Exchanging foreign currency in local banks vs exchange places.

Asked 2 days agoViewed 242 times
A
Aaron H.315 rep1
asked 2 days ago

Are the bank rates significantly worse than private money changers in Colombo.

34
asked 2 days ago
A
Aaron H.315 rep1

3 Answers

Accepted Answer

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.

12
|
answered 2 days ago
S
Sithara M.17960 rep1

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.

46
|
answered 2 days ago
N
Nuwan D.15670 rep1

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.

17
|
answered 2 days ago
S
Sumudu K.17560 rep1

You must be logged in to post an answer.

Log In to Answer

🔥 Popular tags

Related

Fair TukTuk Prices

Help travelers avoid overcharging!

Be the first to report a price