Just landed - wondering what gives the better rate in Sri Lanka: ATM withdrawal or airport exchange counter?
I tested both just for comparison. Changed 100 euros at the counter and also withdrew 40 000 rupees from an HNB ATM using my Mastercard. The ATM gave me about 5 percent more in total even after the local fee. The counters are quick and don’t require a PIN or anything, but the rate is definitely worse. If your card works and the machine is functioning, the ATM is the better choice.
Just arrived yesterday and I would say avoid the counters unless you need a small amount to get started. I changed 50 dollars at the airport and got a rate that was about 20 rupees lower than what I later saw on XE. Then I withdrew from a Bank of Ceylon ATM in the city and got a much better rate with my HDFC card. Even with the ATM fee it worked out cheaper overall.
I always compare rates when I land and in Sri Lanka the ATM definitely gave me a better deal. I withdrew cash from a Sampath Bank ATM at the airport and got a good exchange rate with my Revolut Visa. The counters inside the arrivals hall looked convenient but they were giving me about 8 to 10 percent less than the real market rate. I only use exchange counters in emergencies or when the ATM isn't working.
I landed in Colombo last week and checked both. The airport exchange counters had a much worse rate than my ATM withdrawal using a Wise card. The counters were offering around 285 per euro while my ATM gave me closer to 315 after conversion. I used a Commercial Bank ATM right near the arrivals area and it worked fine. The only thing to watch out for is the local ATM fee which is usually around 300 rupees.