Every year, the international committee observes a special day to boost awareness of the sacrifices and hard work of the thousands of migrants who support their communities and families through the money they choose to send home.
As a Sri Lankan expat, here are some of the essential reasons to send money to your family in Sri Lanka:
Help with Household Income
According to research, migrant workers send, on average, $300 at home every other month, which makes up at least 15% of their total earnings. Despite the lower percentage, the money they send back home helps with at least 60% of the Sri Lankan household’s gross income.
Political Instability
Like any other low and middle-income country, the political instability in Sri Lanka is on a steady rise, which is why a little help in the form of remittance is a great way to help provide your family or community with a sense of stability.
At least 50% of potential remittances go to the rural areas of the country, which is also where a heavy ratio of the world’s poorest and insecure population lives. More than 70% of the remittance is used on food and medical expenses. Other potential expenses that are covered through remittance include school fees and other living expenses.
Invaluable Contribution to Promoting Better Living Standards
Your remittance can prove an invaluable contribution towards improving living standards, providing clean water, better sanitation, and overall economic growth.
How to Transfer Money to Your Family in Sri Lanka
If you have family in Sri Lanka, you might want to send them a remittance by converting USD to sri lankan rupee as an effective way to transfer money abroad. The term remittance refers to money that’s sent from one person to another, usually overseas, while using a third-party provider.
First-time senders usually wonder about the safety of sending remittances to their family abroad, especially when their family is in a relatively poorer country, such as Sri Lanka. Sending money to another country can be quite stressful; however, if you have a trustworthy provider and have the correct payment details for whom you are sending the money, the remittance payments are usually safe.
There are several ways you can remit money by:
Bank/ Wire Transfer: In this method, you send money between two banks.
Cash Pickup: Choosing this method allows you to send money to a particular location, such as a bank, from where the recipient can pick it up.
Mobile Money: In this method, you can send money to an e-wallet.
Home Delivery: In this method, the cash gets delivered to a specific address.
Precautionary Measures
When sending remittance, you will want to check the third-party provider’s transfer fees, the currency exchange rates at the transfer time as well as the time required for the completion of the transaction process.
If you are mindful, money remittance can be quite affordable – but – additional services, transfer fees, and the fluctuating exchange rate can add up. The best part is that a lot of money transferring providers are now available online or in the form of an app.
