Currency Acceptance and Banknote Condition: how it works in Sri Lanka — first-hand
Short answer
Colombo Airport offers competitive exchange rates for both old and new USD banknotes, as well as various Asian currencies. While UnionPay cards are widely accepted, it is essential to carry local cash for small vendors, which can be exchanged at airport counters or select jewelry shops.
From real experience
In Sri Lanka, airport currency exchange offers competitive rates and accepts various banknote conditions (old/new).
It is convenient for immediate access to local currency. In cities like Trincomalee, currency can be exchanged at specific locations such as jewelry shops on Nilaveli Road, with rates generally comparable to the airport, though potentially requiring more effort to locate.
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When traveling to Sri Lanka, USD and EUR are equally acceptable for exchange; the local exchange rate mirrors global currency crosses.
UnionPay cards are widely accepted (approx. 90% success rate), though physical chip insertion is sometimes required instead of contactless payment. Always carry local cash for small beach vendors.
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Old USD banknotes are generally accepted in Sri Lanka.
The best place to exchange them is at Colombo Airport, where the exchange rate for old bills is usually good and differs negligibly from new bills. On the Southwest coast, many jewelry shops also offer currency exchange services. In the East, exchange offices are less common.
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In Sri Lanka, currency exchange services (including those found in jewelry stores) readily accept various Asian currencies such as Thai Baht (THB), Indian Rupees (INR), Chinese Yuan (CNY), and Malaysian Ringgit (MYR).