Rules should know

FINANCIAL AND BANKING 

Financial and Banking System

The financial system in Sri Lanka comprises the major financial institutions, namely the Central Bank of Sri Lanka, Licensed Commercial Banks (LCBs), Licensed Specialized Banks (LSBs), Licensed Finance Companies (LFCs), Specialized Leasing Companies (SLCs), Primary Dealers (PDs), Pension and Provident Funds, Insurance Companies, Rural Banks, Stock Brokers, Securities Market Intermediaries, Unit Trusts and Thrift and Credit Co-operative Societies; the major financial markets, such as the Foreign Exchange Market, Money Market, Capital Market and the informal financial market; and the financial infrastructure which is the legal framework related to the financial system and the payment and settlement79. The UK magazine named “The Banker” revealed that the bank of Ceylon as the No. 1 Bank in Sri Lanka among the World’s Top 1,000 banks in its July 2016 issue80.

Name list of financial institutions 

Lists of main Licensed Commercial Banks, Licensed Finance Companies and Licensed specialized banks are as follows.

Major Licensed Commercial Banks

1.Bank of Ceylon

2.Commercial Bank of Ceylon PLC

3.DFCC Vardhana Bank Ltd.

4.Hatton National Bank PLC

5.National Development Bank PLC

6.People’s Bank

7.Sampath Bank PLC

8.The Hongkong& Shanghai Banking Corporation Ltd.

9.Seylan Bank PLC

10.National Savings Bank

11.Standard Chartered Bank

12.Citi Bank

13.Union Bank

14.Nations Trust Bank

15.Pan Asia Bank

Major Licensed Finance Companies

1.Central Finance Company PLC

2.Lanka ORIX Finance PLC

3.L B Finance PLC

4.People's Leasing & Finance PLC

Major Licensed Specialized Banks

1.DFCC Bank

2.Housing Development Finance Corporation Bank of Sri Lanka

3.National Savings Bank

4.State Mortgage and Investment Bank

International Money Transfer

The procedure of international money transferring in cash or through a bank account is explained below81.

To Send Money

In cash

1.Search for the nearest agent location.

2.Complete the Send Money form.

3.Give the agent the completed form with the applicable funds (including transaction fee) in cash.

4.Save your receipt and tracking number (MTCN: Money Transfer Control Number). Your receiver will need the tracking number (MTCN) for pickup and you will need it to track your transfer.

To a Bank Account

1.Search for the nearest agent location.

2.Complete the Send Money form, including your receiver’s bank and account information. Check what specific information is needed.

3.Give the agent the completed form with the applicable funds (including transaction fee) in cash.

4.Save your receipt with the tracking number (MTCN).

5.The money will be deposited into your receiver’s qualifying bank account within 3 bank business days in the destination country. In some cases, it could be deposited the next day.

To Receive Money

In Cash: For cash receipts, visit an agent location near you with your government-issued ID/ passport. You will also need to ask the sender for the tracking number (MTCN)82.

Bank account deposit: Receive the money in your bank account.

The main International money transfer agencies operating in Sri Lanka is as follows.

-Western Union

-Money Gram

-Express Money