People's Bank international wire transfer: Fees, limits, and rates

People's Bank is one of the biggest banks in Sri Lanka with 15.2 million active customers.¹

One of the services People's Bank provides is international wire transfers, which can be useful if you need to send money to someone at People's Bank or if you're a customer looking to send money to another country.

💡 Need to send money to Sri Lanka? Use Wise to send your funds at the mid-market exchange rate with no hidden fees, even for high amount transfers.

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Table of contents

Can I make an international wire transfer with People’s Bank? People’s Bank international wire transfer fee People’s Bank exchange rates Make fast, secure and low cost international transfers with Wise How do you make a People’s Bank international wire transfer? What information do I need to make an international wire transfer? How long does an international wire transfer with Peoples Bank take? What is the wire transfer limit for Peoples Bank? Peoples Bank contact information People’s Bank international wire transfer FAQs

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Can I make an international wire transfer with People’s Bank?

Yes, you can make an international wire transfer to and from People's Bank.

Many people use SWIFT transfers to send money internationally. But other options like Western Union and Ria are also available with People's Bank.²

If you want to send money from People's Bank, you need to have an existing account with them. The processes, limits and fees will vary depending on the purpose of your transfer.

Alternatively, pretty much anyone can send international wire transfers to People's Bank customers. To send a transfer to People's Bank, you'll need:

• the people's Bank SWIFT code
• the account details of the person or business you're sending money to

People’s Bank international wire transfer fee

The People's Bank wire transfer fee depends on whether you're sending or receiving money and the purpose of the transfer.

Typically, you can expect to pay between 1,000-1,500 LKR (approximately 12-17 USD) for SWIFT transfers.³

But you may also have to pay correspondent bank fees and currency exchange markups, which are harder to predict. Learn more about international wire transfer fees here.

People’s Bank exchange rates

Banks often apply a markup to the exchange rate when converting between USD and the Sri Lanka Rupee (LKR).

Here's how it works. Let's say the mid-market rate is 1 USD = 310 LKR. If you're sending 1,000 USD to Sri Lanka, at this rate, the recipient should get 310,000 LKR.

But with a 2.7% markup, your 1,000 USD would only convert to 301,700 LKR. The bank that does the currency conversion would pocket the 8,300 LKR (about 27 USD) difference.

The currency exchange rates and markups in this example are hypothetical, but it's important to understand that with most banks, you lose money when you convert from one currency to another.

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How do you make a People’s Bank international wire transfer?

If you need to send an international wire transfer to People's Bank, follow these steps:²

1. Visit your remitting bank or exchange company
2. Provide the SWIFT code of People's Bank
3. Instruct the remitting bank or exchange company to send the money to People's Bank
4. Fill in the beneficiary details (more on this later)

For People's Bank customers sending money abroad, the steps and requirements depend on the purpose of your transfer.

For example, if you're sending money for educational purposes, keep these things in mind:²

• You'll need to submit the required document to open a "Student File" and obtain a "File Number"
• You'll be able to transfer funds throughout the course duration
• Transferable funds are limited to the expenses mentioned in the offer letter
• You'll need to submit updated expense letters from the university to the bank
• All course-related payments and living expenses should be remitted from the same bank/branch throughout the course duration

As you can see, it's essential to research the specific requirements for your transfer.

What information do I need to make an international wire transfer?

When sending money to People's Bank, you'll need:²

• the full name of the beneficiary or name with initials
• the complete account number
• the bank and branch name (remittances to accounts with other banks can also be sent)
• the ID number and contact number of the beneficiary (if any)

When sending money from People's Bank, the required information depends on the purpose of your transfer. At a minimum, you'll need:

• the SWIFT code of the receiving bank
• the beneficiary's account information
• the purpose of the transfer
• any supporting documents required for the specific transfer type

Consider getting in touch with People's Bank customer service to learn more about the specific requirements that apply to your transfer.

How long does an international wire transfer with Peoples Bank take?

People's Bank doesn't specify their wire transfer time. But typically, international wire transfers take 1-5 business days.

Keep in mind that a few factors that can cause delays:

• Time zone differences
• Bank holidays
• Compliance checks
• Incorrect or incomplete information
• Intermediary bank processing times

You can track your international wire transfer to get a better idea of when it will arrive.

What is the wire transfer limit for Peoples Bank?

For incoming transfers to People's Bank, there's no specified limit.

That said, your sending bank may have its own limits. Plus, your recipient might need to explain why they're receiving the funds from you.

If you're a People's Bank customer sending money abroad, limits depend on the transfer purpose.² It's a good idea to get in touch with People's Bank to learn more about the conditions that apply to your specific transfer.

Peoples Bank contact information

For more information, you can contact People's Bank through one of their head office numbers.⁴

Department	Contact information
Customer inquiries	1961 (Call Center)
Overseas hotline	+94 112 031 001
Head office	+94 11 2481481

Alternatively, send a message to info@peoplesbank.lk.⁴

People’s Bank international wire transfer FAQs

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What is the SWIFT code for People’s Bank?

The SWIFT code for People's Bank is PSBKLKLX. You'll need this code when sending money to People's Bank from another country because it helps identify it.

Does People’s Bank do international wire transfers?

Yes, you can do an international wire transfer with People's Bank. You can send a SWIFT transfer to or from People's Bank, as long as you meet their requirements. For sending money to People's Bank, you can also use services like Western Union or Ria.²

What is the transfer limit on the People’s Bank app?

If you're sending money to People's Bank, there's no specified limit, but your sending bank or service provider might have its own restrictions. For People's Bank customers sending money abroad, limits depend on the transfer purpose.

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Sending money abroad isn't always a straightforward process.

People's Bank offers international wire transfers, but there's another easy option to send money to Sri Lanka: Wise. It's fast, low-cost and secure with no exchange rate markups.

Get started with Wise

Sources

1. People’s Bank - About us
2. People’s Bank - Foreign remittance
3. People’s Bank - Foreign currency
4. People’s Bank - Contact us

Sources checked 10.16.2024