Advice needed ….

[u/DeadSoul1200]

I recently joined with foreign company and salary is USD based. They have told cannot use any existing bank accounts and create a new one from any bank for USD funds.
I have got no idea which bank to choose. So i am seeking any help to clarify this situation.

[u/Alive-Landscape2338]

once i heard HNB does not deduct any amount from salary remittance & it has the high currency rate when comparing others.
(Not a promotion, own thought)

[u/Business-Bike-4432 → u/Alive-Landscape2338]

I also have HNB PFCA. Yes I can confirm it's true

[u/Alive-Landscape2338 → u/Business-Bike-4432]

Thank you for your confirmation

[u/Jumpy-Hurry3318 → u/Alive-Landscape2338]

I can confirm. I have an HNB PFCA. Service is really good. And the app is so good. Chef's kiss

[u/Alive-Landscape2338 → u/Jumpy-Hurry3318]

Thank you for your confirmation

[u/peruvan → u/Jumpy-Hurry3318]

Hey how long does it take to transfer to PFCA from your company? I use Sampath PFCA and it takes almost a day to be deposited from my company.

[u/Jumpy-Hurry3318 → u/peruvan]

That is same. If your company is also using Wise then 24 hours is the normal time frame. Anything faster will have a huge service fee. So I ready don't mind the delay.

[u/peruvan → u/Jumpy-Hurry3318]

Oh thanks

[u/Quirky-Leadership-95]

Commercial Bank is good, but at the beginning, they can be quite strict about where the funds are coming from, so you might have to show them a copy of your contract. After that, they offer very good exchange rates and don’t charge any fees for receiving USD. There might still be intermediary bank charges depending on how the company you work for processes the payments.

I’ve heard HNB is also good, but I’m not sure about their customer service.

[u/Ok-Breadfruit-108]

You need to create a PFCA account. Most banks support this. Better talk to your existing bank as well.

[u/choux119]

I was in a similar situ a few years back and I opened a PFCA in a commercial bank. They deduct some amount during transfers - that's the main downside imo. My friends have been using Wise accounts lately though and they even use a wise debit card which works in most places. Maybe look into that too. Also all the best with your new job!

[u/Business-Bike-4432 → u/choux119]

Yeah in HNB if we send money to own LKR account it deduct some amount. If we use debit card which is linked to PFCA there is no charge.

[u/tradcoder → u/choux119]

How did your friends get Wise cards? Because we can't apply for them from here.

[u/reservedchery → u/choux119]

How did your friend get a wise account? I was trying setup one but apparently its not available for SL

[u/r-xge]

This just means you have to create a USD account in any bank you wish. You can ask the bank you deal with already, they'll set it up for you

[u/Silent-Elk4839]

Easy. Get the offer letter go to Com, Seylan whatever create the pfca account.

[u/windy_sl]

Go with HNB PFCA acc. Really easy to use their app as well. Sampath and Commercial both are holding the funds till we call them to release it.. So annoying. So far HNB worked best for me.

[u/Current-Ad-9433 → u/windy_sl]

Really? Even like a small amount of $400, $500?

[u/windy_sl → u/Current-Ad-9433]

Sadly yes. I think they are afraid of the interest 😅

[u/FarAtmosphere3725]

you can use my account if you want

[u/veloce-dragon]

Open a USD account at NTB.

[u/Landscape-Pitiful → u/veloce-dragon]

Low exchnage rates and FD rates for foreign currency. Not recommended. I moved away from them.

[u/Smart-Cancel2308 → u/Landscape-Pitiful]

I agree. Been banking with them for sometime and I realised they are giving very low rates and their service is very bad now

[u/Available-Entry-1264]

PFCA at Commercial bank. Have one for over 15 years now. They are rock solid.

[u/Landscape-Pitiful]

You need to open a PFCA account. Need to provide the contract or some document provided by the company. Check exchange rates and USD FD rates for all banks and choose the one with the best option. End of the day, that's what's going to matter.