In view of the current environment in Sri Lanka, The one with foreign trade business must understand the local foreign trade regulations, especially the way of payment. Beware of the losses caused by the abandon goods, foreign exchange risk .
TT payment is very common, convenient, unlimited and fast, usually in 1-2 days. However, special attention should be paid to any customer who tells you that TT can not be paid or only small TT payment or there is a limit of $10,000, that is a trick, do not believe it,you can ask the customer to provide the Sri Lanka central Bank regulations which can not come out.
Although it is common to make import by L/C , it is not recommended . Adopting L/C payment will go through complicated bank procedures coming with the high cost of handling. In addition, the bank will not provide the deposit although L/C is delivered for small amounts. Even if your documents are supported, if the customer does not save enough money in the bank, the bank will not support your LC application, it often takes 1-2 months to receive the L/C payment from the Bank of Sri Lanka.
For large orders in Sri Lanka, sight L/C is more common, and it is better to be issued by a large bank, Sush asHSBC or Standard Chartered bank. The best is TT, safe for you!