Make Payments and Receive Payments in LKR - Sri Lankan Rupee
Pay in Sri Lankan Rupees (LKR)
Mondial Change allows you to make international payments in LKR (Sri Lankan Rupee) with ease. Manage your beneficiaries in Sri Lankan Rupee, track your transactions in real-time, and enjoy a secure online platform. We do not apply any exchange commission on your LKR operations (a spread is applied on the exchange rate, which slightly degrades the interbank rate on the currency pair traded). Your client rate is always communicated transparently before the validation of each of your transactions.
Receive Payments in LKR (Sri Lankan Rupee)
Mondial Change allows you to receive payments in Sri Lankan Rupee (LKR). Payments in LKR are received in a pool account held by one of our partners. This LKR account is made available to you free of charge. It allows you to receive payments in LKR from your clients or subsidiaries. Once the funds are received in the pool account, they are reconciled in our partner's books and credited to your Sri Lankan Rupee (LKR) balance. These funds can be reused to make payments in LKR or they can be converted into EUR or any other currency of your choice and repatriated to your bank account.
Do you want to hedge your exchange risk on the Sri Lankan Rupee (LKR)? Check out our dedicated page for LKR currency hedging.
Mondial Change Answers All Your Questions on Payments in Sri Lankan Rupees (LKR)
What is the timeframe for a payment in LKR to be credited to the beneficiary's account?
It generally takes between 1 and 2 business days for a Sri Lankan Rupee transfer to be credited to the beneficiary's account. However, please note that these timeframes are not contractual, and our partners responsible for executing and routing payments cannot be held liable if LKR payments are credited beyond 2 business days to the beneficiary's account.
What are the fees for a payment in Sri Lankan Rupee (LKR)?
The fees applied to transfers in Sri Lankan Rupee (LKR) generally range from 0 to 10 euros depending on the agreement with Mondial Change's trading room. The rate mainly depends on your annual LKR exchange volume and the number of Sri Lankan Rupee payments made during the year.
Are there minimum or maximum amounts for payments in Sri Lankan Rupee (LKR)?
Mondial Change and its partners verify that your Sri Lankan Rupee flows are consistent with the data declared during account opening and consistent with your activity volume to ensure compliance and security. If there are restrictions on transaction volumes, they will be communicated to you well in advance of the validation of your operations.
What are the specific rules for executing a payment in Sri Lankan Rupee (LKR)?
For LKR payments via the SWIFT network, the following information must be provided:
• Full name of the beneficiary
• Full address of the beneficiary
• Local account number
• SWIFT code of the beneficiary's bank
• Reason for payment
Is it possible to modify a payment in Sri Lankan Rupee (LKR) after it has been executed?
Yes, it is possible with some of our partners to modify a payment in Sri Lankan Rupee (LKR) even after it has been sent in SWIFT. If you have, for example, made an error in the beneficiary's name or account number, the correction is made through a SWIFT amendment. If the payment was not executed via the SWIFT network, then it is not possible to make such amendments, and you must wait for the payment to be returned if applicable.
Is the Sri Lankan Rupee (LKR) account provided to you a bank account and is it nominative?
The Sri Lankan Rupee (LKR) account for which we provide you the details is a bank account opened in the name of one of our partners. It is a pool account where all LKR transfers are received. The reconciliation of funds on your LKR balance is generally done with your client account reference. You have a guarantee of segregation of your funds in our partners' books.
Is it possible to hold Sri Lankan Rupees (LKR) in the LKR account provided to you?
You can use this Sri Lankan Rupee (LKR) account to receive Sri Lankan Rupees. The currencies will then be credited to your LKR balance opened in our partner's books. The funds can then be reused to issue payments in Sri Lankan Rupee or be converted into other currencies.
What are the holidays when payments in Sri Lankan Rupee (LKR) cannot be executed?
January 1st: New Year’s Day
Variable date (January): Duruthu Full Moon Poya Day
February 4th: Independence Day
Variable date: Maha Shivaratri
Variable date: Navam Full Moon Poya Day
Variable date: Medin Full Moon Poya Day
Variable date (March/April): Bak Full Moon Poya Day
April 13th: Day before Sinhala & Tamil New Year
April 14th: Sinhala & Tamil New Year
Variable date: Good Friday
May 1st: May Day
Variable date: Vesak Full Moon Poya Day
Variable date: Day following Vesak Poya Day
Variable date: Poson Full Moon Poya Day
Variable date: Esala Full Moon Poya Day
Variable date: Nikini Full Moon Poya Day
Variable date: Binara Full Moon Poya Day
Variable date: Vap Full Moon Poya Day
Variable date: Deepavali (Diwali)
Variable date: Ill Full Moon Poya Day
Variable date: Unduvap Full Moon Poya Day
December 25th: Christmas Day
Variable date: Eid-ul-Fitr
Variable date: Hajj Festival
Variable date: Milad-un-Nabi
History of the Sri Lankan Rupee
The Sri Lankan Rupee (LKR) has been the official currency of Sri Lanka since 1872, introduced during the British colonial period to replace the Indian Rupee on the island. It is subdivided into 100 cents. The Central Bank of Sri Lanka, founded in 1950, is the sole issuing authority and oversees the entire financial and monetary system of the country. The currency code LKR is used in national transactions. The Sri Lankan Rupee reflects the political and economic history of a country in transition, marked by reforms and structural challenges.
Monetary Policy of the Sri Lankan Rupee
The Central Bank of Sri Lanka (CBSL) is responsible for the country's monetary policy. Its primary objective is to maintain price stability, promote economic growth, and ensure the stability of the banking system. Sri Lanka follows a flexible exchange rate regime, while reserving the right to intervene in the markets if necessary to support the rupee. In response to pressures related to the balance of payments and inflation, the CBSL uses various instruments, such as the policy rate, reserve requirements, and credit regulation measures.
Characteristics of the Sri Lankan Rupee
The Sri Lankan Rupee (LKR) is a currency used exclusively domestically and is not convertible on international markets. Its value is strongly influenced by internal economic dynamics, notably high external debt and dependence on imports. LKR banknotes are multicolored and illustrate the cultural and natural wealth of Sri Lanka. They are equipped with modern security features, such as watermarks and specific inks. Although electronic payments are gaining ground, cash remains predominant, especially in rural areas of the country.