Find the Best Way to Send Money to Sri Lanka
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Some of the best money transfer services to send money to Sri Lanka
- TransferWise offer the best exchange rates to send money to Sri Lanka and charge a transparent fee making them one of the most popular online money transfer services
- OFX is one of the largest Australian owned transfer companies. Their fees and exchange rates vary on the currency you are sending and the amount of the transfer.
- WorldRemit is one of the cheapest ways to send money to Sri Lanka and is great for international payments to family and friends
- InstaRem also has excellent exchange rates with low fees
- Remitly are very good for small remittances and often offer a special rate or discount to new customers
In this guide
Transferring money to Sri Lanka from Australia is hard. There are lots of companies who say they'll send your money, but once you drill down you find their options are limited. We inform you on how you can transfer money to Sri Lanka in a simple, fast and safe way, using the best money transfer companies.
Key Take Outs
- Our comparison table shows it is always cheaper to transfer money through a money transfer service than a bank
- Find out how to transfer money overseas and the information you need to make your transfer faster
- We list 4 of the best money transfer companies to transfer money to Sri Lanka from Australia
How to transfer money to Sri Lanka from Australia in 3 easy steps
Using a money transfer service
Best ways to send money to Sri Lanka
1. Using a money transfer company
A money transfer company specialises in foreign currency exchange. You can send money online from an Australian bank account to another bank account overseas. It's normally the cheapest and fastest way to transfer money.
We trust two companies for money transfers to Sri Lanka:
2. Remittance company money transfer
Remittance companies specialise in sending small amounts overseas to friends and family overseas. They're able to transfer money overseas to bank accounts, provide cash pick up and transfers by mobile wallets.
They're usually more expensive than other online money transfer companies, but are often faster in emergencies.
While Western Union is the most well-known remittance company, there are some better alternatives:
3. Bank transfers
It's very difficult to find a bank in Australia to send LKR to Sri Lanka, at best they will send USD.
A bank transfer moves money between countries on the SWIFT network or an electronic wire or telegraphic transfer. Money is transferred from one bank account to a bank account in another country.
They are more expensive and often slower to transfer your money overseas.
NAB is an example of a bank that offers money transfers to Sri Lanka.
How much will it cost to make my international money transfer?
There are 3 fees you'll usually be charged to send money to Sri Lanka:
- Exchange rates - The better the exchange rate, the more Sri Lankan rupee (LKR) you get in the bank account in Sri Lanka. Money transfer services that offer better exchange rates will usually charge you a separate transfer fee.
- Transfer fees - These can range anywhere between $0 to $5. Some online transfer companies offer fee-free transfers for sending large amounts of money. These companies usually charge a slightly worse margin on their exchange rate, but are still better than bank fees.
- Hidden fees - You or the person you're sending money too will often get charged a bank receiving fee or banks intermediary fee of approximately $25 each.
How long does it take to transfer money overseas?
Money Transfer Services can take 0 - 3 business days
When using a money transfer service like TransferWise, they tend to quote transfer time in hours not days. Unlike banks, they keep you updated on the movement of your funds. This includes the estimated arrival time of your funds to the account you're sending money to.
Remittance Companies can take 0 - 5 business days
An instant transfer is available with remittance companies if you pay a higher transfer fee and the person can collect in cash. Alternatively you can send money using money in your bank account to another bank account and it can take up to 5 business days.
Bank to Bank Transfer can take 2 - 5 business days
Also known as a 'wire' or 'telegraphic transfer'. These transfers are slow, because the money may go through a network of correspondent banks before landing into the account in Sri Lanka. The time it takes will also vary depending on the bank receiving the money. Plus, it's up to you to check if the person you sent money has received it.
What information do I need to transfer money to Sri Lanka from Australia?
- Your personal information: Your full name, address and date of birth. For security reasons they need your photo id scanned or photographed. You can use your mobile phone to take a photo and send.
- How you wish to pay: Your bank details, account numbers and address or debit/credit card details.
- The full name and address of the person you wish to pay.
- Overseas bank account details, the name on the account, and the SWIFT code or BIC code for the bank account abroad.
- Make sure your photo is of a high quality so they can see the picture
- Make sure your personal id is valid and within the expiry date
- You can't give your work/office address or PO box address
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