There are countless options of how to send money to Sri Lanka, making it difficult to know how or where to even to begin with the process. Online banking solutions provide a fast and hassle-free solution to send money to Sri Lanka from the UK.
How To Send Money to Sri Lanka from the UK
The 2001 Census recorded nearly 68,000 Sri-Lankan born UK residents, and nearly 20 years on, this number is believed to now be much greater. Further, the British Government estimates that up to 20,000 British nationals reside in Sri Lanka. As such, it is no surprise that monetary transfers between the two countries is of high demand.
You can send money to Sri Lanka from the UK in 2-4 business days
Methods to Send Money to Sri Lanka from the UK
Sending Money to Sri Lanka via Net Banking
One of the most common and popular ways to send money to Sri Lanka from the UK is net banking. This essentially involves transferring the fund directly from your personal bank account through the website of an international money transfer company.
Sending Money to Sri Lanka via Online Transfer
There are countless online transfer companies. They allow you to initiate a transfer from your personal bank account and directly connect to the money transfer company’s account.
Sending Money to Sri Lanka via Mobile Payment Services
Popular mobile payment services such as Apple Pay do not currently operate in Sri Lanka. Instead, there are alternatives that can be used for international money transfers, including iPay and UPay.
Sending Money to Sri Lanka via Debit or Credit Card
Payments can easily be made by debit or credit card and this is a widely used method for many sending money from the UK to Sri Lanka, especially for those who make regular overseas payments, such as to family members. For instance, if both parties have an HSBC account, transfers are free and simple to process. However, this method does have its limits when sending large sums of money.
Can I Transfer Money to Sri Lanka via Cryptocurrency?
It is unclear whether Sri Lanka’s Central Bank supports cryptocurrency. It is however not advised to send money via cryptocurrency as the process is unlikely to be protected.
Can You Send Money to Sri Lanka For Free?
When transferring money to Sri Lanka from the UK, the majority of services charge a fee per transfer. The cost depends on a number of factors – including speed and how much you would like to transfer.
How Long Does It Take to Transfer Money to Sri Lanka?
Depending on the service provider that you choose to send money to Sri Lanka, the funds can arrive in the specified account in as little as 1 hour and as long as 2-4 business days. Services such as Remitly and Xoom offer express services within minutes but there are limits on how much you can transfer.
What Do You Need to Transfer Money to Sri Lanka?
To send money from the UK to Sri Lanka, you will typically need to verify your identity, as well as your recipients. This includes your photo ID such as a driver’s license. Often, the recipients contact name, number and bank details must be provided to fulfil a transaction.
If the transaction process involves a cash pick-up, as many popular services provide, then the recipient must provide further documentation. This includes a transfer number in the form of a PIN, MTCN or reference number. Photo ID and the sender’s information usually should be provided on collection too.
Is it Safe to Send Money to Sri Lanka from the UK?
This guide has outlined some not just some of the most popular methods, but the safest ways to send money from the UK to Sri Lanka. The services mentioned are FCA approve, meaning that any suspicious behaviour is flagged and reported and transfers are tracked. It is important to check for this FCA approval and if it cannot be located on an international money transfer site, you can ask for a record for their FCA enrollment number before proceeding with the transaction.
It should be remembered that sending money overseas is not without its risks. However, reputable and FCA-approved services work hard to ensure the safe transfer of funds. It is important to report any suspicious behaviour, and never feel pressured to make a transfer. You must never provide personal details including passwords or security information.