Sending business payments from the US to Sri Lanka
A US company pays a Sri Lankan supplier or contractor by SWIFT wire in US dollars to its Business Foreign Currency Account (BFCA) at a licensed bank in Sri Lanka. Export proceeds must be received in Sri Lanka within 180 days of shipment or of providing the service, so pay the account in Sri Lanka, not an account abroad. This guide covers the details to collect, the Central Bank of Sri Lanka rules, timing, documents and fees.
- 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.
- CBSL 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.
- 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.
- Colombo is 9.5 hours ahead of New York in the US summer and 10.5 hours ahead in the US winter.
Details to collect from your recipient in Sri Lanka
The standard destination for dollars in Sri Lanka is a BFCA, which can be a savings, current or term deposit account. Ask the supplier for the BFCA details, not its rupee account, in writing. SWIFT is the network banks use for cross-border payment instructions, and each bank on it has an 8 or 11 character SWIFT code.
| Detail | What to ask for | Why it matters |
|---|---|---|
| Beneficiary name | The name exactly as on the BFCA: the registered company, or the individual for a freelancer | Name mismatches lead to queries or returns |
| Account number | The BFCA number, not the rupee account | A dollar wire to a rupee account is converted |
| Bank name, branch, address and SWIFT code | 8 or 11 characters | Routes the wire |
| Intermediary bank | The US correspondent the bank names, with its SWIFT code | Some US banks ask for it |
| Reference | Invoice number and, for goods, the shipment reference | The shipment or service date starts the 180-day period |
Sources: CBSL Directions No. 05 of 2021; field list compiled by the Helm Editorial Team. As published on 29 October 2026.
USD or rupees: what the Central Bank of Sri Lanka requires
The Central Bank of Sri Lanka (CBSL) sets foreign exchange rules under the Foreign Exchange Act, No. 12 of 2017, and its Department of Foreign Exchange issues the directions banks follow. Two rules decide what happens to your payment once it lands. The US dollar to rupee page covers the currency.
| Rule | What it says | What it means for your payment |
|---|---|---|
| Receive within 180 days | Export proceeds must be received in Sri Lanka within 180 days of shipment or provision of services (Rules No. 01 of 2024) | Pay the supplier's account in Sri Lanka on time |
| Goods: convert the residual | Residual proceeds converted into rupees by the 10th day of the following month (Rules No. 2 of 2026) | Goods exporters keep dollars only for permitted payments |
| Permitted payments | Include current export-related transactions, permitted loan service, dividends and expatriate salaries, and export-related travel | A goods supplier can use some dollars for imported inputs |
| BFCA funding | Rupees cannot be converted into foreign currency and credited to a BFCA (Directions No. 05 of 2021) | Converted dollars cannot simply be bought back |
| Virtual currency | The CBSL stated in July 2022 that it had not licensed any entity to operate virtual currency schemes or exchanges | Pay by bank transfer |
Sources: Gazette Extraordinary No. 2391/02 (1 July 2024) and No. 2492/10 (9 June 2026); CBSL Directions No. 05 of 2021; CBSL public notice of 12 July 2022. As published on 29 October 2026.
A platform or provider abroad can be a collection step, but the 180-day rule measures when the money reaches a bank in Sri Lanka. For the recipient's view, see how to receive USD in Sri Lanka.
Rails and arrival times to Sri Lanka
A dollar wire settles in the United States on Fedwire, whose business day runs from 9:00 p.m. ET the previous evening to 7:00 p.m. ET on weekdays, with a 6:45 p.m. ET cut-off for customer transfers. A wire sent on a New York afternoon reaches the correspondent after Sri Lankan banks close and is credited on the next Sri Lankan business day.
| Route | What the recipient receives | Timing, as published | Notes |
|---|---|---|---|
| SWIFT wire in USD to a BFCA | US dollars, net of any deductions | Swift reported in August 2023 that 89% of payments on its network reached the recipient's bank within an hour; crediting follows on a Sri Lankan business day | The standard destination for export proceeds |
| SWIFT wire in USD to a rupee account | Rupees, converted by the bank | Credited on a Sri Lankan business day | People's Bank charges Rs. 100 |
| Payment to a platform abroad | Dollars with the platform | Set by the platform, then a second transfer to Sri Lanka | The 180-day rule counts the second leg |
Sources: Federal Reserve Financial Services, Fedwire operating hours; Swift, 22 August 2023; People's Bank, Foreign Currency Tariff. As published on 29 October 2026.
Documents, screening and why payments to Sri Lanka are held
The supplier's bank needs to tie each receipt to an export, so the shipment or service date and the invoice number matter. For goods, the bank also tracks the monthly conversion deadline. Give the supplier a copy of your remittance confirmation once the wire leaves, so it can show its bank the payment is on the way if the 180-day date is close.
One more check sits on your side: OFAC states that all US persons, including US-incorporated companies and their foreign branches, must comply with its sanctions, so screen the recipient, its owners and its bank against OFAC's lists before the first payment (OFAC FAQ 11).
| Problem | What happens | How to prevent it |
|---|---|---|
| Dollars sent to a rupee account | Converted on arrival | Ask for the BFCA number |
| Payment to an account abroad | Does not meet the rule to receive proceeds in Sri Lanka | Pay the supplier's account in Sri Lanka |
| No invoice or shipment reference | The bank asks the supplier to identify the receipt | Quote both in the payment |
| Wire sent as SHA | Correspondent charges come out of the amount | Use OUR charges |
| Payment offered in stablecoins | No licensed virtual currency exchanges in Sri Lanka | Pay by bank transfer |
Sources: Rules No. 01 of 2024; People's Bank tariff; CBSL public notice of 12 July 2022. As published on 29 October 2026.
Costs: SHA, OUR and Helm's fees for payments to Sri Lanka
People's Bank lists inward SWIFT remittances credited to its foreign currency accounts as free and Rs. 100 for any amount credited to its rupee accounts, and states that taxes and correspondent bank charges may also be recovered. On SHA terms those correspondent charges reduce the amount the supplier receives. Send with OUR charges when the full invoice must arrive. For the supplier's account options, see USD business accounts in Sri Lanka.
From a Helm account you can send international payments by SWIFT and by local rails in the recipient's currency where available, confirmed by your account manager, with the rate, fee and expected arrival shown before you confirm. Helm is a financial technology company, not a bank; US dollar account services are provided by Bridge Building, Inc. (NMLS ID 2450917), a licensed money transmitter, with funds held at Lead Bank.
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. See how Helm pricing works.
Open a Helm account
USD, EUR and GBP accounts in your company's name, with a named account manager.
Open accountQuestions
How do I send a business payment from the US to Sri Lanka?
Send a SWIFT wire in US dollars to the supplier's Business Foreign Currency Account (BFCA) at its bank in Sri Lanka, with the bank's SWIFT code, any US correspondent it names and the invoice number.
How long does a Sri Lankan supplier have to receive payment?
180 days. Repatriation of Export Proceeds into Sri Lanka Rules No. 01 of 2024 require export proceeds to be received in Sri Lanka within 180 days from the date of shipment or provision of services.
Do Sri Lankan exporters have to convert my dollars?
Exporters of goods must convert residual export proceeds into rupees by the 10th day of the following month under Rules No. 2 of 2026, after permitted payments. Ask the supplier which account it wants paid.
Can I pay a Sri Lankan freelancer in dollars?
Yes. CBSL Directions No. 05 of 2021 let resident individuals who earn foreign exchange from non-residents open a BFCA, so a freelancer can receive dollars into an account in Sri Lanka.
How long does a wire to Sri Lanka take?
The dollars settle in the US on Fedwire and are credited on a Sri Lankan business day. Colombo is 9.5 or 10.5 hours ahead of New York, so a wire sent on a New York afternoon is credited the next business day.
What does Helm charge to send money to Sri Lanka?
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.
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
- 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)
- Federal Reserve Financial Services: Fedwire Funds Service operating hours
- Swift: Cross-border payments on Swift exceed the G20's processing speed target (22 August 2023)
- Office of Foreign Assets Control: FAQ 11, Who must comply with OFAC sanctions?
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.