About Germany and Sri-Lanka

There is a lot of money that is remitted from Germany to Sri-Lanka annually. According to the same reports, a large portion of the participants are the Sri-Lankan migrants that reside in Germany followed by German companies that hire Sri-Lankans workers remotely. It is however good to acknowledge that money transfer from Germany to Sri-Lanka is not something that started in the 21st century but goes way back into world history. Today, the process has only been simplified and improved thanks to technology which can allow you to send money from Germany to Sri-Lanka through your phone or computer.

Cheap way to send money from Germany to Sri-Lanka

International money transfer is today much cheaper than it was when technology had no yet arrived. There are three main most affordable ways that anyone can use to send money from Germany to Sri-Lanka cheaply and they include; 

Bank transfer: You can make a direct deposit from your bank account in Germany to an account in Sri-Lanka. You will however need to make sure that the bank you are choosing is able to help you with this request. You will want to pay extra attention to the provided exchange rates as well so that you do not get exploited by expensive services. One of the main reasons why some people prefer using this mode of transfer is because it is easy to track and makes money easily accessible once it reaches the account. Nevertheless, it is the best mode of payment for most migrants that need to purchase property or make heavy investments back in Sri-Lanka.

Online money transfer: online money transfer is new and today, it is considered the cheapest way to send money from Germany to Sri-Lanka. That is because services like XE Money allow you to send money for free. Money apps have managed to break down the money transfer boundary that remained a great hindrance to international money transfer activities. With so many apps available today, getting a genuine one can be tricky and that is one of the reasons why Exchange Rate IQ is here. Nevertheless, there are con artists who can pose as genuine money transfer agents only to end up getting lost with your money. According to users, some of the most used online money transfers to complete Germany to Sri-Lanka transfers include; Remitly, TransferWise, Azimo, Ria, and XE Money.

Cash delivery: this is a more convenient transfer option for people who are looking for the fastest way to send money from Germany to Sri-Lanka. That is because the process usually is simple and requires minimum identification verification for both the sender and receiver. Additionally, they can deliver your money within a few minutes depending on the service provider that you choose to work with. One thing with cash delivery services is that they are relatively expensive compared to online money transfers. Even though many people expected online money transfer to replace cash delivery services, the service has proved to be relevant because there are some people who don’t understand how online money transfer works. Also, cash delivery services go beyond measure to ensure that they reach users in remote areas. Western Union and MoneyGram are some of the options to go for.

Factors to consider when sending money from Germany to Sri-Lanka

While sending money from Germany to Sri-Lanka should be a straightforward process, some people still fail to enjoy a seamless transfer. That is because they fail to take the following into account:

Service availability: You need to make sure that the method you are using for the transfer is also available in Sri-Lanka. Failure to do this can lead to more complications that will end up being costly or, you will have to reverse the money altogether.

Service cost: without knowing how much it will cost you to send money from Germany to Sri-Lanka, you can end up breaking your budget. Another thing that is likely to happen is you sending a lesser amount than expected.

Exchange rates: you need to check on the exchange rates especially if you are interested in sending money cheaply. Different money transfer agents have different rates hence you need to do a comparison but not when you work with our platform.