Make sending money to your loved ones in Sri Lanka easier than ever.
Amid the fintech revolution, digital wallets are all the rage these days, with options numbering in the hundreds. But which ones actually work for sending money to Sri Lanka? We’ve done the research for you. The best digital wallets will save you time and money when you send money to Sri Lanka.
Let’s dive in:
The fast-evolving world of digital payments technology is disrupting the way money is sent across borders, Sri Lanka’s digital payments market is expected to grow at a 14.49% CAGR from 2024 to 2028, and reach a size of $17.15 billion in 2028.
However…
Digital wallets can be slow, charge hidden fees, and some even don’t work with Sri Lankan banks.
Digital wallets have already upended how Sri Lankan families receive remittances from loved ones abroad.
Here’s why:
Bank wire fees can be steep and wait times long. It used to take anywhere from 3-5 business days for traditional transfers. With digital wallets, the money can reach loved ones in Sri Lanka in a matter of minutes.
Sri Lanka received a record $6.58 billion in remittances in 2024, 10.1% up from 2023.
The story gets even better:
Digital wallets offer a range of other benefits over more traditional methods:
The digital payment infrastructure in Sri Lanka has rapidly modernized to support such transfers, too. The LankaPay network is a payments switch connecting all major Sri Lankan banks. It allows real-time fund transfers of up to Rs. 5 million.
Now, let’s explore the digital wallet features that do and don’t work for sending money to Sri Lanka.
Mobile payment apps are king in the digital wallet space for good reason. They’re easy to use, widely accepted, and integrate seamlessly with most local banks in Sri Lanka.
Look for:
The best app will balance speed, fees, and reliability based on your unique needs.
Major Sri Lankan banks increasingly offer their own digital wallet solutions.
Benefits include:
Crypto wallets are another option for the more tech-savvy. They provide an alternative if your recipient is familiar with cryptocurrency. Bitcoin and other currencies cross borders instantly, but both sender and recipient must be comfortable with the tech, volatility, and extra reporting requirements.
The best digital wallet isn’t necessarily the most popular one. It’s the one with the right features for your unique sending needs.
Consider the following:
Regular senders should look for platforms with:
Irregular senders will do better with:
Speed-focused options:
Cost-focused options:
More than most realize. The most advanced digital wallet is worthless if the recipient can’t access the funds.
For recipients comfortable with tech:
For recipients who prefer traditional services:
Astute senders know these money-saving hacks that can save you hundreds in fees annually.
Exchange rates fluctuate constantly, so shop around each day. Set rate alerts with your platform.
Scheduled transfers are often cheaper than instant ones. If timing isn’t critical, schedule a day in advance for 0.5-1% in savings.
Bundle larger, less frequent transfers instead of several small ones. Avoid weekends and holidays to avoid surcharges.
It’s helpful to first understand how Sri Lanka’s payment infrastructure works to support digital transfers.
Sri Lanka’s LankaPay network connects all major banks for real-time fund transfers up to Rs. 5 million. The country has a national common electronic fund transfer switch known as CEFTS (Common Electronic Fund Transfer Switch). It enables seamless, instant bank-to-bank money transfers. JustPay is a Sri Lankan real-time payment system used for daily retail transactions.
Key infrastructure elements:
Security should be a major concern for all sending money via digital wallets. A lost phone or stolen account login credentials can easily result in fraud.
Verify these essential security features:
Red flags:
Digital wallets have already revolutionized how money gets to families in Sri Lanka, with the convenience, speed, and price advantages far outpacing traditional banks.
The key is picking a platform with the right feature mix for your specific sending needs and frequency. Whether you prefer the large digital payments providers or bank-integrated options, Sri Lanka’s infrastructure is ready to get your money there safely and quickly.
Compare rates, review the fee structure, and prioritize platforms with the best security features. With Sri Lanka’s global remittance market set to grow a massive 63% over the next decade, these digital payment solutions will become even more efficient and cost-effective.
Test with a smaller first transfer, see how the platform performs, and increase amounts as you gain confidence. Your family in Sri Lanka will thank you for the faster, more reliable money transfers digital wallets make possible.
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