Exchanging foreign currency in local banks vs exchange places.
3 Answers from travellers
Yes, the exchange rates offered by local commercial banks are usually significantly worse than the rates provided by private, authorized money changers located in Colombo Fort or Sea Street.
Always check the daily exchange rate online before you go, and confidently use an authorized currency exchange place displaying a Central Bank license for the absolute best value for your foreign cash.
Banks constantly factor in higher administrative margins. Additionally, exchanging money at a local bank requires you to stand in long queues and fill out tedious paperwork, whereas a private money changer completes the transaction instantly.
Scam Watch: colombo
Driver claims the meter is broken and quotes an inflated flat rate. Common on arrival at airport or railway stations when tourists are tired and disoriented.
Drivers wearing official-looking uniforms claim to be "government-approved" and charge 3-5x normal rates. They may have fake badges or ID cards.
Women with babies approach asking you to buy milk powder at a nearby shop (not cash). The shop is run by accomplices and charges 5-10x normal price.
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