hi everyone does anyone know what is the procedure to send back money from sri lanka to europe from rnnfc account to european account or any other way??is there some limit, tax, where to get correct information? I am planning to go back to europe after a very long stay in sri lanka(i am european ) thanks for your help
I looked at investing in Sri Lanka a few years back and it was very difficult. Could you be more specific on the HSBC criteria..is it as simple as just doing a global transfer between your Sri Lankan account and elsewhere? Is this a premier service only? I will call them in Singapore and see if they know but would like to find out if anyone has first hand experience.
Dear Sportscasual I am not an investor so don't know much about investing in Sri Lanka. I am an expat, working here and don't need to transfer millions. HSBC solution is that one can transfer money between HSBC accounts at different country up to a certain limit in a month with out much difficuloty that is what I know. Sorry I don't know much about the scale. Better you check with bank itself. Thanks
Well i spoke to HSBC and got some slightly confilcting responses...maybe i am reading the mail wrong but here is what they say:
"Yes, HSBC is present in Sri Lanka. We offer Advance and Premier services. There are different accounts with different foreign exchange rules and regulations. Crediting funds to a nonresident Sri Lankan account and repatriating funds to a foreign country depends on the account type held by the customer."
But on asking them the following question i got the attached response:
If I sold a property in Sri Lanka and received LKR, can I do the FX with HSBC and repatriate the money to my HK or UK account?
Answer: "LKR deposited into customer's non resident rupee account cannot be repatriated."
I am not a resident so you'd have to enquire further for residents.
thanks everyone for your replies sportscasual: i had also different answers from banks(according to who answers...)but also confirm it is impossible to transfer from rupees account, only way i found for present time (but again many different answers) it is from rnnfc account to account in foreign country but still i can't find if there is a limit and taxes, if someone knows? some says you can take back only the amount you have brought to sri lanka( not any profit), some says whatever amount... many thanks
Hi mangue I am presently investing in a beach resort project with a local and was told that there may be a 10% with hold tax to export money but we are applying for BOI approval that and if you already paid a tax on the money (aka salary) that could be different. I will find out the answers when I talk to a local accountant. If I find out more I will let you know Good luck Philip
thanks Philip for your reply and to let me know if you have more information, i still couldn't find anything clear how to bring back the money, look like we need approval from central bank and a certain amount is possible, did you get from sfida or rnnfc? good luck for your project
Hey Philip, how is your project going? I am already trying business for 2 years but very difficult at the east coast. Land problem about posession, title etc.... Will stay in SL first 2 weeks of february. Maybe can meet and exchange some expiriences. Raymond Belgium.
I have same problem. Did you find already a solution to send or take back money? I tried everything even HSBC but cannot transfer from my rupee debit HSBC account to my French account HSBC and I am premier. Maximum to transfer by foreign exchange is 20000 dollar annual. Just have to invest or live in Sri Lanka. Also for Sri Lankan it is a big problem as private person.
HSBC is not open to anyone with less than 20,000 US$ and its a lengthy process. Their conversion rates too found to be against the clients. As an example, they would buy your dollars at a lesser rate and charge you more than the average to issue dollars when you need FC.
I do not know your scenario but can assist you in one thing.
You can get the amount transferred through Sampath and they have a special product for it.
I've used it few times and found no issues with it.
If you need more details, PM me. By the way do you have any form of a business in Sri Lanka or outside. If that is the case, it would be much easier through Sampath than HSBC.
HSBC charge £20/transection to transfer money from the UK to other HSBC banks around the world or to another high street banks it will be £30/transection.
Their exchange rate is the lowest I have seen so it is worth to shop around to find better deal. Why do you want to make bankers rich from your hard earned money? To get Premier account they want your income paid into their bank ( over £60k) and pay peanuts interest on your balance.
All banks will welcome you to deposit your money but when you try to withdraw it you will find what's on small prints.