🏦 Banking & Money
A guide to protecting your capital, avoiding high fees, and navigating the local banking system in Kandy.
The Golden Rule
Never convert large amounts of USD/EUR/GBP to LKR all at once. The exchange rate is volatile. Convert only what you need for the month.
How to Open a Bank Account
As an expat or nomad on a long-term visa (Resident or Digital Nomad Visa), you should open a Personal Foreign Currency (PFC) Account. This allows you to hold USD/EUR and only convert to Rupees when the rate is favorable.
Passport & Visa: You need a valid residence visa. Tourist visas are generally not eligible for standard accounts.
Proof of Address: A utility bill or a registered lease agreement for your “Castle” in Kandy.
Initial Deposit: Usually $50 – $200 depending on the bank.
🏛️ Recommended Banks in Kandy
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Sampath Bank
Best online banking app and very expat-friendly. Branch in Kandy City Centre (KCC).
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HNB (Hatton National Bank)
Excellent for incoming international wire transfers. Reliable ATMs.
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HSBC Sri Lanka
Good if you are already a Premier customer globally, but local branches are limited.
Currency & Remittance
Moving Money In
Traditional wire transfers take 3-5 days. For faster, cheaper movement, we recommend:
Best Rates
Popular locally
$25-40 Fee
The Exchange Trap
Avoid exchanging money at the Colombo Airport or Kandy hotels. For the best “Urban” rates:
- 📍 Licensed Money Changers in Dalada Vidiya
- 📍 Jewelry shops in Kandy often offer better rates than banks
- 📍 Always ask for a receipt
🏧 ATMs & Cards in Kandy
Daily Limits
Most local ATMs limit withdrawals to 80,000 – 100,000 LKR per transaction. You may need multiple swipes for large rent payments.
Foreign Card Fees
Local banks charge 400 – 800 LKR per withdrawal on foreign cards. Use a card that refunds ATM fees (like Charles Schwab or some Revolut tiers).
Card Acceptance
Kandy City Centre and supermarkets accept Visa/Mastercard. Smaller cafes and guesthouses are Cash Only.
Money is safety.
Don’t let bank fees eat your lifestyle. Get our detailed spreadsheet of Kandy’s best exchange spots.