About Sri -Lanka and the USA
Current statistics have it at 3 million as the population of Sri Lankan immigrants living or working outside their country. As the numbers increase, so is the transfer of money to Sri Lanka. For example, research by Pew Research Center states in 2017, a whopping $7,190 million was the total amount transferred to Sri Lanka.
Below is a well-researched comparison of these money transfer services that you can use to send money to Sri-Lanka from the USA.
Top picks for sending money to Sri Lanka from US
The best way to send money from the USA to Sri Lanka is Transferwise. It offers the perfect balance between cost, usability, and speed. The simplicity and convenience Transferwise also comes with overshadows to take one or two days for the transfer to be completed. You can experience exceptional value and ease of service by sending money to Sri Lanka from the USA through Transferwise.
Steps to Transfer money to Sri Lanka from US through Transferwise:
- Visit their website and create an account
- Give your and recipient’s account details
- Be specific in how much money sending to Sri Lanka
- Pay necessary charges, and that's it.
- Tap on how much, and where to
Among the best ways to send money to Sri Lanka from the USA, Remitly not only offers peace of mind for you, but the recipient receives the transferred money within the day. For matters that can wait a few hours, this option guarantees that.
How to send money to Sri Lanka with Remitly
- Visit the Remitly website and create an account
- Pick your delivery partner
- Enter the details of your recipient
- Enter the payment information as required
- Track your transfer from either your email or text updates for you and your recipient
The fastest way to send money from the USA to Sri-Lanka would be through the Paypal services offered under Xoom. It is not only fast but also provides more convenience from the app. Once you pick up a convenient cash pickup point throughout Sri Lanka, your money is typically available in minutes.
Ensure you have a PayPal account for the services to work.
When looking for an ideal balance between cost and speed, Ria money is the way to go when transferring money from USA to Sri-Lanka. This service delivers your money in a matter of minutes. While it might not be very comfortable to use for first-timers, with a visit to their website, the instructions should make it easy to understand.
The mobile application has convenience covered with a touch of a button in your hands.
In-Store Money Transfers
These third-party money transfer services include Western Union and MoneyGram. Through their agency networks, your loved ones in Sri Lanka will receive the money sent in addition to the online transfer option they offer.
For as low as just 4 dollars, your family will receive the money sent conveniently and fast directly to their bank account or an agent location within their vicinity.
Steps to transfer money from USA to Sri Lanka using Ria Money;
- Sign up for an online account on the website
- Choose the payout method,
- Input the recipient information and indicate how much you intend to pay for the transfer.
What to have in when sending money to Sri -Lanka
Sri Lanka has a skimming cash system where the market forces control the estimations of the Sri Lankan rupee. In any case, contingent upon the turn of macroeconomic occasions, the legislature comes in to stabilize. Such mediations may influence the estimation of the sums you transfer.
Transfers up to $10,000 from Sri Lankan living abroad isn't viewed as taxable pay. In any case, any returns from these transfers in Sri Lanka get taxed at the individual or corporate rate dependent upon the start of the business.
Non-Resident Foreign Currency (NRFC) Accounts
This record office is focused at Sri Lankans in the diaspora to assist them with overseeing low-interest rates and runaway inflation.