Is it worth opening a Peoples Bank foreign-currency card in Sri Lanka to hold USD and exchange money?

A Peoples Bank foreign-currency card is bad for everyday spending: purchases are converted at the bank's rate, which is at least 15-20% worse than local jewelry-shop money changers.

You don't need a bank card to receive money from abroad — just do a card-to-card transfer and get cash rupees on the spot from a local jewelry-shop money changer, or via a courier arranged through a Telegram chat who delivers cash at the current rate.

The daily spend and withdrawal limit on the card is $300. You can't withdraw more, and ATM cash-outs are given only in rupees at the bank's exchange rate.

After the first top-up, $50 gets frozen as a deposit on the card; it's refunded only if you close the account at the same branch where you opened it.

Because of the $300/day cap, you can't pay for a large purchase like a flight ticket home with this card — the bank says there's nothing they can do. One traveler had to borrow a local landlord's card instead.

To use a Peoples Bank account, you need to install the bank's own mobile app to check your balance and manage transactions.