What is SLIPS?
SLIPS — the Sri Lanka Inter-bank Payment System — is Sri Lanka’s system for same-day rupee transfers between banks, operated by LankaPay under the Central Bank of Sri Lanka. Poplin pays out to Sri Lanka over SLIPS, settling the same business day at the latest.
Source: LankaPay (opens in a new tab)
Reviewed · by Joyce Chin, Chief Operating Officer & Compliance Officer
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A payout to Sri Lanka clears fastest over
SLIPS
settles the same business day · 1% + $1.00 on a business account
Also reaches USD accounts over
Set from your location — change it above.The recipient’s account details decide the rail — the fee is always shown before you send.
What the rail sets for a payout over SLIPS — and what Poplin charges to send.
Settlement
Same day
a ceiling, not the typical time
Reaches
1
country — Sri Lanka
Paid out in
LKR
Sri Lankan rupee
Business fee
1%
plus a $1.00 fixed fee
Clearing
Local
domestic clearing
Days are business days — a Saturday delays a same-day or next-day payout. These are ceilings, not typical times: within the window, how fast the money lands depends on the receiving bank.
SLIPS on your bank statement.
Banks word their own statement lines, so yours can confirm one that looks wrong.
What does SLIPS credit mean on a bank statement?
Money came into your account through SLIPS, from another bank or finance company in Sri Lanka. SLIPS carries customer transfers, standing orders and bulk payments such as salaries, so pay from an employer who banks elsewhere can arrive this way. The word names the system, not the sender.
What does IW SLIPS mean?
Most likely an inward SLIPS payment: money arriving at your bank from another institution. LankaPay divides each SLIPS session into outward, when a bank submits its payments, and inward, when the receiving bank collects them.
What is a slip transfer?
On a Sri Lankan bank statement, most likely a SLIPS transfer: an electronic payment between banks, not a paper slip. Each transaction is limited to Rs. 5 million, and the sender can date one up to 14 days ahead.
Sources: LankaPay (opens in a new tab) Central Bank of Sri Lanka, Payments Bulletin, fourth quarter 2024 (opens in a new tab)
How SLIPS payouts move.
From your US-dollar balance to an account in Sri Lanka — four steps.
You send from USD
Enter an amount in your Poplin US-dollar account and confirm the payout — the full fee shows before you send.
Converted at mid-market
Dollars become Sri Lankan rupees at the mid-market rate — no markup added.
Cleared over SLIPS
Poplin clears the payout over SLIPS, Sri Lanka’s same-day batch transfers.
Arrives inside the window
SLIPS settles the same business day — a ceiling, not the typical time; how fast it lands depends on the receiving bank.
Where SLIPS reaches.
Sri Lanka
The one country Poplin pays out to over SLIPS, in Sri Lankan rupees.
Send to Sri Lanka →Paid in US dollars by clients abroad? Poplin gives you a US-dollar account with a US account and routing number they can pay into, and you can then convert to Sri Lankan rupees at the mid-market rate and pay out to a bank account in Sri Lanka over SLIPS. Get paid in US dollars in Sri Lanka →
Sending somewhere else?
Each destination clears over its own set of rails. See the rail, speed, and fee for any destination — or the fee for every rail on one page.
Other rails to Sri Lanka.
SLIPS — FAQ
Basics What is SLIPS?
SLIPS — the Sri Lanka Inter-bank Payment System — is Sri Lanka’s system for same-day rupee transfers between banks, operated by LankaPay under the Central Bank of Sri Lanka. Poplin pays out to Sri Lanka over SLIPS, settling the same business day at the latest.
Speed How long do SLIPS payouts take?
Over SLIPS, Poplin payouts settle the same business day. Payments leave your account in seconds; SLIPS then clears the payout to the recipient’s bank.
Cost How much does it cost to send money over SLIPS with Poplin?
A percentage of the amount plus a $1.00 fixed fee — 1% on a business account and 1% on a personal account, shown in full before you send. Conversion, where the payout currency isn’t US dollars, is at the mid-market rate with no markup.
Coverage Which countries does Poplin reach over SLIPS?
SLIPS is how Poplin pays out to Sri Lanka, in LKR. Poplin also reaches Sri Lanka over SWIFT (USD) and US Dollar Online (USD) — which one a payout uses depends on the bank details your recipient has.
Send US dollars to Sri Lanka over SLIPS.
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