How to receive USD in Sri Lanka
To receive US dollars in Sri Lanka, give the payer the SWIFT details of a Business Foreign Currency Account (BFCA) at a licensed bank in Sri Lanka, which companies and resident individuals who earn foreign exchange can open. Export proceeds for goods and services must be received in Sri Lanka within 180 days, and exporters of goods must convert what remains after permitted payments into rupees by the 10th day of the following month. This guide covers the rules, what to give the payer, arrival times, published fees, platforms and tax.
- A Sri Lankan company or a resident individual who earns foreign exchange from non-residents can receive US dollars into a Business Foreign Currency Account (BFCA) at a licensed bank.
- Repatriation of Export Proceeds into Sri Lanka Rules No. 01 of 2024 require exporters to receive export proceeds in Sri Lanka within 180 days from the date of shipment or provision of services.
- Rules No. 2 of 2026, gazetted on 9 June 2026, require exporters of goods to convert residual export proceeds into rupees by the 10th day of the following month.
- Exporters of services, including freelancers, have not had to convert service export proceeds received on or after 12 August 2022 into rupees.
- The Inland Revenue (Amendment) Act, No. 2 of 2025 taxes qualifying foreign currency service income remitted through a bank to Sri Lanka at a maximum of 15% for individuals and 15% for companies from 1 April 2025.
- People's Bank lists inward SWIFT remittances credited to its own foreign currency accounts as free and charges Rs. 100 when they are credited to its rupee accounts.
How to receive USD in Sri Lanka: the short answer
Sri Lankan apparel, tea, rubber and coconut product exporters are paid in US dollars. So are IT and business process outsourcing firms, software studios, design agencies and a large community of freelancers who bill clients in the United States, Europe and Australia. Each needs to know which details to give a client abroad and what happens to the dollars once they arrive.
The standard answer is a Business Foreign Currency Account (BFCA) at a licensed bank in Sri Lanka, which payers fund by SWIFT, the network banks use to send cross-border payments. Resident individuals who earn foreign exchange, including freelancers, can open one too. Payment platforms and US account details from providers are used as a first collection point, but the money must still reach Sri Lanka.
Two Central Bank of Sri Lanka (CBSL) rules decide what happens next. Export proceeds, for goods and for services, must be received in Sri Lanka within 180 days. Exporters of goods must also convert what is left after permitted payments into rupees by the 10th day of the following month; exporters of services need not convert. This guide covers the rules, what to give the payer, arrival times, published fees, platforms, tax and where a Helm account fits. For the account side, see our guide to a USD business account in Sri Lanka.
CBSL rules on receiving and converting export proceeds
The CBSL sets foreign exchange rules under the Foreign Exchange Act, No. 12 of 2017, and its Department of Foreign Exchange (DFE) issues the directions banks follow.
Receive within 180 days
Repatriation of Export Proceeds into Sri Lanka Rules No. 01 of 2024, published in Gazette Extraordinary No. 2391/02 on 1 July 2024, require exporters to receive export proceeds in Sri Lanka within 180 days from the date of shipment or provision of services. Export proceeds include proceeds of export bills purchased by a bank and payments received through local agents or intermediaries.
Goods: convert the residual by the 10th of the following month
Rules No. 2 of 2026, gazetted on 9 June 2026 in Gazette Extraordinary No. 2492/10, require every exporter of goods who receives export proceeds in Sri Lanka to convert the residual into rupees on or before the 10th day of the following month. The residual is what remains after permitted payments: current export-related transactions, including one-month commitments; debt service on permitted foreign currency loans; dividends to non-resident investors and salaries of expatriate staff; export-related travel; investment in foreign currency Government of Sri Lanka debt securities up to 10% of proceeds; and payments to indirect exporters with permitted foreign currency commitments.
| Who is paid | Receive in Sri Lanka | Convert to rupees | Source |
|---|---|---|---|
| Exporter of goods | Within 180 days of shipment | Residual by the 10th day of the following month | Rules No. 01 of 2024; Rules No. 2 of 2026 |
| Exporter of services, including IT and BPO firms | Within 180 days of providing the service | Not required for proceeds received on or after 12 August 2022 | Rules No. 01 of 2024; CBSL notice of 12 August 2022 |
| Freelancer selling services abroad | Within 180 days of providing the service | Not required | As for services |
Sources: Gazette Extraordinary No. 2391/02 (1 July 2024) and No. 2492/10 (9 June 2026); Sunday Times report of the CBSL notice of 12 August 2022. As published on 29 October 2026.
A goods exporter that needs dollars for imported materials should plan those payments within the permitted categories before the 10th-day deadline. Directions No. 05 of 2021 state that rupees cannot be converted into foreign currency and credited to a BFCA, so dollars converted cannot simply be bought back into the account.
The ways to receive US dollars in Sri Lanka
The table compares the routes. It is not a ranking.
| Route | How the payer pays | What arrives | Suits |
|---|---|---|---|
| BFCA at a Sri Lankan bank | SWIFT wire through a correspondent bank | US dollars, net of bank charges | Exporters, service firms and freelancers; the standard destination for export proceeds |
| Rupee account at a Sri Lankan bank | SWIFT wire | Rupees, converted by the bank | Payments that will be spent in rupees at once |
| Platform balance or US account details from a provider | ACH or through the platform | US dollars with the provider, then a transfer to Sri Lanka | Freelancers and small service firms, as a collection step |
| Trading affiliate outside Sri Lanka | ACH, Fedwire or SWIFT to the affiliate | US dollars in the affiliate's name | Groups that sell through companies in Singapore, Dubai or elsewhere |
Source: Helm Editorial Team, from CBSL Directions No. 05 of 2021, the Repatriation of Export Proceeds into Sri Lanka Rules and providers' published pages, as published on 29 October 2026.
Fedwire is the Federal Reserve's real-time system for US dollar payments, and ACH is the low-cost US domestic bank transfer system. A correspondent bank is a bank that holds an account for another bank and settles payments in its currency, usually in New York for US dollars.
Whatever the route, the 180-day rule applies to the Sri Lankan exporter. A platform or provider abroad is a collection step, and the money must reach a bank in Sri Lanka in time. A BFCA may be opened as a savings, current or term deposit account, and People's Bank's key facts document states that no initial deposit is required for BFCA savings or current accounts.
What to give the payer
Send each buyer or client one set of details, in writing, and ask its accounts team to save them as a vendor record.
| Field | For a wire to a Sri Lankan bank (SWIFT) | For US account details from a provider (ACH) |
|---|---|---|
| Beneficiary name | Name exactly as on the BFCA (registered company name, or your own name as an individual) | Name exactly as on the account |
| Account number | The BFCA number, not the rupee account | US account number |
| Bank identifier | Bank's full name, branch, address and SWIFT code | Nine-digit routing number |
| Intermediary bank | The US correspondent your bank names, with its SWIFT code | Not needed |
| Reference | Invoice number and, for goods, the shipment reference | Invoice number |
| Charges | OUR, so the full invoice amount arrives | Not applicable to ACH |
Field list reflects standard SWIFT and US payment practice; confirm your bank's exact inbound instructions. As published on 29 October 2026.
Use our SWIFT code lookup to check your bank's code, and see how to receive USD from overseas buyers for a full invoice layout. Keep each invoice tied to its shipment or service date, because that date starts the 180-day period.
OUR, SHA and BEN are SWIFT charge codes. OUR means the sender pays all fees and the full amount arrives. SHA means fees are shared, so intermediary banks can deduct theirs from the amount in transit. BEN means the receiver pays all fees. People's Bank's tariff notes that correspondent bank charges deducted by them may also be recovered, so agree OUR in the contract or price in the expected deductions.
How long a USD payment takes to arrive
Arrival time depends mainly on the rail the payer uses.
| Rail | Published timing | What affects it |
|---|---|---|
| ACH to US account details | About 80% of ACH volume settles in one banking day or less; Same Day ACH accepts payments up to $1 million each | Client's bank cut-off, then the provider's transfer to Sri Lanka |
| Fedwire to US account details | Real-time gross settlement; the business day runs from 9:00 p.m. ET the previous day to 7:00 p.m. ET, Monday to Friday | US holidays and the client's bank hours |
| SWIFT wire to a Sri Lankan bank | Depends on the correspondent chain and the receiving bank's processing | Correspondent checks, incomplete details, US and Sri Lankan holidays |
| Platform payment | Set by the platform | Platform's own payout schedule |
Sources: Nacha, "Significant majority of ACH payments settle in one business day or less" (28 August 2023); Federal Reserve, About the Fedwire Funds Service. As published on 29 October 2026.
Real-time gross settlement means each payment settles individually as it is processed. Colombo is 9 hours 30 minutes ahead of New York in the US summer and 10 hours 30 minutes ahead in the US winter, so a wire sent in a New York afternoon reaches the correspondent after Sri Lankan banks close. With a platform, count both legs: the client's payment to the platform, and the platform's transfer to your bank in Sri Lanka, which is what the 180-day rule measures.
What it costs: published fees
A dollar receipt can carry the payer's bank fee, correspondent deductions and your own bank's or provider's charge. The table shows charges that providers publish. Other banks set their own fees.
| Provider and item | Published charge |
|---|---|
| People's Bank: inward SWIFT remittance credited to a People's Bank foreign currency account | Free |
| People's Bank: inward remittance credited to a People's Bank rupee account | Rs. 100 for any amount |
| People's Bank: BFCA savings or current account opening | No initial deposit required |
| Payoneer: receiving into a non-local-currency receiving account | 1%, minimum $1 |
| Payoneer: withdrawal to a bank in the recipient's local currency | 1.2% to 4% |
| Payoneer: annual account fee | $29.95, only if the account receives less than $6,000 in 12 consecutive months |
| Elevate Pay: receiving by ACH | Free |
| Elevate Pay: transfer in rupees to a Sri Lankan bank | Flat $1.50, up to $5,000 per transfer |
| Elevate Pay: transfer in USD to a Sri Lankan foreign currency account | 1%, minimum $5 |
Sources: People's Bank, Foreign Currency Tariff and BFCA key facts document; Payoneer, Fees (last updated 1 January 2026); Elevate Pay, how Sri Lankan freelancers get paid (22 September 2026). As published on 29 October 2026. People's Bank states that taxes and correspondent bank charges may also be recovered.
Two costs sit outside every tariff. The first is the exchange rate when dollars become rupees: a rate 1% below the market rate costs $100 on every $10,000 converted, and goods exporters must convert their residual each month. The second is correspondent deductions on SHA wires. A freelancer comparing a platform with a direct wire should add the platform's receiving fee, its transfer fee and its exchange rate, then compare with the bank's charge on the same invoice.
Wise, Payoneer and other platforms in Sri Lanka
The table records what each provider's own pages state about Sri Lanka, as published on 29 October 2026. It is not a ranking, and lists change.
| Provider | What its own pages state | Point to check |
|---|---|---|
| Wise | Sri Lanka is not on Wise's list of countries where customers can hold money | Not available for holding balances |
| Airwallex | Sri Lanka is not on its list of eligible countries of business registration | Not available |
| Aspire | Sri Lanka is listed as a supported country of incorporation | Whether USD details are issued to Sri Lankan companies |
| Payoneer | Serves 190+ countries and territories; fees published globally | Withdrawal fee to Sri Lankan banks shown in the account |
| Elevate Pay | USD accounts for Sri Lankan freelancers, with transfers in rupees or in USD to a Sri Lankan foreign currency account | Written for freelancers |
Sources: Wise, "Where do I need to live to hold money with Wise"; Airwallex eligible countries; Aspire, "What countries does Aspire support"; Payoneer, Fees; Elevate Pay, how Sri Lankan freelancers get paid. As published on 29 October 2026.
A provider's acceptance does not change the export proceeds rules. Check whether the provider can send dollars to your BFCA, or only rupees to a rupee account, because a goods exporter's conversion and a service exporter's choice to hold dollars both depend on it.
Stablecoins
Some clients offer to pay in USDC or USDT, digital tokens designed to hold a steady value of one US dollar. The CBSL stated on 12 July 2022 that it has not licensed or authorized any entity to operate virtual currency schemes or exchanges in Sri Lanka, and Directions No. 03 of 2021 bar the use of debit and credit cards to pay for virtual currency transactions. The Daily FT reported on 29 July 2026 that the Cabinet had approved steps to regulate virtual asset service providers. Stablecoins are not a route that meets the rule to receive export proceeds in Sri Lanka, so take advice before accepting them.
Freelancers and service firms: accounts and tax
Directions No. 05 of 2021 let resident individuals who earn foreign exchange from non-residents open a BFCA, so a freelancer does not need a company to hold dollars. Individuals can also hold a Personal Foreign Currency Account (PFCA). Because the conversion requirement for services was withdrawn in August 2022, a freelancer or IT firm may keep service income in dollars and use it for permitted payments. The 180-day rule still applies.
Tax changed in 2025. The Inland Revenue (Amendment) Act, No. 2 of 2025, certified on 20 March 2025, taxes gains and profits from services rendered to any person and used outside Sri Lanka, where payment is received in foreign currency and remitted through a bank to Sri Lanka, at a maximum rate of 15% for individuals and at 15% for companies, from 1 April 2025.
| Point | What the Act says |
|---|---|
| Effective date | 1 April 2025 |
| Individuals | Maximum rate of 15% on qualifying service income |
| Companies | 15% on qualifying service income |
| Conditions | Services used outside Sri Lanka, paid in foreign currency, remitted through a bank to Sri Lanka |
Sources: Inland Revenue (Amendment) Act, No. 2 of 2025 (Government of Sri Lanka); KPMG Sri Lanka tax alert (February 2025). As published on 29 October 2026. Take advice from a tax adviser on your own position.
The condition that payment is remitted through a bank to Sri Lanka is one more reason to route platform balances to a Sri Lankan bank account and keep the records. Keep each contract and invoice, and the bank advice for every inward payment.
Where a Helm account fits, and where it does not
Helm works with companies registered in Sri Lanka. Helm is a financial technology company, not a bank, and accounts are held with regulated partner institutions. A Helm account gives a company USD account details in its own name: a routing and account number that receives ACH, Fedwire and SWIFT, alongside EUR and GBP details in the company's own name.
A Helm account cannot hold a Sri Lankan company's export proceeds. Rules No. 01 of 2024 require export proceeds to be received in Sri Lanka within 180 days, and goods exporters must convert the residual into rupees by the 10th day of the following month. A Helm account sits outside Sri Lanka, so it does not replace the BFCA. A Sri Lankan company should also confirm with its bank or the DFE that an account abroad is permitted for its purpose before opening one. The account fits these flows:
- A trading affiliate outside Sri Lanka that sells to US buyers, collects in USD and pays its Sri Lankan supplier, which receives its own export proceeds in Sri Lanka.
- Foreign buyers of Sri Lankan goods and services that pay their Sri Lankan suppliers in USD from their own account, by SWIFT or by local rails in the supplier's currency where available, with the rate, fee and expected arrival shown before sending.
A named account manager answers review questions in writing within one business day, and trade finance is arranged case by case. Helm agrees pricing with each business in writing before the account opens, and shows the rate, the fee and the expected arrival before you confirm each payment.
Checklist for receiving USD in Sri Lanka
- Open a BFCA so dollars are not converted on arrival.
- Give clients the exact account name, BFCA number, SWIFT code and correspondent bank.
- Record the shipment or service date and receive the money in Sri Lanka within 180 days.
- For goods, convert the residual by the 10th day of the following month.
- Agree OUR charges for wires, or price in the expected deductions.
- Route platform balances to a Sri Lankan bank and keep the bank advices for tax.
Open a Helm account
USD, EUR and GBP accounts in your company's name, with a named account manager.
Open accountQuestions
How can a business in Sri Lanka receive US dollars?
A Sri Lankan business receives US dollars into a Business Foreign Currency Account (BFCA) at a licensed bank in Sri Lanka, which payers fund by SWIFT wire. Platforms and providers abroad can collect first, but export proceeds must be received in Sri Lanka within 180 days.
How long do Sri Lankan exporters have to bring USD home?
180 days. Repatriation of Export Proceeds into Sri Lanka Rules No. 01 of 2024 require exporters to receive export proceeds in Sri Lanka within 180 days from the date of shipment or provision of services.
Do Sri Lankan exporters have to convert dollars into rupees?
Exporters of goods must convert the residual export proceeds into rupees by the 10th day of the following month, under Rules No. 2 of 2026 gazetted on 9 June 2026. Exporters of services do not have to convert proceeds received on or after 12 August 2022.
Can a freelancer in Sri Lanka open a USD account?
Yes. CBSL Directions No. 05 of 2021 let resident individuals who earn foreign exchange from non-residents open a BFCA. Freelance service income must be received in Sri Lanka within 180 days, but it does not have to be converted into rupees.
How are Sri Lankan freelancers taxed on USD income?
The Inland Revenue (Amendment) Act, No. 2 of 2025 taxes income from services used outside Sri Lanka, paid in foreign currency and remitted through a bank to Sri Lanka, at a maximum of 15% for individuals and at 15% for companies, from 1 April 2025. Take advice on your own position.
How much does People's Bank charge to receive a USD transfer?
People's Bank's foreign currency tariff lists inward SWIFT remittances credited to a People's Bank foreign currency account as free, and Rs. 100 for any amount credited to a People's Bank rupee account. It states that taxes and correspondent bank charges may also be recovered.
Can I use Wise to receive USD in Sri Lanka?
Wise does not list Sri Lanka among the countries where customers can hold money, and Airwallex does not list Sri Lanka as an eligible country of business registration. Payoneer publishes global fees, and Elevate Pay publishes fees for Sri Lankan freelancers on its own pages.
Can a Sri Lankan company keep export proceeds in an account abroad?
No. Export proceeds must be received in Sri Lanka within 180 days under Rules No. 01 of 2024. An account abroad can serve a group affiliate or a collection step, and the company should confirm with its bank or the DFE that the account is permitted.
Is it legal to receive USDT in Sri Lanka?
Sri Lanka has no licensing regime for virtual currencies yet. The CBSL stated in July 2022 that it has not licensed any entity to operate virtual currency schemes or exchanges, and stablecoins do not meet the rule that export proceeds are received in Sri Lanka.
References
- Government of Sri Lanka: Gazette Extraordinary No. 2391/02, Repatriation of Export Proceeds into Sri Lanka Rules No. 01 of 2024
- CBSL Department of Foreign Exchange: Gazette No. 2492/10, Repatriation of Export Proceeds into Sri Lanka Rules No. 2 of 2026
- CBSL Department of Foreign Exchange: Directions No. 05 of 2021, Business Foreign Currency Accounts
- Government of Sri Lanka: Inland Revenue (Amendment) Act, No. 2 of 2025
- People's Bank: Foreign Currency Tariff
- Central Bank of Sri Lanka: Public awareness in relation to the use of virtual currencies in Sri Lanka (12 July 2022)
- Payoneer: Fees
- Nacha: Significant majority of ACH payments settle in one business day or less (28 August 2023)
This guide is general information for businesses, not financial, legal or tax advice. Rules, fees and timings were checked against the sources listed on the review date and may change.