27 Jan 2025
Remittances to Sri Lanka hit a record high of $6.58 billion in 2024, showcasing the overseas Sri Lankans’ dedication and hard work. While these remittances are sent from various foreign countries, Sri Lankans in Australia also play a key role in contributing to the country’s financial reserves through remittances. Most Sri Lankan migrants in Australia today send remittances back home because they look after their families, plough back the money into their mother country, and manage personal savings. Today, digital remittances have become Sri Lankans' favorite choice when they have to send money from Australia to Sri Lanka. But what makes it so appealing? Here are five key reasons why most Sri Lankan residents in Australia prefer using digital remittance services over traditional means.
One of the most persuasive reasons to opt for digital remittance platforms is their ease. With the conventional methods of remittances, you typically had to physically visit either a bank or a money transfer agent for money transfers, which gave rise to a waste of time and energy. However, digital platforms have allowed sending money online with a few taps on your phone’s screen or a few clicks on your computer screen. These platforms can be reached 24/7; you need not think of working hours or waiting in long queues. A recent study revealed that about 75% of global remittances are processed through digital channels; it sure is one way of showing how much people value convenience today.
It is excellent in a situation where time really matters. Your money reaches Sri Lanka within a few minutes or hours, whereas with a traditional bank transfer, it may take several days. So digital remittance offers great facilities, especially in times of medical emergency or other urgent financial matters. According to the World Bank, the average time taken by the sending institutions from initiating digital money transfers up to the value being received by the recipient's bank is less than 24 hours, whereas traditional bank transfers take much time—about 3-5 business days. With the importance of time, online remittance platforms are taking the lead.
Making a money transfer to Sri Lanka from Australia with the most benefits is always a concern for expats, and digital platforms are always cost-effective compared to other sources. Traditional banks and money transfer agents always charge exorbitant fees for transferring international money. Sometimes, they even offer unfavorable exchange rates. Digital platforms can provide more competitive exchange rates at a much lower transaction fee. As reported by Remittance Prices Worldwide, digital remittances can save the user anywhere from 5 to 10% compared to traditional methods. This means more money goes directly into the bank account of your loved ones back home.
Do you know that you can enjoy an entirely Fee-Free transfer to Sri Lanka when you join ACE Money Transfer? Yes, you read that right! On your sign-up at ACE, which is a trusted money transfer app, you get a ZERO-Fee first transfer - a welcome bonus from the company.
Security is essential in the money transfer process, especially in international transactions. Digital remittance platforms use sophisticated encryption technology to protect your personal and financial information. In addition, most services now provide two-factor authentication so that only authorized users can make transactions. According to Statista, the digital remittance market is expected to touch $273.50 billion by 2025, primarily due to increased faith in these platforms' security and transparency. Most platforms also enable real-time tracking so you can monitor every step your money makes from Australia to Sri Lanka.
Digital remittance platforms hope to be simple enough that even technophobic users can operate them. For this reason, many user interfaces typically assist a user through each step in the transfer process. Other providers have some unique features, like the ability to transfer regularly or get alerted when there is a better exchange rate for a more extended period. As much as nearly $7 billion is remitted annually to Sri Lanka, it becomes clear that ease of use and language and cultural support are essential considerations in choosing an appropriate remittance service.
Digital remittances have revolutionized the provision of cross-border care for Sri Lankans in Australia. It gives a platform many advantages, such as convenience, speed, cost savings, security, and easy usage that other traditional methods cannot offer. If you send money to Sri Lanka online from Australia, you will enjoy the benefits of fast and secure service and get value for your money. With such a crucial position remittances inflows hold within Sri Lanka's economy, this ensures that when making digital payments, you are contributing to your country's economy, bang, literally.
So, how do you choose the best digital remittance provider? Consider digital remittance costs, speed, security, exchange rates, and convenience in the process. If you wish to benefit from all of these facilities, join ACE Money Transfer and enjoy competitive exchange rates for your remittances to Sri Lanka.
Yes, indeed, the integrity of electronic remittances is very high. Your personal and financial data are protected through encryption technology and two-factor authentication. Most of these platforms allow real-time tracking of your transfers; hence, transparency and peace of mind are guaranteed.
Digital remittance platforms are safe. They feature encryption technologies and two-factor authentication to safeguard your personal and financial information. Many of the platforms also allow users to track transfers in real-time for your view of what's going.
Yes, indeed, the integrity of digital remittance platforms is very high. Your personal and financial data are protected through encryption technology and two-factor authentication. Most platforms also allow real-time tracking of your transfers, ensuring transparency and peace of mind.
Digital remittance platforms are very safe. They feature encryption technologies and two-factor authentication that safeguard personal and financial information. Many platforms also allow users to track transfers in real-time for added security and transparency.
Yes, every digital service offering remittances charges less than banks and money transfer agents. This may help you save up to 5% to 10% when you make a money transfer from Australia to Sri Lanka.
