Bank of Ceylon: what it offers UK customers

Bank of Ceylon (UK) Ltd is a small, London-based bank that serves the Sri Lankan community in Britain. It offers savings and deposit accounts, and a money transfer service called RemitWire for sending funds to Sri Lanka. It is not a high street bank with a branch network across the UK: its published address is 1 Devonshire Square, London EC2M 4WD¹.

The bank states that accounts maintained with Bank of Ceylon (UK) Ltd are subject to UK laws and that it is regulated by the FCA and PRA¹. Its terms state it is authorised by the Prudential Regulation Authority and regulated by both the Financial Conduct Authority and the Prudential Regulation Authority². That matters for two reasons: it brings the bank within the UK's complaint-handling framework, and it is the basis on which deposit protection applies if the firm fails.

This page covers what the bank offers, how its charges work, who can open an account, how to bank with it, how to complain, and how your money is protected. It does not give rates or fees, because those change and are set out on the bank's own website.

What Bank of Ceylon offers UK customers

Bank of Ceylon (UK) Ltd's UK operation is built around two things: deposit-taking for the Sri Lankan community and their families, and remittance services to Sri Lanka. It is a niche bank rather than a full-service one. It does not publish a current account, credit card, personal loan or mortgage range in the way a UK high street bank does.

That shapes who it suits. If you want a UK current account with a debit card, direct debits and a branch network, the mainstream banks and building societies are the natural comparison, and our guide to current accounts explains how those work. If you want a savings account, the savings guide covers the different types and how interest is calculated. If your main need is to move money to family in Sri Lanka regularly, the remittance service is the part of Bank of Ceylon's UK offering that most people come for.

For a wider view of what is available from other banks, including those serving particular communities, see our banks and building societies directory.

Savings and deposit accounts

Bank of Ceylon (UK) Ltd offers savings and deposit accounts aimed at UK-based customers with links to Sri Lanka. The bank's own materials describe the accounts it maintains in the UK as subject to UK law and UK regulation¹.

Savings accounts in the UK generally work in a similar way across providers: you pay money in, it earns interest, and you can usually access it, though notice periods and withdrawal limits vary. Basic bank accounts, which are a separate and simpler product, typically give you access to internet banking, a contactless debit card, and the option to set up Direct Debits⁵. If you are comparing savings products more broadly, our savings accounts guide sets out the main types, including easy access, notice and fixed-term accounts, and how interest is taxed.

One feature specific to Bank of Ceylon is the Personal Foreign Currency Account (PFCA). This is an account maintained in Sri Lanka rather than in the UK, and the bank states that over-the-counter cash withdrawal from Bank of Ceylon (UK) Ltd is not possible for a PFCA. Instead, a written request to the account-holding branch is required, or a request sent via Bank of Ceylon (UK) in an emergency, with a fee applicable¹. That is a practical difference worth understanding before you open one: the account sits in Sri Lanka, so access runs through Sri Lankan branch processes.

Remittances and money transfers to Sri Lanka

The remittance service is the core of Bank of Ceylon's UK offering for many customers. The bank operates RemitWire, a money remittance service for transferring funds to Sri Lanka¹.

Two points make it straightforward for people who do not already bank with Bank of Ceylon. First, you do not need an account with a Bank of Ceylon branch in Sri Lanka to use it, and funds can be remitted to any other bank in Sri Lanka as well¹. Second, an account with Bank of Ceylon (UK) is not necessary to remit funds to Sri Lanka: you register for the RemitWire service instead¹.

The exchange rate applied is the rate prevailing on the day on which the fund transfer is processed by the bank¹. That is a common approach among remittance providers, and it means the rate you are quoted when you start the transfer is not necessarily the rate you get. For fund transfers within the UK or to another country excluding Sri Lanka, you submit a fund transfer request via email, using the fund transfer application form in the Downloads section of the bank's site¹.

For a wider comparison of how remittance services work, including the charges and exchange-rate margins that apply across the market, see our guide to sending money in the UK and abroad.

How the charges work

Bank of Ceylon (UK) Ltd does not publish its rates and fees on this page, and they change. What is worth understanding is how charges in this kind of banking are structured, so you know what to ask about.

For remittances, there are usually two elements: a transfer fee and the exchange rate margin. RemitWire's terms state that its charges apply specifically to transfers involving conversions to Sri Lankan Rupees, and that transfers in other currencies may attract additional charges from the beneficiary's bank or intermediary banks². The exchange rate is the rate prevailing on the day the transfer is processed¹. So the total cost of a transfer is the fee plus whatever the difference is between the rate you are offered and the rate you could get elsewhere.

For the Personal Foreign Currency Account, the bank states that a request sent via Bank of Ceylon (UK) in an emergency carries a fee¹. For savings and deposit accounts, ask the bank directly about account fees, minimum balances and withdrawal charges, because these vary by product and are not published in the materials summarised here.

For context on how UK banks structure charges generally, credit card providers may charge fees for cash transactions, non-sterling purchases, and non-promotional balance transfers and money transfers⁶. Those are examples of the categories of charge that exist across UK banking, not Bank of Ceylon's own figures. The bank's own tariff sets the amounts that apply to its accounts, and its website or its London office will confirm today's figures.

Who can open an account

Eligibility depends on the product. For basic bank accounts in the UK, the rules are set out in the FCA Handbook: basic bank accounts are available only if the firm offers one and the customer meets the firm's eligibility criteria⁷. The government's basic bank account statistics describe them as being for customers who are legally resident in the United Kingdom and do not have a bank account, or who are not eligible for a standard current account⁵.

Residency is the key question for many people approaching Bank of Ceylon. Many UK accounts require UK residency: for example, a Bank of Scotland personal loan requires you to be a UK resident, apart from the Channel Islands and the Isle of Man⁸. Some providers take a different approach: NS&I states that customers living outside the UK may still save with it if they have a UK bank account⁹. Bank of Ceylon (UK) Ltd's own terms should be checked for its residency requirement, because it is not stated in the materials summarised here.

To open a bank account in the UK you will usually need evidence of who you are, for example a passport or driving licence¹⁰. The application is normally made by filling in a form in a branch, online, or sometimes over the phone, and providing proof of identity including your full name, date of birth and address¹⁰. Some accounts can be applied for online, in person or by phone¹¹.

If you have been turned down for a standard current account, a basic bank account may be an option. Our guide to getting started with your money covers the basics of opening and running an account.

Banking with Bank of Ceylon: branches, online and phone

Bank of Ceylon (UK) Ltd operates from its London address at 1 Devonshire Square, London EC2M 4WD². It is not a branch-network bank in the way the big UK high street names are.

For everyday banking access, the channels available across UK banking generally are local branches, Post Office banking services, telephone, online or mobile banking¹². Most banks also offer some banking services through local post offices¹². According to UK Finance, 99% of retail banking customers can carry out basic banking at the more than 11,500 Post Offices across the UK¹³. Whether Bank of Ceylon (UK) Ltd offers Post Office access for its accounts is something to confirm with the bank directly.

Online banking, where offered, typically lets you check your balance at any time of day or night, check your bank statements, transfer money between your bank accounts, send money to people you know, and set up or cancel direct debits and standing orders¹⁴. Some banks run their day-to-day online banking 24 hours a day, 365 days a year¹⁵.

If you have access needs, some banks have a specific page for disabled customers and specialist teams that can support people who have access needs¹⁶. It is worth asking any bank what adjustments it can make.

How to open an account

The process for opening a UK bank account is broadly consistent across providers. You usually fill in an application form, in a branch, online, or sometimes over the phone, and provide proof of identity including your full name, date of birth and address¹⁰. You can complete an application form online, in person or by phone¹¹.

For Bank of Ceylon (UK) Ltd specifically, the practical steps are:

1. Check the bank's own website or contact its London office for the current account range and the documents it needs.
2. Gather your identity evidence, such as a passport or driving licence, and proof of address¹⁰.
3. Complete the application by the method the bank offers.
4. For remittances, register for the RemitWire service rather than opening an account, since an account with Bank of Ceylon (UK) is not necessary to remit funds to Sri Lanka¹.
5. For fund transfers within the UK or to another country excluding Sri Lanka, submit a fund transfer request via email using the form in the Downloads section¹.

If you are opening a joint account elsewhere, the pattern is that you first open a sole account, log in, and then apply for a joint account¹⁷. Joint accounts can be opened with a partner, family member, housemate, or friend¹⁷. Bank of Ceylon (UK) Ltd's own rules on joint accounts should be confirmed with the bank.

Complaints and the Financial Ombudsman Service

If something goes wrong, complain to Bank of Ceylon (UK) Ltd first. For RemitWire complaints, the bank's terms give the email addresses remitwire@bankofceylon.co.uk or udeni@bankofceylon.co.uk, and the address Bank of Ceylon (UK) Ltd, 1 Devonshire Square, London EC2M 4WD².

If you are not satisfied with the bank's final response, you can take the complaint to the Financial Ombudsman Service. It is free and easy to use⁴. An online complaint checker tells you if the ombudsman can help and what to do next⁴. The service handles complaints about bank accounts and bank cards, insurance for your home, car or travel, and problems with loans¹⁸. It also helps resolve complaints about issues such as account closures, disputed transactions, IT failures, and problems with switching services¹⁹.

If you are a UK-based customer of a UK firm, you continue to have the same access to the Financial Ombudsman Service after Brexit²⁰. The Payment Systems Regulator's guidance is to contact your financial provider by phone first, and you can also contact the Financial Ombudsman Service if you are still unhappy²¹.

The ombudsman can order remedies including refunding overdraft fees or interest, paying out a cheque the bank did not honour, returning money paid to the wrong person, and compensation for distress or inconvenience²². It can also look into complaints about the bank or payment service provider that received money you were tricked into sending, considering steps taken to recover it and whether it should have had concerns about its customer's account²³.

How your money is protected

Banks protect your money via the Financial Services Compensation Scheme (FSCS)²⁴. The FSCS covers a range of financial products if a UK-authorised financial firm fails, including deposits, insurance, investments, pensions, mortgage advice and certain other regulated services³. If you are based in the UK with a UK bank account, the FSCS still protects your money²⁴.

Bank of Ceylon (UK) Ltd states that accounts maintained with it are subject to UK laws and that the bank is regulated by the FCA and PRA¹. Its terms state it is authorised by the Prudential Regulation Authority and regulated by both the Financial Conduct Authority and the Prudential Regulation Authority². That authorisation is what brings eligible deposits within the FSCS framework.

Two limits are worth knowing. First, FSCS protection applies to eligible deposits and has a limit per person per firm; the current limit and what counts as eligible are set out by the FSCS³. Second, protection applies if the firm fails, not if you are the victim of a scam or a dispute about a transaction, which is where the ombudsman comes in instead.

For money transfer services specifically, protection depends on the structure of the provider. Our guide to consumer protection in UK financial services explains how the FSCS, the ombudsman and other safeguards fit together. If you are sending money abroad, our guide to sending money in the UK and abroad covers what happens if an international money transfer provider goes bust.