Colombo Junior Open Squash Championship concludes successfully
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New premium ride option expands Uber’s portfolio from affordable Moto and Tuk rides to premium on-demand travel
Uber announced the launch of Uber Black in Sri Lanka, bringing its premium ride experience to the country for the first time. Designed as the “business class of back seats,” Uber Black combines premium vehicles and highly-rated drivers for riders looking for greater comfort, quality and a more elevated travel experience.
The launch comes as demand for premium products and experiences grows across Sri Lanka, with consumers seeking greater choice and quality in their everyday experiences. Uber Black brings this choice to on-demand mobility, whether for an airport journey, an important business meeting, a special occasion or simply when riders want to travel in greater comfort.
Sri Lanka Food Processors Association holds 29th Annual General Meeting
Ceylon Chamber continues business continuity training for private sector
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In an era where personal finance management is increasingly critical amidst prevailing macroeconomic conditions, retail banking customers across Sri Lanka are taking a closer look at the incidental costs of bank transaction fees which the banks boast as their ‘fee income’.
Minor overhead charges – ranging from minimum balance penalties to third-party ATM fees – can quietly eat away at personal savings.
When asked for views in this context, a financial analyst told The Island Financial Review that while commercial banks play a vital role in mobilising savings and driving payment digitisation, understanding the fine print on schedules of bank charges is key to optimising personal liquidity.
He took a closer look at six common bank fees prevalent in Sri Lanka’s banking sector and practical strategies on how account holders can defend their hard-earned money against them.
1. Account maintenance and service charges
Many traditional savings and current accounts levied by commercial banks feature semi-annual or monthly maintenance fees if average balances fall below specific operational thresholds (often ranging between LKR 2,500 to LKR 10,000 depending on the institutional tier and account category).
Account holders can bypass these overheads by closely tracking minimum balance rules or shifting to basic zero-minimum-balance savings products, children’s savings tiers, or senior citizen accounts. Additionally, opting out of physical paper statements in favor of digital e-statements prevents extraneous mailing levies.
When automated utility payments, insurance premiums, or routine withdrawals push an account balance below the mandated minimum limit during an operational cycle, banks often deduct a direct service penalty.
How to defend: Setting up real-time balance checks or leveraging mobile banking applications ensures account holders maintain a healthy cash buffer above the required operational limit to absorb unexpected automated debits.
3. Third-party ATM and Common Switch (CAS) fees
While transacting at your own bank’s ATM terminal remains free, using alternative machines via the Common ATM Switch network can incur small per-transaction interchange fees or balance inquiry charges.
How to defend: Sticking strictly to your issuer bank’s proprietary ATM network or maximising digital merchant payments via LankaQR drastically reduces the necessity for physical cash withdrawals.
4. Outstation and inter-bank paper instrument handling
Although electronic clearing has largely modernised the Sri Lankan financial system, legacy handling or manual collection processes for outstation or irregular paper instruments still carry transit and special handling costs.
Accelerating the transition away from physical paper cheques in favor of electronic fund transfers such as CEFT (Common Electronic Fund Transfer) or SLIPS (Sri Lanka Interbank Payments) – ensures speedier settlements at a fraction of traditional clearing overheads.
5. SMS alert and notification subscriptions
Instant transaction notifications provide critical security against fraud, but bundled SMS alert packages often carry recurring subscription charges billed directly to the customer account.
Customers looking to trim recurring costs can switch to free in-app push notifications provided through active mobile banking platforms, provided they maintain an active internet connection on their smartphones.
6. Outward remittances and Telegraphic Transfers (TT)
Facilitating international trade transactions, supporting family members abroad, or executing foreign currency movements involve SWIFT message charges, intermediary bank handling fees, and foreign exchange conversion markups.
Consolidating frequent, smaller international transfers into optimised single tranches helps minimise flat-rate handling fees. Utilising Personal Foreign Currency Accounts (PFCAs) also offers greater flexibility in managing foreign currency inflows.
In conclusion, he said, “If every rupee counts in your personal finances, these tips could help defend against unnecessary banking overheads.”
Continue Reading Business Escalating input costs batter Sri Lankan corrugated carton industry Published
Sri Lanka’s corrugated carton manufacturing sector is under severe financial strain due to escalating input costs, threatening the long-term sustainability of the industry. Prices for key paper grades – including Kraft Liner, White Liner, Test Liner, and Medium – have surged by 30% to 50%. These increases are compounded by rising expenditures on energy, transport, starch, inks, chemicals, and labor driven by global market realities and domestic inflation.
Because paper represents a dominant share of total production costs, manufacturers initially held prices steady in anticipation that global supply chain disruptions and commodity spikes would prove temporary. Despite implementing aggressive internal measures – such as optimizing energy use, improving machine efficiency, and reducing waste – producers can no longer absorb these cumulative cost pressures indefinitely.
The sector warns that its financial destabilization poses wider risks to Sri Lanka’s broader economy. Essential export and domestic industries, including tea, food and beverages, agriculture, apparel, and pharmaceuticals, rely heavily on reliable packaging. Unaddressed packaging cost pressures could weaken the global competitiveness of Sri Lanka’s exports against foreign rivals with access to cheaper raw materials.
Consequently, the industry is advocating for market recognition of these realities and a responsible, transparent adjustment of carton prices to restore financial viability. Industry leaders emphasize that preserving a sustainable packaging supply chain will require coordinated cooperation among paper suppliers, manufacturers, corporate customers, exporters, and national policymakers.
Sri Lanka’s food and hospitality sector is preparing for its premier trade event as the Chefs’ Guild of Lanka, in partnership with CDC Events & Travels, hosts the 23rd Culinary Art Food Expo (CAFE 2026) from 27 to 29 November at the Bandaranaike Memorial International Conference Hall in Colombo, followed by an awards ceremony on 30 November. Expecting over 15,000 visitors and more than 200 exhibition stalls, the showcase serves as a core platform for trade, technological integration, and industry-wide networking across the local value chain.
At the heart of the expo is an expansive international culinary competition featuring upwards of 3,000 participants, nearly 4,000 culinary entries, and a panel exceeding 40 local and international judges. Contests span live cooking, pastry, cake decoration, ice and vegetable carving, and mixology. .
The event aligns with heightened global positioning for the nation’s culinary sector, coinciding with Sri Lanka’s participation in the Culinary World Cup in Luxembourg and the Chefs’ Guild’s bid to host the Worldchefs Congress in 2030.
Search for truth and justice in mass graves
Obtaining funds from OPEC Fund for International Development (OFID) for the Mahaweli Water Security Investment Program (MWSIP) – Phase 2
Airbus deal: Namal among four indicted
Norochcholai unit goes offline again, raising fresh questions over power security
CP warns of secret plan to establish ‘spaceport’ on Sri Lanka’s east coast
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Jaffna based Customs refuse to release books ordered from TN
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