Last updated on August 30th, 2023 at 09:17 am
Having moved abroad to set up a new life in a new country, one of your priorities may be to support loved ones back home in Sri Lanka. If so, you’re not alone. Vast amounts of international money transfers are made annually. The most recent data from the World Bank, released in 2019, shows that around $6.7 billion was transferred from Sri Lankans abroad in 2019.
Not only does sending money to Sri Lanka benefit your family and friends, but such remittances also play a prominent part in fuelling the national economy. The amount sent in 2019, for example, was the equivalent of 8% of Sri Lanka’s GDP.
The question is, how to make remittances without having to pay excessive transfer fees or contend with unclear exchange rates? At Remitly, we’re committed to making the process of sending money to Sri Lanka as easy and cost-effective as possible.
That’s why we’ve built an easy-to-use remittance service which lets your loved ones receive Sri Lankan rupees in the form of physical cash, or directly into their bank accounts. Both options are available with Commercial Bank, so read on to find out how it works.
Send Money to Commercial Bank in Sri Lanka in 5 Easy Steps
Ready to make your Sri Lankan rupee transfer? Here are the simple steps you need to follow.
- For first-time users, download the Remitly app and create an account. Then select Sri Lanka as your destination country.
- Enter the amount you wish to send.
- Choose either Bank Deposit or Cash Pickup as your delivery method and Commercial Bank as your location.
- Enter your recipient’s details.
- Enter your payment details.
Once you’ve entered all the requested information, you just have to give it all a look over to check there are no errors, and you can then make the LKR transfer happen. We may ask for additional documentation depending on the amount sent or if we are unable to verify your identity. You also have the option to get real-time transfer updates so that you and your recipients can track your transfer every step of the way.
Why Should I Use Remitly to Send Money to Commercial Bank?
Our job is to make sending money to Sri Lanka as simple and convenient a process as possible. That’s why we provide a clear, straightforward fee structure and great exchange rates, so you’ll know exactly what each transfer will cost, how much your loved ones will receive, and when the Sri Lankan rupees will be with them. What’s more, should you wish to cancel your transfer for whatever reason, and your recipient hasn’t yet received or collected the money, we’ll refund the full amount to you.
How Much Money Can I Send to Commercial Bank with Remitly?
Whether you’re looking to send small or large amounts back to the most important people in your life, you can make use of Remitly’s app or website. That said, we also have to abide by international regulations and keep our customers’ funds safe. This is why there are sending limits in place. As of this writing, these are the maximum amounts you can transfer by providing us with the minimum required identity verification documents:
- US$2,999/€5,000/AUD$2,999/£5,000 within 24 hours
- US$10,000/€15,000/AUD$10,000/£15,000 within 30 days
- US$18,000/€50,000/AUD$18,000/£50,000 within 180 days
Additional sending limits may apply depending upon your choice of payout partner or receiving location. If you’re sending money to Sri Lanka and need to increase your limit, you can make a request to do so 24 hours after you sign up for Remitly. We may have to ask questions regarding the reason for the transfer and the source of the funds. We may also ask for some extra documentation to verify some details. You should hear back on your request within 48 hours.
How Quickly Will My Money Arrive at Commercial Ban?
Need your remittance to get to your recipient as quickly as possible? When you’re in a hurry, choose Remitly’s Express option and pay using your debit or credit card and the money will be in your loved one’s bank account fast. If you’re looking for more value and the transfer isn’t urgent, choose Economy and pay with your bank account.
Is it Safe to Send Money to Commercial Bank with Remitly?
As an online remittance company trusted by customers across the globe, we take online safety seriously. We have multiple levels of security in place, so that every international money transfer can be made with complete peace of mind. Your personal data is protected 24/7 through fraud monitoring and encryption.
Plus, our real-time transfer updates mean you won’t worry about your money making it home. Provide your recipient’s phone number in your transfer and your loved ones can also receive updates.
Read on here to learn about security at Remitly
More about Commercial Bank
Commercial Bank, officially called the Commercial Bank of Ceylon, celebrated its 100th birthday in 2020. It was a remarkable milestone for this grand old financial institution, which started life with the opening of its first branch in Colombo in 1920. The fact that over 4,000 staff members travelled from across the country to celebrate in person highlights the esteem in which Commercial Bank is held.
With over 260 branches and over 860 ATMs in Sri Lanka, the bank plays an essential part in bringing financial services to all rungs of society. Its plethora of awards reflects the quality of its services, with Commercial Bank named the Best Bank in Sri Lanka at the 2021 FinanceAsia Country Awards. It’s also been praised for its championing of female entrepreneurs, winning a corporate social responsibility award at 2021’s Top 50 Professional & Career Women Awards in Colombo.