Sri Lanka has become one of the most popular Southeast Asian destinations for travellers worldwide. Are you one of those??
You need to understand the local currency and how to manage your money, which is quite pivotal for a smooth and enjoyable visit. Don’t worry, in this blog we are going to disclose all the essential tips you need to keep in mind before planning your trip to this beautiful nation.
This guide will provide all the essential information about Sri Lanka currency, specially tailored for travellers from India and abroad.
Table of Contents
What is the Sri Lanka Currency?
- Currency Name: Sri Lankan Rupee
- Currency Code: LKR
- Denominations: Coins are available in denominations of 1, 2, 5, and 10 rupees. Banknotes are available in 10, 20, 50, 100, 200, 500, 1000, 2000, and 5000 rupees.
Exchange Rates (as on 20/05/2024):
- The exchange rate can fluctuate with date and time, so please check the current rate before you travel. Most importantly, As of the last update, 1 Indian Rupee (INR) is approximately 3.5 LKR, and 1 USD is around 300 LKR.
- You can carry US dollars if you go to Sri Lanka from India or anywhere globally. It is the best and the most convenient option. Many restaurants, hotels, large shops, and tour operators accept US Dollars.
- Always try to carry US Dollars of higher denomination such as 100 $ or 50 $ over 5 $ or 10 $. This will fetch you a good exchange value.
- It’s always an excellent option to convert your US Dollars into the locally used LKR for ease of usage. However, before converting USD to LKR, always visit an authorised money exchanger for currency exchange.
Where to Exchange Money:
- Airports: Currency exchange counters at the airport are convenient but may offer slightly lower rates.
- Banks: Major banks such as Bank of Ceylon, Commercial Bank, and People’s Bank provide currency exchange services with competitive rates.
- Authorized Money Changers: Licensed money changers can be found in major cities and tourist areas, often providing better rates than airports.
- Hotels/Local Shops: Some hotels and local shops offer currency exchange services, but rates are generally less favourable.
Tips for Exchanging Currency:
- Always compare rates at different places before exchanging large amounts of money.
- Keep receipts of your exchanges, as they might be required to re-convert your leftover LKR back to your home currency.
- Be cautious of unauthorized street money changers to avoid scams or counterfeit currency.
Using Credit and Debit Cards
If you insist on using cards, yes, you can. Do remember that only well-established restaurants, shops or hotels might have the facility of using VISA and Mastercard.
Credit Cards:
- Major credit cards like Visa, MasterCard, and American Express are widely accepted in hotels, restaurants, and larger stores. However, always carry some cash for small vendors and remote areas where card acceptance might be limited.
Debit Cards:
- Debit cards can be used at ATMs to withdraw cash. Ensure your card is activated for international use and check the withdrawal fees charged by your bank.
Practical Tips for Handling Money in Sri Lanka
Carry Small Denominations:
- Small shopkeepers, tuk-tuk drivers, and local markets may have difficulty providing change for large notes. Keep small denominations handy for convenience.
Bargaining:
- Negotiations are quite common in markets and with street vendors. Having smaller bills can make this process smoother.
Hope you have got an idea about the Sri Lanka Currency, we are just a click away for any help.
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by mitkau