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The central bank is to introduce  LankaRemit National Remittance Mobile Application among migrant workers, in order to get foreign exchange into the banking system

The central bank said that LankaRemit provides Sri Lankan expatriates with access to a fast, secure, and more convenient remittance channel to send money to Sri Lanka and it is to bring down money transfer costs.

The LankaRemit mobile application is available to download in the Google Play Store, the Apple App Store, and the Huawei AppGallery for any person remitting money to Sri Lanka from any country.

The user can track each remittance made to beneficiaries in Sri Lanka via the App using a tracking number.

Currently, most immigrant workers use Mundial money transferring as it gives them a better rate.

The Indian and Hawala system buys and sells foreign currency, in a private deal.
 Although it is a punishable offense to use Mundial money transferring it still remains popular among migrant workers as they are looking forward to a better rate even at the risk of being cheated.

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