Sri Lanka (LK)

Monthly fee: LKR 0–500/month depending on account type

Requirements: Passport, valid visa, proof of address in Sri Lanka (utility bill or landlord letter), TIN (Taxpayer ID), and initial deposit (LKR 5,000–25,000).

• + Most widely used bank by expats and foreign companies
• + Excellent online banking (ComBank Digital) and mobile app
• + Multi-currency accounts (USD, EUR, GBP, AUD) available — essential for salary or foreign income
• + Good international SWIFT transfer capabilities
• + Extensive ATM network (800+ ATMs nationwide)
• + Visa and Mastercard debit/credit cards issued to foreign nationals

• - Some branches slow with paperwork — choose Colombo 3 (Union Place) or WorldLine branches for expat-friendly service; branch quality varies significantly
• - Bureaucratic documentation requirements can feel excessive initially — TIN, landlord letter, and visa documentation all required; allow 1–2 weeks for full account activation
• - International SWIFT fees: LKR 1,500–4,000 per outbound transfer — Wise is significantly cheaper for regular overseas remittances
• - Currency conversion restrictions may apply — CBSL regulations govern foreign currency account usage; consult bank for current rules on inbound and outbound transfers

Monthly fee: LKR 0–300/month

Requirements: Passport, valid visa, proof of address, TIN, initial deposit LKR 2,500+.

• + Strong mobile banking app (Sampath Vishwa) — highly rated among Sri Lankan banking apps
• + Good online banking platform
• + Competitive exchange rates for foreign remittances
• + Efficient account opening process
• + International debit/credit cards available
• + Good corporate banking for BOI (Board of Investment) companies

• - Fewer branches than Commercial Bank — smaller national footprint; less convenient for expats outside Colombo and major cities
• - Some rural branches have limited English-speaking staff — English reliability outside Colombo is variable; Colombo branches are consistently English-capable
• - International SWIFT fees: LKR 1,500–4,000 per outbound transfer — Wise is significantly cheaper for regular overseas remittances
• - Smaller ATM network than Commercial Bank — fewer ATM locations nationwide; less reliable cash access outside major urban centres

Monthly fee: LKR 0–500/month

Requirements: Passport, visa, proof of address, TIN, initial deposit LKR 5,000.

• + Strong presence in plantation and hill country areas — useful for expats based in Kandy, Nuwara Eliya, or the central highlands
• + Good personal banking products including savings and fixed deposits
• + HNB SOLO mobile app for digital banking
• + Strong foreign remittance services — dedicated NRI remittance products

• - Less extensive urban branch coverage than Commercial Bank — fewer Colombo city-centre locations; less convenient for expats based in the capital
• - Corporate banking fees can be higher than Commercial Bank or Sampath for equivalent services
• - International SWIFT fees: LKR 1,500–4,000 per outbound transfer — Wise is significantly cheaper for regular overseas remittances
• - Digital banking app (HNB SOLO) less feature-rich than Commercial Bank's ComBank Digital or Sampath Vishwa — fewer self-service options available

Monthly fee: LKR 0–300/month

Requirements: Passport, visa, proof of address, TIN, initial deposit LKR 5,000.

• + Smaller bank with more personalised service — better individual attention than larger banks
• + Competitive interest rates on savings and fixed deposits
• + Good for foreign-currency accounts
• + DFCC iConnect online banking platform

• - Smaller ATM network — fewer ATMs nationwide; rely on shared ATM network for cash access; surcharges may apply at non-DFCC ATMs
• - Fewer branches nationwide — limited presence outside Colombo; impractical as primary bank for expats based outside the capital
• - Less established for complex international wire transfers than Commercial Bank or HNB — SWIFT capabilities adequate but less comprehensive
• - International SWIFT fees: LKR 1,500–4,000 per outbound transfer — Wise is cheaper for regular overseas remittances

Monthly fee: LKR 0–200/month for standard accounts

Requirements: Passport, valid visa, proof of Sri Lankan address, TIN, initial deposit LKR 1,000–5,000. In-person branch visit required. People's Bank is a state-owned commercial bank — the second-largest bank in Sri Lanka by branch network (750+ branches nationwide), after Bank of Ceylon.

• + Largest branch network in Sri Lanka after Bank of Ceylon — essential for expats based outside Colombo in provincial cities, towns, or rural areas
• + Government-guaranteed bank — high stability for deposit holders; state ownership provides implicit deposit security
• + Widely used by NGOs, UN agencies, and government-sector employers for staff payroll in provincial areas
• + USD and other foreign currency savings accounts available alongside LKR
• + Remittance services — People's Bank has dedicated NRI (Non-Resident) banking for incoming foreign remittances
• + Good for expats working in education, healthcare, or government-linked sectors outside Colombo

• - Digital banking app (People's Wave) less polished than Commercial Bank or Sampath equivalents — fewer features and less reliable digital banking experience
• - Branch service quality variable — main branches in Colombo are efficient; some provincial branches slower with longer processing times and less consistent English capability
• - Credit card options more limited than private banks — fewer credit card products and lower initial credit limits compared to Commercial Bank or Sampath
• - International SWIFT fees: LKR 1,500–4,000 per outbound transfer — Wise is significantly cheaper for regular overseas remittances