Sending Money from India to Sri Lanka? Here’s What Every BookMyForex Customer Should Know!
Understanding Wire Transfers
Wire transfer is one of the most trusted methods to send money to Sri Lanka. It uses a secure network like SWIFT to move your funds from India to your recipient’s account in Sri Lanka. The process might seem daunting at first, but the process is simpler than you think, especially if you choose the right service provider like BookMyForex, offering 24x7 online booking for international wire transfers from India to Sri Lanka.
Traditional Indian banks often charge high transfer fees, ranging between ₹1500 to ₹2000, and also add a markup of 2 to 3% on the exchange rate. That’s where smarter alternatives like BookMyForex stand out. We offer zero transfer fees and interbank-linked exchange rates as well as the lowest rate guarantee. Funds are transferred through our reputed partner banks which means you enjoy the same level of security as traditional banks but at much lower costs.
Why Indians Transfer Money to Sri Lanka
India and Sri Lanka share deep cultural, economic, and familial ties. As a result, there are many reasons why Indians transfer money to Sri Lanka. Here are some of the most common ones:
1. Family Support: Many Indians, primarily Indian Tamils, have family members who live in Sri Lanka, or relatives that they have grown up with. The money sent to these relatives may be directed to fulfill the everyday needs of the family, or for unexpected emergencies or any special occasion.
2. Education: Sri Lanka offers various higher education opportunities at competitive costs. Indian students studying in Sri Lanka at universities like the University of Colombo and the Open University of Sri Lanka rely on their families to send money for tuition fees, accommodation, and living expenses.
3. Medical Expenses: Many Indians come to Sri Lanka for treatments that could be costlier in India. Be it a surgery or a consultation, wire transfers are the most commonly used method for the payment of hospital bills, medical treatment, and post-recovery care.
4. Investments: Sri Lanka offers numerous investment opportunities, from real estate to local businesses and more. Whether it’s purchasing property, or investing in local business, many Indians use wire transfers to fund these investments in Sri Lanka.
5. Emigration and Employment: Many Indian professionals, especially in fields like IT, education, and healthcare, move to Sri Lanka for work. Sending money is often required to cover initial settlement costs, such as housing deposits, transportation, and setting up basic utilities.
Documents Required for International Money Transfers to Sri Lanka
When transferring funds to Sri Lanka, you’ll need a few essential documents:
1. PAN Card: This is mandatory for all foreign remittances.
2. Photo ID and Address Proof: Your Aadhaar, passport, etc is required.
3. Purpose-Specific Documents: For example, if you’re sending money for education, you’ll need the university’s admission letter or I-20 form. Similarly, for family support, proof of relationship might be required.
For a detailed list of documents based on the purpose of your transfer, visit here
Factors to Consider When Transferring Money Sri Lanka
1. Exchange Rates: One of the most important aspects of sending money abroad is the exchange rate! This is what determines how much your Indian Rupees (INR) will convert into Sri Lankan Rupees (LKR). Even a small change in the rate can make a huge difference in the total amount your recipient receives. For example, if the LKR to INR exchange rate you get is ₹0.29 and through another provider, it’s ₹0.33, that’s already a difference of ₹400 for every 10,000 LKR you’re sending! Over larger amounts, this can really add up. Hence, always compare the rates from different providers, as banks may add 2-3% markups, while services like BookMyForex offer interbank-linked lowest rates for LKR.
2. Transfer Fees: Another crucial factor to watch out for is the transfer fees. Banks in India typically charge anywhere from ₹1500–₹2000 as a flat fee for international wire transfers to Sri Lanka, and other popular money transfer platforms in India add extra percentage-based fees that can be 1-2% of the amount you’re sending. These fees can reduce the amount your recipient actually gets. With BookMyForex, you pay zero transfer fees. Yes, you read that right! Just use the code "ZEROBANKFEE" at the time of placing your money transfer order, and say goodbye to unnecessary charges.
3. Intermediary and Recipient Bank Charges: When transferring money to Sri Lanka, your money might pass through one or more intermediary banks before it reaches its final destination. These banks charge their own fees and moreover, the recipient’s bank also charges a fee to process the incoming funds. It’s important to know these charges upfront to avoid surprises later. BookMyForex provides complete transparency, showing you the exact amount that will be credited to the recipient’s account.
4. Transfer Speed: How quickly your money reaches Sri Lanka is also something to consider. Traditional bank transfers can take anywhere from 3–5 business days, which might not be ideal if you need to send the funds urgently, whether it’s for a time-sensitive expense like tuition fees or medical treatments. BookMyForex processes wire transfers to Sri Lanka much faster, typically within 12 to 48 hours. In fact, for urgent payments like education-related transfers, we offer same-day transfers, so your money gets where it needs to be, on time.
5. Security and Compliance: Sending money abroad involves sharing sensitive financial information, so security is paramount. Always ensure the platform you choose uses advanced encryption and secure payment gateways to protect your personal and financial data. BookMyForex takes the safety and security of our customers’ data very seriously. We use advanced payment gateways and document watermarking and fully comply with all regulations set by the Reserve Bank of India (RBI).
6. Tax Collected at Source (TCS): TCS applies to all foreign remittances from India, irrespective of the platform used. Firstly, transfers below INR 7 lakh are exempt from TCS. For education and medical expenses, only 5% TCS is applicable, while for other transfers exceeding INR 7 lakh in a financial year, a 20% TCS applies. The TCS amount can be claimed as a tax credit when filing your income tax return.
