There are many ways of sending your money abroad and finding the right way can be a bit of a trouble. Moving finance overseas is one of the main concerns for those who settle down in a foreign country. For the people who live outside Sri Lanka and want to send money over there might encounter a problem or so. So to help you with this here are a list of thing to know before sending/receiving currency.
Best Ways to make money transfer.
There are many ways to send money abroad The most often used are the Money Transfer Operators, Banks, Online Payment methods and Foreign Exchange Brokers. These are considered the best ways to make a money transfer whether you are in Sri Lanka or someplace else.
Restrictions on receiving money.
While making a money transfer to a different country there are certain limits and drawbacks in making these transfers. There are different fees for transferring money which varies from as low as 1% to a certain number according to the amount. This result in lesser money transferred. There is time barrier(mostly banks) which results in very slow money transfers in case someone needs it urgent.
Restrictions on sending money.
Sending money can be a troublesome task. There is a limit to the amount we can send country wise. Also, there are charges according to the amount of the money send and sometimes you could be liable to tax. There have to be a lot of recipients to carried if send through a Money Transfer Operator like the Western Union.
Process to send money.
If you are choosing the Bank as an option of sending money then you are required to be an account holder of the bank and should be prepared to do the following:
Brief Economic Trend
Remittances in Sri Lanka has decreased to 568.7 $ Million in February from 571.6 $ Million in January of 2017. It averaged 483.3 $ Million from 2009 until 2017.
Standard Chartered is one of the major international banks which help in foreign currency transfer.
Choose a great method to send money to Sri Lanka?
To begin with you need to choose the method of currency transfer to Sri Lanka very carefully. You will want to choose a method that gets the money to your recipient as soon as possible with minimal fees being paid. Most people today will choose a simple and straightforward instant transfer using an online money broker to complete such a transaction.
Know the currency when going to Sri Lanka?
As well as knowing the best method to arrange a money transfer to Sri Lanka it is also a good idea to know the currency that you will be sending to your recipient. Sri Lanka uses the Sri Lanka rupee as their only form of currency. It is not advised to send any other foreign currency apart from US dollars or pounds Sterling as there is difficulty in transferring other currencies. In order to make life easier for your recipient make sure that you send the funds in Sri Lanka rupees. You can check the currency rate Sri Lanka rupees are following by simply using a currency converter online.
Transfer funds to Sri Lanka?
Now that you understand a little more about the process of sending currency to Sri Lanka you will be keen to set up your first instant transfer. To do this find a reputable online exchange broker and set up an account with them. As soon as this has been completed you can send funds to your recipient in Sri Lanka whenever you wish to do so.