So, you need transfer an amount to Sri Lanka to your family, friend or to buy something but in a loss to how to conduct the process. So here we present the five most convenient ways to transfer money overseas to Sri Lanka.
This process of overseas money transfer can be undertaken when you need to make the transfer rather quickly. The process is easy, reliable and safe (unless you send money to a pilferer). But getting the required information in a correct format is challenging. A traditional bank wire transfer involves overseas fund transfer using networks like Society for Worldwide Interbank Financial Telecommunication (SWIFT) or Fed wire.
Wire transfer has got its popularity as it takes generally one to two business days to move. Wire transfer is also possible using an electronic money transfer service like PayPal, INSTAREM or the Western Union. Many money services like the Western Union operate completely independent i.e., you walk in with cash and the recipient walks out with cash. The only precaution needed is get assured about where your money is going and don’t wire transfer based on instructions you received by e-mail or message as there are increasing reports of hacking. Generally, banks offer form (offline or online or both), filling which out will trigger the process.
Foreign Currency Demand Draft (FCDD)
You can approach the bank with whom you have an account to issue a demand draft (DD) for the amount to be transferred. This must be made in Sri Lankan rupee (LKR) and the equivalent amount of money in the currency of your country will be debited from your account. Banks usually charge an amount for making the FCDD. While DD making process does not take much time, it takes 2-7 days to have mail the draft to Sri Lanka, and courier charges and service tax is also to be paid separately. While does need details like transfer routing number (necessary for wire transfer), the whole transaction needs 11-12 business days after money debited from your account. There are also chances of the DD getting lost during transit. You may ask the bank to debit the amount such that the payee receives the required money.
Online banking service
Banks are making international fund transfer easier and convenient than ever with online banking service and many banks allow you to do this also from your mobile phone apps. Although the process is getting popular, it has certain cons. The amount of money is generally limited to be quite low and you need to give in-depth details of the recipient’s account which the bank will verify. Moreover, all the banks across all the countries may not allow sending money to Sri Lanka. Although you transfer the amount to any Lankan branch of the same account, it is possible in real time.
Third-Party Transfer Service
Many banks also let you transfer money from your account directly through foreign currency transfer agencies like PayPal, INSTAREMor the Western Union. Although it is limited to certain banks the process is simple and needs only 2-3 business days.
This is similar to issuing a cheque, but with lesser hassles as the whole process is electronic and the best part is there are no fees for such transfer just like traditional cheques. Although the process can be completed with a few flicks of switches the verification process is lengthy and complex. Moreover, for overseas fund transfer, you have to give a statement and proofs that the fund will not be used for terrorism or any other criminal purpose (for e.g., an invoice).
Transferring money to foreign countries is difficult and takes a lot of tantrums, but only on the first go. Banks, agencies, and government are continuously trying to ease the process in near future.