Prasanna Money Exchange Review

Exchange rates, how to transfer, payment methods, fees, and much more!

If you're looking for a platform to convert your money from Canadian dollar to Sri Lankan rupee, Prasanna Money Exchange is one of the go-to money exchange services to try.

It's not unknown– and unfelt– to many Sri Lankan citizens how their currency has been failing due to major changes made by the country's central bank. And for Sri Lankan overseas workers, it is alarming that many budget-friendly currency exchange platforms have been closed down to lower the dollar to the LKR exchange rate.

Prasanna Money Exchange, which has been well-known among Sri Lankans for decades because of its high exchange rate, is one of the currency exchange platforms suspended by the central bank recently.

Nevertheless, as the problem seems to be only temporary, and Prasanna will be back in service in no time, here are some heads up about Prasanna Money Exchange.

How to Send Money from Canada to Sri Lanka using Prasanna Money Exchange

Prasanna Money Exchange serves in Scarborough, Toronto. Unlike many platforms, using Prasanna requires in-person transactions.

Upon entering, you may need to fall in line, but they usually have chairs indoors. Sending money in Prasanna is very quick if you have all the necessary information and documents. There is no explicit instruction, and the process and requirements may vary from branch to branch. The key documents you need to prepare if you're going to exchange currencies are:

Filled-out form (to be completed in the Prasanna office)

Valid identification (preferably passport)

Legal name, address, and contact information of the recipient

You will then receive a receipt of your payment. Usually, the money will be sent within the same day.

Exchange rate in Prasanna

One notable thing that makes Prasanna popular in Sri Lankan households is the high exchange rate. Usually, Prasanna has a 1.50 to 5 LKR difference from other currency exchange services in Sri Lanka. Prasanna was temporarily suspended because of the extremely high exchange rates, which Sri Lanka's central bank has recently banned due to major currency changes. Before this, Prasanna's CAD to LKR rate went as high as about 270 LKR.

Countries/currencies available in Prasanna

Prasanna offers over 70 currencies, making it a popular money exchange platform for FOREX investors. Here are the top countries available in Prasanna Money Exchange.

USD (US dollar)
CAD (Canadian dollar)
EUR (Euro)
GBP (UK pound)
MYR (Malaysian ringgit)
SGD (Singaporean dollar)
SHF (Swiss franc)
AUD (Australian dollar)
HKD (Hong Kong dollar)
INR (Indian rupee)
LKR (Sri Lankan rupee)
JPY (Japanese yen)
… and many more

Fees in Prasanna Money

Unfortunately, there is no exact information regarding the fees for Prasanna Money Exchange services. But having the best exchange rate in town, Prasanna Money ensures you with minimal charges. Your costs will be based on the money you have sent or converted, so expect a little larger deduction for large transactions.

What's excellent about Prasanna is that they offer same-day transfers. Rare is when transactions take more than 24 hours to get done. So here in Prasanna, you'll love how quick and smooth things go.

How much money can be sent to Prasanna?

Prasanna gave no apparent limit on sending money from Canada, but usually, 1,900 CAD may exceed the limit in Colombo, so it's safe not to go beyond that amount.

Pros and Cons of Sending Money through Prasanna

Pros

Quick transactions (same-day transfers)

Super high exchange rates

Excellent services (customer-friendly staff)

FINTRAC-registered

Over 70 currencies are available

Great for FOREX investment

Cons

Non-transparent fees

No online services

Limited online presence for customer services and inquiries

Alternatives to Prasanna Money Exchanges

Traditional Banks

Although safe and sure, banks can be a hassle because of the expensive, slow, and complicated processes. More often than not, banks also tend to charge you with hidden fees, further decreasing your money.

Online Banks

There are many online banks in Sri Lanka, such as Sampath Bank, Commercial Bank, NSB, etc. They offer much cheaper services than traditional banks. They also provide convenience since you can usually do the whole process remotely. However, it can be hard to gauge which platform best suits your needs. It may take some time– and money– before you get the hang of it.

Other traditional money transfer services

{<span>Since Prasanna is temporarily suspended, for now, you may opt to try other services alike, such as: - Maruthi Money Exchange - Royal Money Exchange - Swiss Money Exchange - Kamal Money Exchange <br /> However, since the Sri Lankan government is going tight on the exchange rates, most of these platforms now offer lower CAD to LKR rates– not to mention that the fees can be expensive and non-transparent.</span>}

How does Prasanna make money?

As with other money exchange and transfer services, Prasanna charges its customers for every transaction they make. The fees are computed based on your transaction amount, meaning the higher you spend, the higher your costs. Prasanna did not disclose on their online pages about the fees, but they are known in Sri Lanka for having one of the lowest charges for money transfers and currency exchange.

Is Prasanna Secure?

Prasanna is a FINTRAC-registered platform, ensuring it goes within the standards and necessary security required by Canada and Sri Lanka. However, it is not advised to use Prasanna Money Exchange now since Sri Lanka's central bank suspended its license to convert currencies. In the meantime, you can use other surer, safer platforms.

Online money transfers like Remitbee

These online money transfers and currency exchange apps/websites have been gaining much attention because of the convenience, cheap fees, and high exchange rates combined in one platform! There are many platforms like this on the internet, such as Remibee, Remitly, and Skrill, among many others.

History of Prasanna Money Exchange

Prasanna Money Exchange was incorporated on September 28, 2012, and became FINTRAC-registered on January 9, 2013. It's been a popular money exchange in Colombo since the 2000s. Because of their high exchange rates, typically higher than the rest of the currency changers at the Galle Road, Prasanna became the go-to place of many overseas workers' families in Sri Lanka.

But just recently, Prasanna's license was cancelled due to the changes made by Sri Lanka's central bank. Because Prasanna couldn't lower its exchange rate as the government ordered, they were forced to stop operating from March 31, 2022. But since the problem seems to be temporary, Prasanna may get back in service quickly. But in return, their exchange rates may not be as high as before due to the central bank's terms.

Prasanna in a Nutshell

What's unique about Prasanna is that they offer the highest CAD to LKR exchange rate in Colombo. This feature was so good that it caused their operations to be stopped by the government. And this is a concern for many Sri Lankans in Canada who regularly send money to their families.

While the problem may only be temporary, you still need a platform to give you the best deals Prasanna has offered for years. And if Prasanna gets back, their high exchange rates are not guaranteed to be as before. The worst-case scenario is that Prasanna may not continue operating soon. It may be wise to try out other alternatives in the meantime, like RemitBee.

Prasanna's Contact Info

Prasanna Money Exchange Contact details as follows :

Phone: Colombo, +94112591420; Toronto, (416) 293-1700
Addresses: 57 Galle Rd., Colombo 00600, Sri Lanka; 3351 Markham Rd., Suite 106, Scarborough, Toronto.
Open: 8AM-8PM (Colombo); 10:30AM-7:30PM (Toronto)
Website:https://prasannaexchange.com/ .

Other Money Transfer Providers

Disclaimer: All third-party trademarks (including logos) referenced by Remitbee Inc. in this article remain the property of their respective owners. Unless specifically identified as such, Remitbee's use of third-party trademarks does not indicate any relationship, sponsorship, or endorsement between Remitbee and the owners of these trademarks. Any reference by Remitbee to third-party trademarks is to identify the corresponding third-party goods and/or services and shall be considered nominative fair use under the trademark law. Furthermore, we are not responsible for any inaccuracies identified in the article's content, and that information can be verified by contacting the respective third parties directly mentioned in the article.

Try Remitbee today and get a 15$ bonus for your first transfer!

Best exchange rates, one-day delivery, free transfers over 500$ and amazing customer support! Too good to be true? How about a sweet 15$ bonus towards your first transfer? Just give us a shot!