For the many Sri Lankan expats who have made Australia and New Zealand their home, the need to send money back to loved ones is a common and deeply personal one. Whether it’s to support family, pay for education, or assist with a medical emergency, remittances are a crucial link to their homeland.
While traditional bank transfers and offline agents have long been the go-to methods, they often come with a frustrating trifecta of high fees, poor exchange rates, and lengthy delays. This guide will show you how digital remittance services are revolutionising the money transfer experience, making it faster, safer, and more affordable to send money abroad instantly (Sri Lanka from Australia or New Zealand).
Why Send Money to Sri Lanka from Australia or New Zealand?
To the Sri Lankan diaspora, remittances are more than just financial aid, as they signify love, responsibility, and commitment. This is the reason why expats often need to transfer money to their home:
– Family Support: Helping families to cover daily living costs, utility bills, and child or relatives.
– Healthcare Needs: Meeting healthcare needs, such as medical treatment or emergency care, which necessitate financial support.
– Education: Providing financial aid in terms of tuition fees or living expenses for students in Sri Lanka.
– Savings and Investments: Saving, purchasing real estate, or contributing toward long-term monetary objectives.
– Religious/Cultural Obligations: Donating to temples, churches, or charities.
A secure method of money transfer ensures the satisfactory fulfillment of these vital duties without delay.
Advantages of Digital Transfer vs Conventional Methods by Sri Lankan Expats
Previously, many people used banks or money transfer agents. But such techniques were usually accompanied by:
– Large transfer price
– Unfavourable AUD to LKR exchange rates
– Long delays (in some cases, a few business days)
– History: Limits of accessibility beyond the office hours
Due to their ability to solve these challenges, digital platforms are rapidly becoming the preferred option for Sri Lankan expats.
1. Speed & Next-Day withdrawals
Through MasterRemit, you can transfer money overseas quickly (Sri Lanka) on the same day, sometimes in real-time, meaning recipients do not have to wait days to receive their urgent funds.
2. Versatile Exchange Rates & Reduced Fees
Digital transfers involve transparent fees and favorable AUD to LKR rates when compared to traditional money transfer services, which often incur additional costs not disclosed upfront. This implies that more of your hard-earned money goes to your family.
3. Send Money 24/7
No queues at the banks or agents. Remittance via the Master Remit mobile app or website is available 24/7, including weekends and public holidays.
4. Secure & Compliant
MasterRemit is AUSTRAC registered and is a strict (KYC) Know Your Customer and (AML) Anti-Money Laundering compliant. Your transfers are safe from start to finish, with encryption and fraud monitoring in place.
5. Real-Time Tracking & Notifications
Both sender and recipient can enjoy peace of mind with live transaction updates, SMS/email notifications, and receipts confirming every step.
Reasons Why One Sends Money to Sri Lanka
The reasons behind sending money back home are varied, as is the community. Here are some of the most common remittances use cases between Australia, New Zealand, and Sri Lanka:
– Family Support & Monthly Support: This is financial aid for daily needs, such as groceries, rent, and other essentials.
– Education Fees or Student Support: Formation of standby funds to sponsor children or relatives in need of support over alcohol education costs, school attrition, and education expenses.
– Medical Emergencies: Emergencies include funding of medical needs, such as hospital bills, Doctor Visits, and Medications.
– Savings and investments in Sri Lanka: Saving for the family or investing, e.g., purchasing some land or a house.
– Religious Gift or Charity: Donation of places of worship or to charities dear to the hearts of the Sri Lankan community.
How to Send Money to Sri Lanka
Money transfer to Sri Lanka is a simple, straightforward process when utilising an excellent e-commerce site. This is a lightning introduction to how it operates:
1. Sign up: Open an account on their site or the application. Signing up is quick and straightforward.
2. Identity verification (KYC Compliance): This is a standard security procedure, and you are required to verify your identity. This is a one-time transaction that is necessary to ensure the safety and compliance of your transactions.
3. Enter recipient details: “Sri Lanka” is the destination country. After that, you can input the details of your recipient depending on the delivery method. For bank accounts, you will need the bank’s name, branch, and account number. For cash pickup, we require their complete name along with their contact details.
4. Select the amount and view live AUD to LKR rates: Enter the preferred amount you would like to send. The platform will also display the current exchange rate, as well as the amount of money you are sending to your recipient in LKR, in real-time.
5. Confirm payment: Select the method you prefer to use for the transfer. Use your debit/credit or a bank transfer. View the information, and then verify your sale.
6. Monitor your transaction in real-time: After the transfer has been submitted, you should be able to track its status using our web or mobile app. You will also be updated until the money reaches its destination grid, allowing you to know what has happened to it.
FAQs About Sending Money to Sri Lanka
1. Is it safe to send money online to Sri Lanka with MasterRemit?
Yes. Transfers are fully secure, regulated by AUSTRAC, and protected with encryption and compliance protocols.
2. How long does it take for the recipient to get the money?
Most transfers are processed instantly or within the same day, depending on the recipient’s bank.
3. What are the transfer fees and exchange rates?
Fees are transparent with no hidden charges, and competitive AUD to LKR exchange rates ensure maximum value.
4. Can I send money from New Zealand, too?
Yes, MasterRemit supports transfers from both Australia and New Zealand to Sri Lanka.
5. What if the recipient doesn’t have a bank account?
Cash pickup options are available, making it easy for recipients without bank accounts to collect funds.
6. What documents are required for registration?
You’ll need to verify your identity with valid ID documents to comply with KYC regulations.
Final Thoughts
Transferring funds to Sri Lanka from Australia or New Zealand requires a solution that is swift, reliable, and inexpensive. Conventional banks and intermediaries may not be adequate, but online platforms such as MasterRemit can deliver same-day transfers, favorable exchange rates, and 24/7 accessibility.
Whether it’s helping out with the family, covering education costs, or dealing with an emergency, MasterRemit will help transfer the funds safely and efficiently.
Join thousands of Sri Lankans in Australia and New Zealand who trust MasterRemit for fast, secure and affordable money transfer service.