Global online payment giant PayPal has officially partnered with three of the country’s leading commercial banks to enable direct fund receipts and withdrawals for local users.
According to an update published by the platform, the service will operate in collaboration with Sampath Bank, Bank of Ceylon (BOC), and Commercial Bank. The milestone integration is set to bring an end to a decade-long challenge faced by local tech professionals, exporters, and freelancers who were previously restricted from receiving foreign earnings directly through the platform.
For years, Sri Lankan digital entrepreneurs were unable to legally channel inward remittances via PayPal due to strict regulatory and foreign exchange complexities. This forced many to rely on proxy overseas addresses or informal third-party channels, risking financial transparency and causing foreign exchange leakages.
Under the new partnership framework, local bank partners will provide a seamless link to the global platform, allowing users to safely receive international payments and withdraw funds directly into their Sri Lankan Rupee (LKR) bank accounts.
