Currency information:
The Sri Lankan Rupee –LKR; symbol Rs—is an equivalent of 100 cents. The currency notes are in different denominations and as follows; Rs 5,000, 2,000, 1,000, 500,200,100,50,20 and 10, while the coins denominations come in Rs10,5,2 , 50,25, 5,2 and 1 cents. Also available are large amounts of commemorative coins.
Credit cards:
The widely accepted credit cards are both master and visa card, and the American Express is also accepted in most cases. However, a stern warning is issued out by the tourist board for travellers to exercise caution during payment using credit card—to avoid being defrauded.
ATM:
ATMs abound all round the major cities, but some will not accept international cards. As a matter of fact, it is advisable to have some cash on you during your travel, most especially in rural areas. ATM exchange rates are preferable and also better when compared to exchanging cash in the exchange bureau. Exchange rates with the banks are far worse than withdrawing Rupees from the ATMs.
Traveller’s cheques:
Be informed that traveller’s cheques are most times not an acceptable means of payment when shopping. One good thing about traveller’s cheques is that it exchange rate is much better than the exchange rate for cash, although handling fees exist and banks will probably give a more favourable rate than hotels. As a matter of convenience and advantage, travellers are advised to take traveller’s cheques in US or in pound Sterling.
Banking hours:
Opening hours for banks are from 0900 hrs to 1300 hours, Monday to Friday, while some city banks close at 15:00. Saturday banking–although in the morning—is available with most banks in the major cities. Some even go as far as introducing everyday banking facilities in some branches that open 365 days a year, which also includes both Saturdays and Sundays and Public Holidays.
Currency exchange:
Exchange bureaus are mostly located in Colombo, airports and in tourist areas. The major international currencies are accepted—US Dollars, GBP and the Euro—and no commission is payable with exchange rates being competitive when compared with that of the banks. Exchanging your currencies with unlicensed money changers on the street would put you at risk. You could get a better rate, but there is a tendency of a scam in the process.
In the hotels, there is also a possibility for an exchange. Though convenient, the rates are not favourable and in some cases; you may be required to pay additional fee.
Do ensure you exchange your money into the international currency of your choice before you take your leave because export of large amounts of Rupee is on restriction (maximum of Rs 5,000) and most of the banks do not exchange the Sri Lankan Rupee.
