Send money to Sri Lanka from the U.K like a pro by knowing all the methods that support you with efficient services.

Economic crises in Sri Lanka made the people starve to death due to inflation that reflects in their daily essentials. While the rations are bombarding with humongous price value, daily wagers are the one who suffers a lot, as they could not even afford milk to feed their children.

Why remit to Sri Lanka?

 The remittance from the foreign exchange is a crucial factor that supports the country in meeting its basic needs. Sri Lanka depends on remittance services as it generates the majority of the country’s income over the years. Specifically, the major stream is from the migrant workers who send money regularly to their friends and family who reside in Sri Lanka. These foreign workers supported the country once by wiping the trade deficit in 2013 and improving its foreign reserves. Remittances play a crucial factor in a country’s development, and the country strongly depends on it for its less volatility than foreign direct investments and official development assistance.so, Sri Lanka has planned to offer incentives for the remittances as it struggles to contain the foreign exchange crisis and sustain the economic depression. 

In an effort to address the unprecedented crisis in foreign exchange, The central bank of Srilanka offers incentives to overseas workers who remit money through formal channels. The incentive money will be 8 Sri Lankan rupees for one US dollar, which is currently increased from 2 rupees to 8 rupees. This benefits the expatriate who migrated for work to other countries to send money to their family in Sri Lanka with additional value. By such measures from the Sri Lankan government, the remittance funds can be used to sustain the drop in official remittances and the current economic depression. This benefits the residents of Sri Lanka who receive remittances from foreign countries. Also, expatriate workers from Sri Lanka will have access to pension and insurance programs and duty-free concessions.

As Sri Lanka faces $1.5 billion of debt maturities, the country is looking for a revival from its remittances drop. The country’s monetary authority forecasts the future and proposes multiple ways to increase the revenue of the country. Remittance is one of the key factors the country concentrates on by offering exceptional benefits for its expatriates to remit money to Sri Lanka as a large number of the residents work in foreign countries. It is a gracious time for the immigrants who work in the UK to remit to Sri Lanka in order to support their friends and family by sending money with the rewarding benefits from the government of Srilanka. This also benefits both the expatriates who support the country’s economy with regular remittance and the residents of Sri Lanka.

4 easy steps to remit money to Sri Lanka :

Check the currency value of LKR is in your favor:

Keep track of the currency value and find the most favorable time that the currency drops in its value. This makes your international transaction efficient and profitable. Find the optimal rate and execute your transaction.

Find the best International Money transfer service to send money to Sri Lanka from U.K.

Compare the international money transfer services in the market that supports you to send money to Sri Lanka from U.K efficiently with advanced support and simplicity. There are numerous international exchange service providers like Teeparam, Remitly, and Singx that support sending money to Sri Lanka from U.K with utmost security over your transaction.

Select the service that suits your needs:

Find an optimal service that suits your requirements and budgets like transaction fees, transaction duration, and limit and its feature that offers a simple and comfortable user experience.

Start your transaction:

After finding efficient and effective transaction services, sign up and start your transaction.

Before that, ensure you have all the necessary documents that you need to make the transaction. You will b requested to submit all the necessary documents often you make the transaction.

Some of the best international exchanges that allow you to remit to Srilanka:

Teeparam Exchange:

Teeparam exchange is an FCA-approved money International money transfer service that serves global users to transfer money from any geographical location with comparatively low transaction charges. The platform also offers the tool to calculate the exact receivable amount to the recipient. To ensure secured transactions, the platform offers two-factor authentication, which makes it stand out by gaining trust among the users. Teeparam Exchange offers its services on different platforms ranging from websites to mobile applications in different operating systems.

Remitly:

Remitly is a well-known money transfer service provider that offers many options for sending money across international borders. Also, money gram allows users to make these international money transfers through mobile wallets and conventional bank accounts. Additionally, Remitly has conventional stores that allow the users to meet in person directly to make money transfers. This supports the people who were not aware of these online international money transfer services.

Wise :

Formerly called Transfer wise, which is a pioneering money transfer service with over ten million customers. Wise provides the advanced feature of price comparison and also supports the users to calculate the receivable amount of the recipient. Also, the company claims that wise charges 6 times lesser transaction fee compared to the banks for international money transfers.

WorldRemit:

WorldRemit offers multiple ways to transfer money to more than 130 countries and offers the option of 70 currencies to choose from and make your transition.worldRemot also offers transparent services to the users to know how much they can receive after the transaction cuts. Also, the service enables credit card transactions, Google pay, Apple Pay, and bank transfers to make international money transfers.

Know your needs

It is hard to spend hard-earned money by migrating for work to the different regions of the world, leaving your friends, family, and homeland behind, and spending that money on service charges and transaction fees. Choose the best international exchange that allows you to send money to Sri Lanka from U.K efficiently with all the necessary services that meet your needs.

Leave a Reply

Your email address will not be published.