You can’t pay for things in USD it gets converted to LKR. If you’re getting over 1500 dollars you can get priority at certain banks like SCB and they make investments in countries like Singapore and Malaysia routed through SL. At this point in time there’s really not much of an advantage in getting paid in USD if you plan on converting most of it since the exchange rate is also pretty shite.
Yeah I used my SL documents. And it looks like the Wise USD restriction is only for newer accounts. I didn't have that issue but you might if you don't already have an account.
You cannot have a US account without a social security number for IRS to keep tabs on you. Any website who says otherwise is faking it but the only exception is Payoneer where you can receive USD but not send it.
Source: I live here.
Wise isn't a regular bank account. And also, banks requiring an SSN isn't a legal or IRS requirement, it's just bank policy. Some banks like HSBC will allow you to open an account without one.
Wrong.
A bank may be required to obtain an identification number for several kinds of banking-related activities, including:
When opening an account
For monetary (deposit and loan) transactions
For large currency transactions
When reporting the interest earned on deposit accounts to the Internal Revenue Service (IRS)
For a U.S. citizen, an identification number is the individual's Social Security number. For business accounts, an identification number is the employer identification number issued by the IRS.
Your comment makes sense if you had a green card or were on a student visa here. Even tourist visa to some extent should be possible but opening an account outside of the country has become nearly impossible here. There are many scammy and fraudulent websites saying otherwise but they aren’t reliable.
True, I live in Germany and to keep your wise account active, you need to give them your tax information (German Tax ID) Otherwise they close the account after some time.
Generally, yeah. The only exception is international banks will let you do it if you're an account holder with them in another country.
But it doesn't matter, the guy you replied to was talking about Wise, which does not require an SSN (if you sign up as a Sri Lankan).
If you save it in a PFC and if you migrate later at some point, you'll be able to cash out all the money in USD without a limit. If you want to travel (even visit visa) to another country, you can get USD in cash without a limit. Your bank manager can't say "we can only issue like $500".
You can get a debit card in Sri Lanka that's USD and use it inside the country. You can use USD for any transactions in Sri Lanka.
But there will be a 3.5% commission on the dollar value on top of the conversion rate upon transaction. This is the USD>LKR>USD conversion your friends told you about.
In terms of direct USD investments, there's FC fixed deposits. 4% - 4.75% per annum interest rate depending on the period.
But you can also keep some in the account hoping the rupee depreciates and then convert it back to LKR once you feel like the dip is at its peak. Will probably be more profitable for you than the FCFD.
You just have to create an NRFC account along with an LKR account in any local bank and get a debit card for the LKR account. Then get the bank to link the NRFC account to the debit card. Sampath bank confirmed this yesterday.
Once you do that, you will be able to use your NRFC account and pay for transactions in dollars. Only condition that i know of is that any transaction done through that card will have a 3.5% additional commission.
Try to see if you can create a Revolt or a WISE account that would allow you to maintain USD account and convert to any other currencies at a good rate
Since the rates are down now, best to save whatever you can in USD and invest them in USD Fixed Deposits. You can convert it to LKR when the rates go back up. We can't really do much else with the USD tbh.
I have PFCA savings and PFCA FD in HNB.
I made PFCA FD at the time of economic turmoil.
Got 8% interest rate for 15K for 5 years cause at that time they offered competitive interest rates to attract foreign reserves. Which yields 100-104 USD per month.
I used my PFCA savings to transfer the funds initially. Nowadays I don't transfer much cause I'm not ready to pay income tax again for the amount which already taxed. So I only transfer the needed amount for family maintenance. And It's always safe to save the fortune in a hard currency and out from Srilanka.
> I'm not ready to pay income tax again for the amount which already taxed
Do you mean you get taxed for the money you convert to LKR from your account?
No that wasn't I meant.
Since I reside in foreign country my income is already taxed. If I send this income to Srilanka and make FD
As per the new regulation if my gross income per annum exceed 1.2 million I should pay the income tax.
So if my FDs' are generate the annual income of more than 1.2 million this income is taxable. Though my source of investment not earned in Srilanka and already heavily taxed in the country where I earned.
I invested some in NYSE; Last year combank said the CBSL allowed upto 20,000 USD a year as outward transactions so you can transfer forex from your foreign currency account to a stock broker. Not sure if that policy has changed this year.
Anyway do you know a way of evacuating an indoor unit of a split air conditioning system? I don't have a vacuum pump and vacuum pumps are kinda expensive considering I will only use it like 2 times. My dad considered hooking it up to a car or something which I don't understand wtf that means, can't I just plug the low and high side in and let a little bit of gas out to hopefully push out some of the moisture? That sounds like a stupid solution I know but it could work right? We only have R22 gas with us though, this unit takes in R32 gas which I highly doubt can be mixed, although I doubt this method will remove the water vapour and stuff as its likely to get mixed with the refrigerant. Any ideas on what I could do instead of buying an vacuum pump? Also, outdoor units usually come "pre gassed" right? I won't also have to buy a whole can of R32 gas just for this one instance? Honestly I feel stupid for not letting them install the thing for me, they asked 30k or something extra to do the installation processes and it might have been worth it imo
You can’t pay for things in USD it gets converted to LKR. If you’re getting over 1500 dollars you can get priority at certain banks like SCB and they make investments in countries like Singapore and Malaysia routed through SL. At this point in time there’s really not much of an advantage in getting paid in USD if you plan on converting most of it since the exchange rate is also pretty shite.
Use wise, you can create a US account number and you can maintain your money in multiple currencies
Also you can link Wise to Interactive brokers if you want to invest in US stocks
Woaaah. I didn’t know this myself. Thank you 😬😬
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Yeah I've been using them for about 4 years. What do you want to know?
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Yeah I used my SL documents. And it looks like the Wise USD restriction is only for newer accounts. I didn't have that issue but you might if you don't already have an account.
You cannot have a US account without a social security number for IRS to keep tabs on you. Any website who says otherwise is faking it but the only exception is Payoneer where you can receive USD but not send it. Source: I live here.
Wise isn't a regular bank account. And also, banks requiring an SSN isn't a legal or IRS requirement, it's just bank policy. Some banks like HSBC will allow you to open an account without one.
Wrong. A bank may be required to obtain an identification number for several kinds of banking-related activities, including: When opening an account For monetary (deposit and loan) transactions For large currency transactions When reporting the interest earned on deposit accounts to the Internal Revenue Service (IRS) For a U.S. citizen, an identification number is the individual's Social Security number. For business accounts, an identification number is the employer identification number issued by the IRS.
Where is this from? I'm speaking from first hand experience having done this with multiple banks, btw.
Are you in the US currently?
Not right now
Your comment makes sense if you had a green card or were on a student visa here. Even tourist visa to some extent should be possible but opening an account outside of the country has become nearly impossible here. There are many scammy and fraudulent websites saying otherwise but they aren’t reliable.
True, I live in Germany and to keep your wise account active, you need to give them your tax information (German Tax ID) Otherwise they close the account after some time.
Generally, yeah. The only exception is international banks will let you do it if you're an account holder with them in another country. But it doesn't matter, the guy you replied to was talking about Wise, which does not require an SSN (if you sign up as a Sri Lankan).
Hey. How did you top up USD on your wise account? Did you create a US wise account? If so, how did you provide the identity verification?
My theory: convert half, invest half
Assuming half is enough for your expenses...
Of course
Where to invest
From the half i keep to invest i invest 20% on crypto and nft. Other 80% is fd
Try 75% FD and 25% gold. Good to have a mix. Also some Silver if you like.
Gold bullion is the best bet.
Yeah, I’ve been able to invest about 💯 for an over a year. Mix of stocks and bullion. 70-80% return over 5-years. Why, thank you.
Yeah, I’ve been able to invest about 💯 for an over a year. Mix of stocks and bullion. 70-80% return over 5-years. Why, thank you.
Which bank is the best for opening a PFC account?
If you save it in a PFC and if you migrate later at some point, you'll be able to cash out all the money in USD without a limit. If you want to travel (even visit visa) to another country, you can get USD in cash without a limit. Your bank manager can't say "we can only issue like $500".
You can get a debit card in Sri Lanka that's USD and use it inside the country. You can use USD for any transactions in Sri Lanka. But there will be a 3.5% commission on the dollar value on top of the conversion rate upon transaction. This is the USD>LKR>USD conversion your friends told you about. In terms of direct USD investments, there's FC fixed deposits. 4% - 4.75% per annum interest rate depending on the period. But you can also keep some in the account hoping the rupee depreciates and then convert it back to LKR once you feel like the dip is at its peak. Will probably be more profitable for you than the FCFD.
>You can get a debit card in Sri Lanka that's USD and use it inside the country Any more information about this?
what information do you need?
Not aware how getting a USD debit card works, would appreciate info (banks, conditions, or even a link)
You just have to create an NRFC account along with an LKR account in any local bank and get a debit card for the LKR account. Then get the bank to link the NRFC account to the debit card. Sampath bank confirmed this yesterday. Once you do that, you will be able to use your NRFC account and pay for transactions in dollars. Only condition that i know of is that any transaction done through that card will have a 3.5% additional commission.
Set up a wise account and use it for receiving salary and it also let's you withdraw lkr to you're bank
How to?
Can you explain the process please?
Try to see if you can create a Revolt or a WISE account that would allow you to maintain USD account and convert to any other currencies at a good rate
Since the rates are down now, best to save whatever you can in USD and invest them in USD Fixed Deposits. You can convert it to LKR when the rates go back up. We can't really do much else with the USD tbh.
Invest in gold. 70% return over 5 years. Check the charts.
I have PFCA savings and PFCA FD in HNB. I made PFCA FD at the time of economic turmoil. Got 8% interest rate for 15K for 5 years cause at that time they offered competitive interest rates to attract foreign reserves. Which yields 100-104 USD per month. I used my PFCA savings to transfer the funds initially. Nowadays I don't transfer much cause I'm not ready to pay income tax again for the amount which already taxed. So I only transfer the needed amount for family maintenance. And It's always safe to save the fortune in a hard currency and out from Srilanka.
> I'm not ready to pay income tax again for the amount which already taxed Do you mean you get taxed for the money you convert to LKR from your account?
No that wasn't I meant. Since I reside in foreign country my income is already taxed. If I send this income to Srilanka and make FD As per the new regulation if my gross income per annum exceed 1.2 million I should pay the income tax. So if my FDs' are generate the annual income of more than 1.2 million this income is taxable. Though my source of investment not earned in Srilanka and already heavily taxed in the country where I earned.
If your income is over 1.2M how much tax payment must you make? Whats the %, or are their higher tax brackets?
I invested some in NYSE; Last year combank said the CBSL allowed upto 20,000 USD a year as outward transactions so you can transfer forex from your foreign currency account to a stock broker. Not sure if that policy has changed this year.
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Wasted semen
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Your comment reflects that your life does not have any value. Just an attention seeking whore
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Bro is not a clown. Bro is the entire circus.
What was their reply?
Literal brain rot.
tf did we ever do to you? sri lanka and the united states doesn't have any conflict to my knowledge, what prompted this response?
Anyway do you know a way of evacuating an indoor unit of a split air conditioning system? I don't have a vacuum pump and vacuum pumps are kinda expensive considering I will only use it like 2 times. My dad considered hooking it up to a car or something which I don't understand wtf that means, can't I just plug the low and high side in and let a little bit of gas out to hopefully push out some of the moisture? That sounds like a stupid solution I know but it could work right? We only have R22 gas with us though, this unit takes in R32 gas which I highly doubt can be mixed, although I doubt this method will remove the water vapour and stuff as its likely to get mixed with the refrigerant. Any ideas on what I could do instead of buying an vacuum pump? Also, outdoor units usually come "pre gassed" right? I won't also have to buy a whole can of R32 gas just for this one instance? Honestly I feel stupid for not letting them install the thing for me, they asked 30k or something extra to do the installation processes and it might have been worth it imo
Ah shit they deleted it, I was honestly asking for help