- Posted by Jason on March 11, 2015 in Global Money Transfer
Money transfer to Sri Lanka can often be a hassle – there are usually so many options, and many of them have nasty hidden surprises in the way of unexpected fees. We’re going to show you how to get the best deal when changing your Dollars, Pounds or Euros for Sri Lankan Rupees.
Check The Sri Lankan Currency Exchange Rate
It’s important to remember that currency values are relative to each other and constantly changing. So, today, USD $1 is equal to 132 Sri Lankan Rupees – but this will change with each passing minute. Political stability, demand for exports and interest rates are all factors that affect the Sri Lankan currency rate. While the rates aren’t likely to be differing hugely day to day (it would be highly unlikely for USD $1 to equal 800 rupees tomorrow for example), a small change in the rate can change the rupees received by a huge amount. The bigger the amount you send, the more the rate will affect what comes out on the other side.
Shop around for different providers too – everyone will offer you a slightly different rate. Many companies have free calculators on their website so that you can easily work out which one will give you value for money (ours is in the top right hand corner of this page). Remember to factor in transfer fees when comparing providers. After all, there’s no use in getting the most generous exchange rate, just to pay an extra 5% in additional fees. Remember to check both sending and receiving end fees – some providers will charge both!
But Are the Banks the Best Way to Send Sri Lankan Currency?
The main problems with using a transfer service at your bank are the cost and the unpredictable amount of time it takes for the funds to arrive at their destination. Banks charge from NZD $5 – $30 for even a small transfer. It also takes 2-3 days for the funds arrive safely in the hands of your family members in Sri Lanka (if you’re lucky). A better option is to use a currency transfer service.
Why Choose OrbitRemit to Send Money To Sri Lanka?
At OrbitRemit, we understand the importance of quick, easy transfers, as it allows for you to confidently get on with other things. Our transfers take 1 – 2 business days to complete the entire process. We also know that emergencies happen, and the last thing you need is to have your money paused because of needlessly long transfer times.
Our Sri Lankan currency transfer fees sit at a one off GPB £5, and we offer generous exchange rates and no receiving fees. As an online-only business, we can pass the savings from our lower operating costs onto you.
Check out our calculator on the top right hand side of the screen to get an idea of what we can offer you for your next funds transfer to Sri Lanka.
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