Best way to send money to Sri Lanka from UK

Best way to send money to Sri Lanka from UK

Traveling between Sri Lanka and Britain became more common long ago, when Sri Lanka was ruled by the British. From that time until today many Sri Lankans travel to the UK for several reasons like higher studies, better job opportunities, as asylum seekers during the country’s civil war or even for visits.

Sri Lankans born in the UK for the year 2021 was estimated as 131,000 and the numbers keep adding as more and more Sri Lankans migrate to the UK each year. The island nation is facing its worst financial crisis at present and it has increased the number of migrants from Sri Lanka to many developed nations. So many educated Sri Lankans are applying for skilled migration visas and the younger generation is applying for student visas. Majority of the Sri Lankan migrants are found living in London.

All of these migrants have a need to send money to Sri Lanka which is their home country. As many migrants are from the younger generation most of them prefer sending money to their parents for their medical and other day to day expenses. Migrant workers need to send money for their families and kids for their education and living.

As the political and financial instability increases in Sri Lanka many migrants living in the UK have started supporting their relatives, loved ones or even friends back home by providing some financial support. There are many different ways to send money to Sri Lanka and finding the best way to suit your requirement can save both your money and time.

Doing it the good old way

The well-known old style of transferring money is by using a bank. It is both secured and reliable to use a bank to transfer the money. Having a bank account at any of the banks in the UK lets you enjoy this service. SWIFT (Society for Worldwide Interbank Financial Telecommunications) is the system banks are using to perform international money transfers. To transfer money from a bank in the UK to a bank in Sri Lanka following information will be needed.

  •  Name and address of recipient’s bank, (Recipient)
  •  Recipient’s IBAN (International Bank Account Number)
  •  BIC/SWIFT code of recipient’s bank
  •  Reason for the transfer
  •  Transfer amount and currency
  •  Who will pay the fees: You, the recipient, or a split between you and the recipient

A bank transfer can be done by visiting a bank, online or by calling from a phone. When choosing a bank in the UK to perform your international money transaction make sure whether your bank is eligible to FSCS (Financial Services Compensation Scheme). The FSCS protects customers when their bank, insurer or other eligible financial service company fails. You may be able to get compensation through the FSCS in certain situations.

Banks usually charge a flat rate which will be about 3-4% from your total transfer amount on International money transfer but may vary from bank to bank. Sometimes the recipient bank may also charge a separate receiver fee. There may also be an initiation fee, which will vary on whether you transfer over the phone, online, or by visiting a branch. If you wish to track the progress of a transfer, you will also be asked to pay a small sum called tracer fee. Over all the charges can be high using banks to transfer money through SWIFT due to their service limitations. Most banks lack the infrastructure for fast and cheap international transfers.

Exchange rate (GBP/LKR) of banks is comparatively low and bank transfers may take little more extra time than other transferring methods. Delays can occur due to their extensive fraud and comprehensive checks, difference in time zones involved, and corresponding bank holidays and weekends. If there’s any mistake when initiating the transfer, the transfer will fail and will take some time for banks to reimburse money back to you.

Traditional wire transfers

These service providers are more convenient compared with the banks thanks to their money transferring options. They let you transfer the money through their website, apps or by visiting their branch. These providers can transfer money within minutes and you can control the amount that the receiver gets as the web or mobile interface shows the exact amount the recipient gets with the applied exchange rates and their fees.

Charges may defer on factors such as how the money is sent, how quickly it needs to be transferred, and where the recipient is located. Collecting the cash from a branch will limit the business hours that branch is open. Along with the handling fees, these providers may have a higher currency rate than the market selling rate of the respective currency pair.

Online Transfers

Convenient and comparatively low cost online money transfers have become more popular over the time as these providers are more user friendly. The sender is often charged no fee, or very low transfer fees and exchange rates. The sender transfers money to the company’s account in the U.S.

The company then transfers an equal amount to the recipient in the recipient’s country. The transfers are fast, cost-effective, and accessible on easy-to-use online and mobile apps.

To receive money, the receiver needs to have a bank account. At times when they do not have transaction fees then their exchange rate margins can be higher than the other service providers. Mostly these transactions may require a minimum transaction amount which can sometimes be higher than what you need to be sent out.

International Money Exchangers

With less commissions, low exchange rates, higher speed, less hassle and more security online money transfer platforms, companies and exchanges have attracted many who are sending and receiving money from abroad. They also provide 24-hour customer service for any queries or for tracking and customer support service.

By registering or opening an account with the service providing company you can start transferring money to the desired destination. Money can be paid from your credit or debit card and/or bank account. Most of these service providers have their own apps and by downloading the app to your smart phone or by using their web service you will be able to do the transfer instantly.

In most cases the recipient gets the money the same day or by latest the next day. It is always better to find a one that offers lover handling fees with higher exchange rates.

Teeparam Exchange is one of the very popular choices in the United Kingdom to send money to Sri Lanka. Founded in 2017 Teeparam Exchange provides a fast and reliable service together with lowest transaction fees and very thin exchange rate margin, and transfers are mostly done the same day or latest the next day.

Teeparam exchange follows the top security protocols to securely manage your funds and make transactions efficiently with a 24-hour customer service. You can use their service simply by visiting our website from your laptop or desktop computer or by downloading their app onto your Android or Apple smartphone.

No matter where you plan to send money, choosing the best service provider will depend on your needs such as how urgent the money needs to be sent, the amount, how often you are planning to send and how the recipient prefers receiving it. Always go with a provider registered with and operate under the FCA (Financial Conduct Authority) for a safe transfer.

It is also important to calculate the total cost of your Pound Sterling to Sri Lankan Rupee transfer. It is important to pay attention to both the upfront fee the provider shows you as well as the GBP/LKR exchange rate. Try transferring money on a day where the GBP/Sri Lanka exchange rate is favorable so that the recipient will get more money. Keep an eye on the Sri Lankan rupee rate and validate your transfer when you can get a good exchange rate. It is hard to pinpoint a single best way to transfer money to Sri Lanka. It all depends on your priorities. Different providers offer different handling fees, speed and convenience.