Leslie Massey
If you're looking to send money from Sri Lanka to Australia, there are several options available. You can use a specialist money transfer service such as OrbitRemit, Remitly, or Wise (TransferWise). These services offer competitive exchange rates and low fees, with some providers offering free transfers for amounts over a certain threshold. Bank transfers are another option, but they often charge higher fees and may be slower than other methods. It's important to compare the exchange rates and fees to ensure your recipient gets the most money, and to use a safe and secure provider to protect your personal information.
| Characteristics | Values |
|---|---|
| Money transfer services | OrbitRemit, Remitly, MoneyGram, Wise (TransferWise), OFX, Instarem |
| Transfer speed | Within minutes to 2 hours |
| Transfer fee | Low fixed fee, no fee for transfers over $10,000 |
| Payment methods | Bank transfer, debit card, ApplePay, G-pay, PayID, POLi |
| Exchange rates | Better rates with money transfer specialists than local banks |
| Safety | Use a provider registered with the Consumer Financial Protection Bureau |
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What You'll Learn
Transfer AUD to LKR using OrbitRemit
OrbitRemit is a safe, secure, and cost-effective way to transfer money from Australia (AUD) to Sri Lanka (LKR). The platform is registered and supervised in Australia and New Zealand and offers great exchange rates.
To get started, you will need to sign up for an OrbitRemit account. You can then enter your transfer amount in AUD and choose your payment method—either bank transfer or debit card. You can choose an existing recipient or add a new one.
OrbitRemit offers lightning-fast international transfers, with over 85% of transfers arriving within 2 hours. The platform is also very secure, implementing multi-factor authentication, data encryption, 24/7 transaction monitoring, and fraud prevention measures.
The OrbitRemit app allows you to manage your recipients and transfer money on the go. You can also track your transfers in real time and receive status updates.
For new customers, OrbitRemit offers a fee-free first transfer with an exclusive promotional rate.
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Cash pickup for instant access
When sending money from Sri Lanka to Australia, cash pickup is often the fastest way to get your money to the recipient. It can even be instant. However, it is usually one of the most expensive methods because it is prioritised.
Remitly, Western Union, and Xoom are three providers that offer cash pickup. Remitly has been identified as the cheapest option, with a fee of $55.88 AUD. Western Union has over 5,600 agent locations in Sri Lanka, and Xoom is a PayPal service, so you can use your PayPal credentials to log in and send money.
To send money, you will need to provide the recipient's name, address, and phone number, as well as select a location for cash pickup. You can pay with PayPal, a bank account, or a credit or debit card.
It is important to be aware of the exchange rates, as this can impact the amount that your recipient receives. You should also use a secure internet connection to safeguard your information.
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Bank transfers are slower
Another factor contributing to slower bank transfers is the concept of weekends. The definition of weekends and weekdays differs across countries, and even within countries, banks may be open for in-branch services on weekends, but the underlying payment systems may still be inactive. For example, the working week in the United States, Brazil, and Japan starts on Sunday, while in most European countries, it starts on Monday. This discrepancy can cause delays when transferring money internationally.
Furthermore, international transfers often involve currency conversion, which can cause delays due to the additional steps and varying liquidity of different currencies. Security checks and fraud detection measures can also contribute to slower bank transfers, as these processes are in place to protect customers and ensure the security of transactions. While free and instant bank transfers are available in some countries, such as the 26 nations of the European Union, the United States lags in this regard due to a complex mix of banking regulators and systems, with nearly one-third of US banks not offering instant payment services.
Overall, it's important to be aware of the potential delays when initiating bank transfers, especially when transferring money internationally. These delays can range from a few hours to several days, depending on the various factors involved. Understanding these factors can help you manage your expectations and plan your transactions accordingly.
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Money transfer specialists offer better rates
When transferring money from Sri Lanka to Australia, using a money transfer specialist is often a better option than a high-street bank. Banks typically offer poor currency exchange rates, unsatisfactory service, and high transfer fees. They also do not provide advisors to help you time your exchange.
Money transfer specialists, on the other hand, can offer better exchange rates and lower fees. For example, currency brokers can provide great rates with no fees for larger transfers over Rs500000. They also assign a personal account manager to guide you through the process. However, for smaller transfers, you may be better off with a money transfer app, as some currency brokers offer non-competitive rates for amounts below Rs500000.
Money transfer apps, such as Wise, offer competitive exchange rates and low or no fees. Wise, for instance, uses the mid-market exchange rate, which is considered the fairest rate, and discloses fees upfront. They also have a large user base of over 12.8 million people, indicating trust and reliability. Additionally, Wise provides enhanced security measures, including HTTPS encryption, 2-step verification, and a dedicated team of anti-fraud specialists.
It is important to note that the timing of your exchange can impact the rate you receive. Exchange rates fluctuate frequently, and providers offer different mark-ups on the rate. Therefore, it is advisable to check the latest LKR/AUD exchange rate and trends before initiating a transfer.
By utilising the services of money transfer specialists, such as currency brokers or reputable apps, you can benefit from more favourable rates and fees compared to traditional banks when sending money from Sri Lanka to Australia.
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Large transfers may have tax implications
When transferring money from Sri Lanka to Australia, large transfers may have tax implications. If you're sending an amount worth the equivalent of AUD 10,000 or more into Australia, your bank or money transfer service will likely ask for your ID documents, information about the source of the payment, and the recipient. This is because, in Australia, both the company processing the payment and the individual sending the money may have to report the transaction to AUSTRAC (the Australian Transaction Reports and Analysis Centre). AUSTRAC is the Australian government agency responsible for countering money laundering and the funding of terrorism. They track money entering and leaving the country to ensure its legitimacy and legality.
It's important to note that reporting a transaction to AUSTRAC does not necessarily mean you have to pay taxes on it. If you've already paid taxes on this income in another country, you're unlikely to be taxed again in Australia, as the country has double taxation agreements with many nations. However, if any government agency suspects unpaid taxes, an inquiry will be opened, and you'll need to provide additional information.
Additionally, when carrying large amounts of cash into Australia, you must declare amounts over AUD 10,000 or the foreign currency equivalent to customs. Failure to declare such amounts can result in fines. 'Structuring' or dividing money so that individuals carry slightly under AUD 10,000 each is not permitted. If a family enters the country, and each member, including young children, carries AUD 9,999, this will arouse suspicion and trigger an investigation into the source of the funds.
To ensure you're meeting all your tax obligations, it's advisable to consult a tax accountant about your specific situation. They can provide personalised guidance on transferring large amounts of money from Sri Lanka to Australia and help you navigate any potential tax implications.
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Frequently asked questions
You can send money from Sri Lanka to Australia using online money transfer services such as OrbitRemit, Remitly, Wise (TransferWise), or MoneyGram. These services offer competitive exchange rates and low fees, and in some cases, same-day or instant transfers.
To initiate a transfer, you will typically need to provide the transfer amount (in AUD), the recipient's details, and your payment method (bank transfer, debit card, Apple Pay, etc.).
The cost of transferring money from Sri Lanka to Australia varies depending on the service provider and the transfer amount. Some providers, such as OrbitRemit, charge a low fixed fee, while others may have competitive exchange rates with fees starting from $0, like MoneyGram.
Transfer times can vary depending on the provider and payment method. Some providers, like Wise (TransferWise), offer rapid transfers within minutes. OrbitRemit claims that over 85% of transfers arrive within 2 hours, while payments made on weekends may take longer to process.
It is generally safe to send money from Sri Lanka to Australia, especially when using reputable and regulated providers. OrbitRemit, for example, is registered with AUSTRAC (Australia) and the DIA (New Zealand) as a money remitter, ensuring your funds are secure. Additionally, Remitly offers multi-level security to protect your money and data.
