A Guide to Foreign Currency Exchange in Sri Lanka – Know where and how to transact safely
You can change your foreign currency at local banks and licensed foreign exchange institutions.
If you are coming down to Sri Lanka for a holiday. This might be a burning question that you need an answer before anything else.
This will also help you programme a better travel experience in Sri Lanka.
Mainly if you are travelling solo. Also without the assistance of a local tour operator.
Other than for accommodation bookings on pre paid basis. You may need to pay cash for every other purchase.
If you decide pay this too at the property by using an OTA like Booking.com. You may need to carry cash with you.
A star hotel may have the option of charging your credit or debit card. On the other hand this option may not exist if you’ve planned your stay at a local homestay.
Therefore it is crucial that you budget for your vacation and carry sufficient cash with you at all times.
Not thats you increase your risk by carrying a larger amount. However a sufficient amount to cover daily needs.
The same will not be applicable for a fully paid vacation. Where you may need cash only for addittional purposes.
What Foreign Currencies are Easily Acceptable
Firstly you need to know what currencies are used in foreign exchange. Although most types of currencies are accepted in exchange counters.
Itr’s always a good idea to change hard currencies like:
- United States Dollar
- Euro
- Great British Pound
- Swiss Franc
- Canadian Dollar
- Australian Dollar
- New Zealand Dollar
- Indian Rupee
- Any type of currency from the GCC region like AED, QAR, BHD, OMR
- Japanese Yen
- Chinese Yuan
Since I cannot keep going on with the list. You can bring any hard currency on this link. I’m sure you should be able change it without any hassle.
Not just for exchange. You can still pay for even your hotel accommodation or the restaurant bill with any hard currency.
Where Can You Change Foreign Currency
To begin with, there are 3 places where you can change your foreign currency here in Sri Lanka.
- Colombo International Airport
- Banking Institutions
- Foreign Exchange Agents
If you know of any other place where you can exchange your currency. You might as well not do it at all.
Colombo International Airport
Generally speaking, there are 2 locations where you can change your foreign currency at the CMB Airport.
- Arrival Area
- Departure Area
Both these locations at the airport have the facility of foreign exchange. However they are all run by the licensed commercial banks.
So it’s a virtually risk free transaction process, changing your foreign currency here.
Arrivals Forex Counters
You have multiple counters open here in the arrival area. So just be sure that you walk around and check out the exchange rates displayed on their digital boards.
Don’t just walk into the first counter that you see as soon you enter the arrival area.
You may need to change a little bit of cash here. Just to avoid over paying with dollars or pounds for any purchases that are done inside Sri Lanka.
You may need to submit your passport and fill out the application if required at the forex counter.
Departure Forex Counters
Similar to the arrival area, the departure gates will be stocked with multiple forex counters.
These are again run by the same local banks in Sri Lanka. The process again would be to handover the Sri Lankan rupees over the counter with the filled application and the passport.
Change to your desired currency (USD or EUR) and proceed to the check in.
There is hardly any use carrying Sri Lankan currency out of the country. So it’s best you change everything here. This is also the last forex opportunity you have before you leave Sri Lanka.
Licensed Local Banks
In the event your stay here for an extended period. You can use the foreign exchange services at the local banks .
There are way too many banks in the country. So here is a list of licensed banks with the central bank of Sri Lanka.
I’ll just give you the names of a few banks that would have branches island.
As you may wander around looking for Deutsche Bank for forex. After all it has only one branch in the island.
Banks with island wide branches:
- Bank of Ceylon
- Commercial Bank
- Peoples Bank
- National Savings Bank (NSB)
- Hatton National Bank (HNB)
- Sampath Bank
- NDB
These banks can be found in all towns and especially in rural cities. So you need not worry of changing forex.
All banks are closed on Sundays. However branches inside the Kandy City Center is open 365 days.
Also you can check out each banks webpage for their 365 days operation.
The regular banking hours on weekdays are from 0900 hour to 1500 hour. Some branches are open till 1600 or 1800 hour to serve customers.
There may be banking charges applied for changing forex at these banks. So please double check before the transaction.
Make sure you carry your passport at all times as they will never carry out forex transactions with out your passport.
Foreign Exchange Agents
Forex agents can be found in major cities. They can also be easily spotted near attraction and popular sites.
Forex agents are also popular and reliable for currency exchange.
Here are 2 Foreign Exchange center I can recommend:
- Ran Lanka Negombo – Ran Lanka is a jewellery retail store in the Negombo town. You can also try changing your currency the store next to it called Jewel Lanka.
- Prasanna Money Exchange Colombo Fort – There are 2 branches for Prasanna Money Exchange. The store front in Colombo 6 on Galle Road, as well as the money exchange counter on Mudalige Mawatha in Fort.
You may need to carry you identification document for changing cash here as well.
Most will not require but its customary you carry your passport to avoid any negative situation here.
Shopping centers in the cities will have a forex counter but you may need to double check the exchange rates here.
You can also carry out foreign exchange at jewellery shops as long as they have a license. Most will display a board outside the sop front on the forex rates for the day.
Who Gives You the Best Forex Rate
As far as getting the best exchange rate for your bucks rests with the foreign exchange agents.
They will give you a premium rate over the banks and may not have any commissions either.
Scam Alert – Double check the forex rate for your currency with the counter before handing over the cash. An easy Scan is they can always say the rate advertised outside is for yesterday and the trading rate for today is lower.
Who is More Reliable for Your Forex Transaction
There have been instances where currency exchanged through foreign exchange agents were found invlaid in shop counters.
Even then it may be a one off instance.
Then again changing at the bank has 100% assurance for your currency. Again guarantees peace of mind.
Conclusion
Carrying Sri Lankan Rupee is expected for every transaction. It also eases trading than having to convert and complicate.
Options for forex is available from the point of entry starting in the arrival counters.
Then extending to local banks and forex agents. Even if you have any left over you can still change it at the point of departure.
Foreign Exchange in Sri Lanka is something you need not worry. As you have plenty of reliable options.
Bonus Tip – Always count your cash after an exchange transaction.
P.S. I hope this blog clarried all you doubts on foreign exchange in Sri Lanka. Head over to my blog where I write exclusively on the travel niche.