Frequently asked questions

What is the role of an Affiliated Bank?

We have established formal arrangements with Sampath Bank PLC. to channel your money to pay your beneficiaries in Sri Lanka. Sampath Bank possess its own proprietary software for processing online money transfers to beneficiary accounts with any other bank in Sri Lanka.

Are these money transfers legal?

Yes, as we are a registered money transfer service with AUSTRAC and remit money to Sri Lanka through the affiliated banks under the compliance of all banking and legal guidelines. Money deposited by our clients are remitted across borders to Sri Lankan banks through the online banking systems. Hence, beneficiaries will not face a situation where their accounts are credited in cash by unknown people, under any circumstance.

Is it safe to send money using AusCey Exchange?

As long as you provide us with the correct and sufficient details to go ahead with your transactions, there won’t be any problem. We comply strictly with Australian Privacy Laws at all times. Your personal details will be used only for the purpose of remitting money and will not be divulged to anyone outside AusCey Exchange. Transaction details are confidential and are not available even to the spouses.

How do I know the applicable exchange rates?

Exchange rate applicable to your transaction would be the AusCey Exchange rate current at the time of processing your transaction, unless it has been agreed with you previously. We offer highly competitive rates in the market.

Is there a difference between the exchange rates shown on TV/Websites and AusCey Exchange?

The rates shown on the web, TV and newspapers are the wholesale rates for transactions over a million dollars. AusCey Exchange offers you with a very competitive customer retail rates which are in line with the rates that the Competitor Exchange Companies/ Banks issues to customers on a daily basis to ensure you send the maximum possible amount of hardly earn money to your beneficiaries.

What are the payout options?

Bank Transfer/Account credit Send money to your own account or beneficiary’s bank account. Once credited the beneficiary can use bank services to withdraw cash.

Cash pay on ID Pick up your cash at any convenient Branch of Sampath Bank PLC. On presenting a valid (original) photo ID and the 10 digits PIN number the beneficiary can collect cash from the payout location.

All customers must undergo a one-time free registration process with AusCey Exchange by law.

New customers: Click on the register for free registration – fill in all mandatory details and confirm your registration. Send in your verified photo ID copy. An email with customer number will be issued to the email address provided once all requirements are met.

Who is eligible to use AusCey Exchange?

Any individual above the age of 18, who has registered and activated an AusCey Exchange account living in Australia, is eligible to use our services.

Why do you need the original certified copies of documents?

It is an AUSTRAC requirement to ensure that our operations comply with provisions of the anti-money laundering and counter‐terrorism financing act and financial transaction reporting act of Australia. The need to hold original certified documents is a requirement under the above statutes. Further, by verifying your identity you are helping to protect Australian businesses from being misused for the purposes of criminal activity. See Australian Transaction Reports and Analysis Centre (AUSTRAC) for more details.

Who can certify my documents?

Certification of documents can be performed by;

• A Justice of the peace or bail justice; a notary public; a barrister and solicitor of the Supreme Court.
• A member of the police force
• A registered medical practitioner; a registered dentist; a veterinary practitioner; a pharmacist
• A principal in the government teaching service
• The branch manager of a bank
• A member of the Institute of Chartered Accountants in Australia or the Australian Society of Accountants or the National Institute of Accountants or CPA Australia

How can I change my personal details on my online account?

If you need to change your own profile details, please inform us by email the changes required.

What do I do if I lose/forget my password?

Click on “Lost password?” icon on the home page (You can locate it right below the password field), Enter your user name and click on submit or alternatively you can call our customer service and verify your identity. The new password will be emailed to you. Please make sure that you change your password immediately on your first login

Who is a beneficiary? How can I add one?

In simple terms, it is the recipient to whom you are sending money. A beneficiary could be spouse, relative, friend, business partner etc. Even you may be called a beneficiary in case you are sending money to your own account in Sri Lanka. For AusCey Exchange, a beneficiary is the account holder to whose account money is being send by bank transfer or the person who has been designated to collect cash from cash payout location.

To add a beneficiary
Log in to the system using your user name and password provided in the email. Add the details of the recipients/beneficiaries (to whom you send money to) and their bank account details using the options under ‘BENEFICIARY MAINTENANCE’. Fill in all details, click on save.

Bank Transfer: Beneficiaries to whom you would like to send money via account credit only
Cash Payout: Beneficiaries to whom you would like to send money via cash payout only

How Can I view or disable a beneficiary?

To view or disable a beneficiary: Login to your account, Click on Manage recipient, Click on View or Disable

What if my beneficiary passes away?

If it is an over-the-counter payment, we can arrange for the money to be paid to another beneficiary or to be refunded. If the money has been paid to an account, there are procedures laid out by the banks that should be followed. Please check with the recipient bank in this event.

What are the standard transaction processing times?

Monday to Friday: 9.00 a.m. – 6.00 p.m. AEST
Saturdays: 10.00 a.m. – 2.00 p.m. AEST
We are closed on Sundays and public holidays in South Australia.

Where do you maintain AusCey Exchange collection account?

Please contact us for bank details that you preferred from following,

• Commonwealth Bank of Australia
• Australia and New Zealand Banking Group
• Westpac Banking Corporation

What are the AusCey Exchange fees and charges?

We are transparent about our charges, please click here to view our fees.

What happens if my money hasn’t reached the beneficiary after your stated time?

If the beneficiary has reported non-payment, then simply lodge a complaint via email or contact us immediately with your name and receipt number. We will respond to you within 24 hours. As we use legal channels for our transfers the money you send can always be traced even after 5 years. Where possible we follow up to ensure transactions have gone through correctly. On several occasions, we have informed the sender when the beneficiary has failed to collect over the counter payments from the bank. Please refer to the bank contacts in Sri Lanka.

What if my beneficiary is paid less than the quoted amount?

Sometimes, Sri Lanka banks would charge a local fee. Always check with your beneficiary and if the amount is short we will take it up with the bank.

Can I cancel my transfer?

We do not entertain cancellations of transactions. You may however request the same with our customer service provided the amount has not been credited at the beneficiary end and banks can reverse the transaction for which they would charge a service fee.

What if you have missed my transaction?

Here we need your help. When transferring money to our account especially by EFT, please indicate your Customer Reference Number (CRN) so we can easily identify your deposit. There are several other methods by which you can inform us of your deposit. You can also email us or call us during business hours.

Please check your email for the receipt. Sometimes the receipt can go to the Junk/Spam mail folder therefore please check in this folder also.

Would you offer a discount to charities?

If yours is a registered charity in Australia remitting money to a legal charity in Sri Lanka we will, at our discretion, remit the money free of charge.

What are the minimum and maximum amounts we can remit?

There is no minimum amount; however, we cannot give a discount on our fee because the amount is small as our costs for each transaction is the same irrespective of value.

There is an upper limit for a day (per transaction per person). The only requirement is that the money should be legally earned and you have paid tax on it. If you bring amounts over $10,000 in cash we have to report to AUSTRAC our regulatory authority. In Sri Lanka if the beneficiary receives over Rs. 500,000 Central Bank Form No. 02 has to be filled out giving details of purpose of funds, relationship to sender and source of funds.

Due to costs and security reasons that experience, we have an upper limit of $ 9,999.00 for remittances to NRFC and LKR accounts per day per person/company.

When do you get the highest exchange rates? Can you inform us when the rate is high?

Exchange rates depend on a host of factors. There is no pattern and the rate cannot be predicted beforehand. We are sorry we cannot inform you individually.

How can we obtain receipts of past transactions?

We can email you past receipts free of charge. If however you require certified hard copies, we will levy a fee for these to cover our costs.

Can I get Tax deductions for my remittances?

No. Please check with your accountant if a deduction is possible for remittances to charities.

Is there a tax to be paid by the recipient?

Family assistance payments are normally tax free. However, there is a debit tax for Sri Lankan account holders

Does the government know about our transfers?

Yes, every transaction is reported to AUSTRAC.

As a student can I remit money? If I remit money will this affect my TR/PR application in future?

For tax purposes students are considered citizens and are eligible to remit any money they have earned and paid taxes on.

As regards this affecting your future TR/PR application, please check with an immigration lawyer for a ruling on this.

Can the money we send be used for personal gains by bank officials in Sri Lanka?

No. Your remittance has an audit trail and can be tracked.

Do I have to declare NRFC accounts to the Australian Tax Office?

Any income earned by an Australian citizen anywhere in the world has to be declared to the ATO. While the remittance to your NRFC is made out of tax paid income, this does not have to be declared, however any interest derived from these remittances have to be declared as this is an income and you do not pay any taxes in Sri Lanka for this. Please contact your tax agent for more details on this.

Can you deny us the service?

Yes, if we believe there are suspicious circumstances. We also have to report such matters to AUSTRAC.

I am a Sri Lankan/Dual citizen. Can I open a rupee account?

Sri Lanka has introduced a new rupee based investment accounts. When you are a permanent resident overseas, you cannot open current accounts in LKR. You can however continue to use the accounts you already have.