocket Remit money transfer app is available on iOS and Android platforms. You can download it from the App Store or Google Play. You can also visit the Rocket Remit website, which you can access from any device.
2. Create an account: Sign up using your name, Australian phone number, and email address, then verify your identity. This might involve uploading a photo ID and providing some personal information.
3. Enter transfer details: Fill in the recipient’s details, including their bank account information or mobile number connected to their mobile wallet in Sri Lanka.
4. Confirm and Send: Review the transaction details, including the exchange rate and fees, and then confirm the transfer. The money is typically delivered within minutes to a few hours.
Online money transfer services like Rocket Remit are becoming more popular due to their better foreign exchange rates, lower fees, and faster transfer times than traditional methods. They provide accessible options for anyone needing to send money overseas, making the process smoother and more efficient.
Popular mobile wallets to send money to Sri Lanka
Ez Cash
Dialog or eZ Cash is one of the most widely used mobile wallets in Sri Lanka. It allows users to send and receive money, pay bills, and shop online.
– Setting Up eZ Cash: Users can register for eZ Cash by visiting any Dialog service centre or using their mobile phones. Registration requires a valid ID and a Dialog mobile number.
– Receiving money: Users can receive money directly into their eZ Cash wallet once registered. The sender can transfer funds to the recipient’s eZ Cash account using various methods, including mobile apps like Rocket Remit.
– Using eZ Cash: Funds in the eZ Cash wallet can be used for a variety of purposes, such as paying utility bills, shopping online, or withdrawing cash from eZ Cash agents and ATMs.
eZ Cash provides a secure and efficient way to manage money, making it an excellent option for those who may not have access to traditional banking services.
Remember, with online money transfer services such as Rocket Remit, you can transfer money directly to a bank account in Sri Lanka or to an eZ Cash or Dialog mobile money account.
Cash Pickup
Cash pick-up services are a convenient way to send money to Sri Lanka, allowing recipients to collect cash from designated locations without needing a bank account. Popular providers like Western Union, MoneyGram, and Ria Money Transfer have extensive networks across the country. The sender initiates the transfer online or at a local agent, provides the recipient’s details, and receives a reference number. The recipient, with a valid ID and a reference number, collects the cash from an agent location, usually within minutes. Cash pick-up services are selected for their accessibility and reach, although fees and exchange rates should be considered.
To conclude
Sending money to Sri Lanka from Australia offers various methods tailored to fit different needs, whether through bank transfers, mobile wallets, or cash pickups.
Services like Rocket Remit provide flexible, secure, and efficient ways to transfer funds. Each method has benefits, from speed and convenience to low fees and broad accessibility. By understanding and comparing these options, you can effectively ensure that your money reaches its Sri Lanka destination, seamlessly supporting family, friends, or business transactions.
About Rocket Remit
Rocket Remit is the world’s fastest international money transfer service. Send money instantly to over 60 overseas countries at very competitive rates.
Use the country selector to choose the country and check the rate.
Click here for more information on how to send money using Rocket Remit.
Download the Rocket Remit app from Google Play or the Apple Store